South Boston, referred to as “Southie” amongst locals, is one of the most densely populated areas of the city. The city has notoriously been known for its crime and working class neighborhoods, and is where the films Good Will Hunting, The Departed, and Black Mass were all set.
Today, Southie is becoming an increasingly upscale area, with fewer individuals than ever before living below the poverty level. What’s more, real estate prices in Southie have skyrocketed; the gentrifying communities within Southie have seen rapidly-rising home prices, and the average home price in South Boston is now $680,000.
Southie Real Estate Costs on the Rise
According to a Zillow Market Report, the median home value in South Boston is $630,600 (the median home price of homes currently listed in South Boston is $769,000). Zillow further reports that real estate prices in South Boston have increased by a whopping 11.6 percent over the past year, and that they are predicted to rise an additional 4.4 percent in the coming year. What’s more, while the median price per square foot in Boston is $643, in Southie, it’s $643.
And it’s not just real estate that is expensive; in Southie, the median rent price is $3,000, which is also higher than the Boston average of $2,800. Anyway you look at it, Southie is a hot place to be right now.
Home Values Will Continue to Rise
In both the heart of the city and neighborhoods to the south of it, home values are predicted to continue rising in 2020. To be sure, an article published in The Boston Globe cites data from S&P suggesting that in the next few years, home values will climb by 24 percent. If the economy continues to improve in general, and performs better than expected, then home values could even climb as much as 49 percent. Even in the worst-case-scenario, where a recession hits the U.S. economy, home prices in Boston would likely not dip more than six percent, whereas across the nation, the decline could average around 27 percent.
Looking to Buy? Now May Be the Time
With home prices in Southie and the rest of Boston predicted to rise – and with consumers thinking that mortgage interest rates will also continue to rise over the next 12 months – now may be the perfect time to buy. Interest rates are relatively low, and home prices in Southie may very well be as low as they’re going to be for the foreseeable future.
If you are thinking about buying in Boston and put in an offer on a house, make sure you have a reliable closing attorney on your side to represent you at the closing table. At ClosingLawyer.Pro, we have the experience necessary to protect your best interests and ensure a closing goes as smoothly as possible. Contact us today to learn more by calling us at 617-723-2800.