Boston Real Estate Market Overview
Average Monthly Rent:
$3,111
Percentage Change in Home Price/Value:
2.50%
Median Home Value:
$594,600
Best Time To Sell Home:
June
Affordability Index:
116.6
Days To Sell House:
66.125
Job Market:
Strong
Public School Ranking:
1
Location and Weather
Boston has a rich history. First as a major trade route to the West Indies and then as the birthplace of the American Revolution. Boston is on Massachusetts Bay off the Atlantic Ocean. The city itself is a small size for a major city at only 46 square miles. With Massachusetts Bay, the Charles River, the famous Boston Harbor and the Atlantic, Boston is a true coastal city heavily influenced by its waterways.
Boston is cold in the winter from early December through mid-March with an average high temperature below 45 degrees and lows in the mid 30’s. The warm season is typical New England weather with average highs above 73 degrees and evening lows in the 60’s.
Population, Job Market and Cost of Living
Boston’s population is 2018 was 694,583 with an annual growth rate of 0.92%. The job market has increased by 4.3% over last year. 10-year future job growth is predicted to be 42.5%. The largest employers in Boston are Health Care & Social Assistance, Educational Services, and Professional, Scientific & Technical Services. There are 52 universities and institutes of higher learning in Boston including the famous Harvard University. Because of the small area and large population, the cost of living is high mainly due to the Boston real estate market.
With a rich history, major port, great job growth and concentration of universities including Harvard, Boston will continue to thrive and attract ivy-league students and long-term residents.
