Home prices in Bostons suburbs are starting to decrease, as home buyers shift their focus towards the heart of the city. Our very own Michael Carucci who does a handful of business in both the suburbs and the city attributes this to the changing preferences of younger families.
I cannot tell you the number of deals I have done in the last few months that five or 10 years ago they would have been buying in the suburbs, he told Boston.com in an interview earlier this month.
The piece reports that, according to data provided by The Warren Group, the median price of homes in the upscale suburbs of Concord, Cohasset, Needham, Wellesley, Cohasset, and Sherborn have all decreased. The decline began the first few months of 2016 as young families began to gravitate towards the city.
These numbers are just the beginning of huge changes to come. Previously, the prices of homes in these areas have been on a steady incline, appropriately reflecting the predominant home buyer preference of a slower-paced lifestyle and white picket fence. But now, these young families are trading in the fence for a more convenient inner city location. .
The other side of this real estate see-saw is the climb in the price of homes closer to the big-city-and-bright-lights feel of inner Boston. Carucci refers to this as the live work play phenomenon. With an increase in available activities for children and families, top-notch education offerings, improved safety measures, and a changing urban landscape with improved transportation systems, the city is more appealing than ever to the coming wave of new parents.
Young families are more noticeably seeking a balance between the preservation of the quality and purity family life, and maintenance of the social-life theyre accustomed to. Real-estate agents like Carucci can not only read into the ever-changing statistics on the housing market, but also predict the next big thing: Boston as a work-and-play-ground for parents and children alike.