Boston property values have continued to rise as 2016 comes to a close. Over the last year, property values have increased 6% in Boston, which is almost identical to the 6.2% increase for the country as a whole. According to Zillow, October 2016 marked the 51st consecutive month of annual home value gains in the United States and this trend is expected to continue for the final months of the year.
For Boston, the median home value is up to $405,000 from 383,000 a year ago. The consistent increase in property value coupled with the declining inventory certainly favors sellers. Boston has seen a 25.8% decrease in homes for sale in 2016. This loss of inventory has been seen nationwide, but not nearly as dramatically -- the inventory drop for the country as a whole is only about 5.7%.
So, while the national real estate market has favored sellers of late, this is especially true for those who own property in New England’s largest city.