COGnitions

5
January 2016
COMMENTS (0)Buyer Advice, Market Trends, Money & Financial, Seller Advice

2015 Boston Luxury Real Estate Wrap Up | By Jeff Hamilton

2015 was another banner year in Boston’s core luxury neighborhoods – Back Bay, South End and Beacon Hill. Overall, these markets are up a rather shocking 27 percent since 2011 as the demand for housing units in these areas continues to dramatically outpace the available supply. The Back Bay gained 30% in value from 2011 to 2015 while the South End continued to close the pricing gap in these adjacent markets by appreciating 41% over the same time frame. Bringing up the rear was Beacon Hill with a less frenzied 15% rise in value during the period. It’s worth noting that the quantity of sales in Beacon Hill is roughly a quarter of Back Bay and South End sales. Meaning, a more limited supply is available at any given time even though demand also appears reduced in this area. Beacon Hill is a stratified neighborhood with the North side of the slope catering to college students and young professionals while the south and west sides of the Hill cater to empty nesters and well-heeled families.

# of sales

  • Back Bay – 221
  • South End – 230
  • Beacon Hill – 56

The data we review is sales over $1,000,000 in the Back Bay and Beacon Hill. In the South End we study $900k and up to incorporate comparable property types.