With uncertainty swirling around the real estate market this past year, investors and sellers are asking themselves, “Is Greater Boston still the right place to invest in property?” While the way we do business may have changed last year, the state of the market is still just as strong. Boston is a city you can bet on.
The recently released 2021 Emerging Trends in Real Estate report, published by professional services firm PricewaterhouseCoopers (“PwC”), ranked Boston in the top 10 best cities in the country in terms of overall real estate prospects and in the top five in terms of investor demand. Boston was cited as the fifth-best “Buy” market in the country, in front of booming cities like Charlotte, San Antonio, Atlanta, and Phoenix.
Boston’s diverse business community has kept the city afloat amidst national instability. While many already know that Boston is a leader in the tech world, it doesn’t end there. The city has booming education, health care, biotech, and finance communities. Thanks to this wide array, PwC ranked Boston in the top 10 strongest local economies.
Higher education is a way of life in Boston. The Greater Boston area has seven of the top 50 U.S. News & World Report universities, the most in any metro area in the country. Because of the highly-educated population, as well as its strong marks for real estate prospects, Boston was the only “multitalented metro area” to be among the top 10 highest-ranked markets this year. The strong local economy and highly-educated talent pool were noted as two of the most important factors leading to the strong state of the market.
Investors remain confident in the Boston area. Despite the growing push to invest in the suburbs, long-term development downtown remains strong. Greater Boston has the best of both worlds: a thriving city center and booming suburban cities, such as Cambridge, Somerville, Arlington, and more.
“Gateway markets such as Boston, Los Angeles, New York City, San Francisco, and Washington, D.C., will remain the financial, cultural, technology, and government capitals of the United States and even the world,” according to the report. “Boston will continue to draw people who want to live here.”
Despite the new challenges brought on by 2020, the real estate market is experiencing a V-shaped recovery pattern due to historically low interest rates, the newfound importance of “home,” and strong housing market conditions pre-COVID. Combined, all of these factors have created a stronger demand for homes.
Whether you’re searching for a new home or looking for your next investment opportunity, we have the experts to achieve your real estate goal. Email us at [email protected] to get started today!
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