With 2014 quickly coming to an end Trulia, an online residential real estate site that lists properties for sale and rent, has announced what they believe to be the top 10 housing markets to watch in the New Year. Boston came in strong ranking number one ahead of Dallas, Fresno, Middlesex County MA, Nashville, New York NY, Raleigh, Salt Lake City, San Diego and Seattle. Each of the ten markets demonstrate strong fundamentals for housing activity with Boston being hard to beat.
Currently Boston is thriving in home sales, especially in the up and coming luxury condo market. With a solid economy to go along with these home sales there is no question that Boston is at the top for quality housing markets. Distressed sales are practically nonexistent and all-cash sales remain below the national average.
The three main factors that led to Bostons superiority include recent job growth, low vacancies, and the strong presence of the millennial generations.
Job growth is projected to be at 1.7 percent this year and since June of last year, the unemployment rate in Boston has fallen a dramatic 19 percent to just 6.3 percent of the work force. Low vacancy rates can be seen throughout each market in Boston, the multifamily vacancy rate is at a low of 4.2 percent and the single-family vacancy rate is at an even lower 3.5 percent. These numbers show such a high level of demand going along with Bostons recent construction boom. Lastly, Boston has been a main area for the Millennial generation. This young and educated cluster comprise 31 percent of Bostons population.
To go along with these three factors Boston is rich in history, quaint and luxury living, top notch hospitals, and prodigious schools making it clearly inevitable that such a great city be overlooked in 2015.
More Information: Boston Agent Magazine