Boston Real Estate Market 2018 ⌂ Home Price Forecasts Boston MA Metro Newton Cambridge Quincy

Boston Real Estate Market 2018

The housing market in Metro Boston is back on track and looking healthy for 2018.  A number of factors are driving this recent growth. The prediction is that prices will rise in 2018 as they will in most of the US housing market.

The reason for the unusual late season surge is due to a big pent up demand from homebuyers and plenty of foreign real estate investors. Low mortgage rates, a strong economy, and the inventory of homes for sale is bolstering sales.

The 1,101 single-family detached homes sold in October 2017 was the fourth highest sales total on record for the month and was a 14.3 percent increase on the 963 homes sold in October 2016 – GBAR report.

Home prices in Boston in October according to GBAR rose 8.2% and condos rose 6.6%. According to Zillow, home prices are forecasted to climb another 5% in 2018.



Home prices grew 3.1% over the last 12 months in Metro Boston and 7% in the city of Boston itself. NAR reports the average home price was $633,000. Zillow has the average detached house price at $544,000.

As the graphic below shows, prices have been rising fast since 2013. The trend looks the same for the next 12 months based on housing constraints, demographics, and a positive economic forecast.




This chart below courtesy of Realtor.com shows home price growth in Boston’s largest communities.

Town Avg Home Prices Average Home Price 2014 Forecast Price end of 2108
Newton $895,200 $723,000 $978,000
Cambridge $669,200 $515,000 $746,000
Somerville $559,200 $427,000 $622,000
Boston $504,200 $406,000 $584,000
Quincy $393,600 $330,000 $431,000
Lynn $276,900 $227,000 $335,000
Lowell $240,800 $200,000 $267,000
Brockton $232,600 $186,000 $272,000
Lawrence $218,000 $176,000 $254,000





Take a good look at this heatmap of rental prices, and it might give you a good idea of home prices as well. The further you go from Downtown Boston, the more likely you are to find affordable homes. Be forwarned of Boston’s congested, time consuming commutes to which I can attest are as bad as any.

Boston Home Prices Not all That Severe Compared to California

Too many reports have it that Boston’s real estate is extremely unaffordable, but take a look at prices in Los Angeles, Washington DC, and New York. Compared to the Bay Area and LA Home prices, Boston’s real estate looks very good, even for buyers.

See what’s happening in southen US cities: Miami Real Estate forecast , San Diego Housing forecast, and the Houston Real Estate forecast for 2018. And compare to the super hot city of Seattle Wa. Who is going to win SB52? SuperBowl 2018 Predictions.

Investors might want to review properties outside of Boston city such as Easton, Lawrence, Worcester, Lynn, Salem, Stoughton, Framingham, Brockton, and Dedham. They’re nice communities and there’s plenty of property to build on.




However, it looks as though home prices are about to rise in Boston. So the questions: “should I buy a house?” or “should I sell my house” in Boston aren’t easy to answer. To help with a sell decision, see the post on selling tips and on best renovation for ROI.

What Supports the Boston area Economy?

Boston has a strong regional economy bolstered by transportation, tourism, financial services, and increasingly venture capital. Boston is becoming the Silicon Valley of the north with major influx of funding for startups in FinTech, MedTech and EduTech. Ultimately, all decisions to buy a home in Boston relate back to the US economy, US housing market, and the Massachusetts economy.

Boston’s Powerful Economic Engine

Boston’s economy is a power house yet restrictions on immigration will retard its output. Retiring babyboomers (although many are continuing to work) and a full employment situation mean growth will be constrained by a lack of workers, including skilled workers from other countries.

It’s good news for workers in other cities and states who need jobs. If you can find somewhere to live in Boston, you should have little trouble finding a great job.

Employment and Wages in Massachusetts Will Rise in 2018

Good news for workers is that wages are expected to grow 4% which will result in higher home prices. The unemployment rate will fall to 3.7%. Higher costs for wood will push home prices up further. A good strategy might be to buy soon because all factors point upward.

The real estate market et al, is expected to grow 2.2%. All of this will heat up the Boston market making housing more unaffordable. And just like California, workers will be willing to relocate further from the city to buy what they can afford. And Millennials do want to buy homes or condos with their growing wages.

Finding a Home In Boston’s Many Neighborhoods

If you’re thinking of a move to Boston, you’ll want to scout out the most affordable neighborhood for you and your family. Prices vary a great deal. NAR reports these recent prices:

Area Units For Sale Units For Rent Median
Listing Price
Back Bay 172 324 $1,499,000
Beacon Hill 70 98 $1,200,000
South End 186 226 $1,295,000
Back Bay East 85 148 $1,550,000
Downtown Boston 100 165 $1,125,000
Brook Farm 64 31 $619,000
Back Bay West 52 118 $1,399,000
North End 59 104 $849,000
Telegraph Hill 61 105 $679,000
Columbus 74 82 $1,380,000
Washington Park 26 23 $549,000
City Point 60 74 $839,000
Columbia Point 56 89 $569,900
Shawmut 70 79 $1,399,000





With the Boston housing market looking so good for 2018, and with employment/and economic strength so positive, it might be a no brainer to move to Massachusetts in 2018.

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Housing Options for Foreign Students Studying in Vancouver – Off Campus Communities

Studying in Canada? Off Campus or On Campus Housing Options

Canada is quickly becoming the preferred choice for obtaining a Western education, for students and their parents across the globe. And Canada is welcoming as many as possible.

Within a few years, some 450,000 students will be in Canada studying and many will want to immigrate to Canada permanently. These educational programs for foreign students do provide a good source of new workers, badly needed in a small country.




However, what you’ll discover when you arrive here to check out cities such as Vancouver, is the severe shortage of student housing.  On campus or off campus, the issue of finding a place to live is a challenge. Some colleges such as Kwantlen Polytecnic, have no on campus housing for students.  Some of the housing solutions may or may not be for you depending on your financial resources and your tolerance for crowded living.

There are programs such as Homestay Canada who place students with homeowners who wish to offer a place in their homes for a monthly fee (e.g., $1000 per month). And there are private businesses who offer the same services. On campus solutions might include tiny units such as these units on the UBC campus, however these units renting at $700 per month could be difficult psychologically.

Screenshot Courtesy of the Nationalpost.com

Hosteling and Billeting in Vancouver

The hosteling or billeting opportunities represent a good deal of risk for both the Vancouver homeowner and the arriving foreign student. In some cases, a deposit or prepayment of a full year’s rental payments is required.

Sometimes these businesses run into financial problems and no longer can pay the homeowner. Without payment, the homeowner is no longer legally responsible for housing the foreign student. Many parents of the students fear their kids may end up homeless and in danger. That’s not a situation conducive to good study and high grades in class.




A better solution for anyone wishing to study in Canada, is a larger company with the financial resources to manage the student rental agreement well. A well financed company such as CIBT in Vancouver has $600 million in properties, much of it in Vancouver BC. CIBT has been operating student housing communities and services since 1994. They have the experience and the reputation that gives foreign parents and students the confidence they need to come to Canada and achieve their educational and life goals.

CIBT Serves Students in Vancouver Colleges and Universities

Colleges and Universities that welcome foreign students include UBC, Langara College, Kwantlen Polytecnic, Simon Fraser University, Vancouver Community College, and OMNI college. CIBT manages a number of educational services as well. You can learn more about CIBT and the student housing opportunities they can offer.

Learn more about CIBT’s properties include the Global Education Communities which have become very well known and in demand. While living in the GEC communities, students can socialize with those from their own country and learn to speak English better before embarking on post secondary programs. Their buildings are close to the skytrain and shopping and other conveniences you’re hoping for.

You’ll be Welcome in Canada

The education of foreign students is something most Canadians approve of and we enjoy hosting those from places such as Hong Kong, Dubai, Rio De Janeiro, Singapore, Kuala Lumpur, Tokyo and the world’s rising top cities.
If you’re planning for a Canadian education, Vancouver likely will be your first choice. It’s beautiful, modern, but expensive with limited housing availability.  The Vancouver housing forecast is for continued high prices and low availability of homes and condos which translates to very high prices.

Everyone wants to live in Vancouver so expect prices to be high.

This post is not intended as professional investment advice. Prospective investors should speak with a licensed investment advisor and review closely the prospectus of any student housing investment fund.

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