Massachusetts Real Estate Lawyer Blog
According to Jed Kolko, chief economist at Trulia, the suburban Boston housing market looks quite promising for property sellers in 2012. Employment in Boston, like many so called “smart cities,” is focused heavily on both the technology and knowledge sectors. Economic indicators tend to show increased hiring at firms in the high-tech sector recently. Also, most of New England managed to avoid the worst of the housing market crisis despite that sales still dropped after the bubble burst. This combination has primed the area to rebound quickly and allow sellers to obtain higher home prices.
Because Boston itself is crowded and often expensive, Kolko expects the highest sales price increases in the area to be focused in the city’s western suburbs from Cambridge to Framingham. He also thinks home prices in the northern suburbs and Worcester will likely increase. Kolko believes those suburbs in particular will benefit most from individuals seeking more space at a lower price and from individuals who find themselves priced out of the Boston real estate market. This is good news for suburban Boston home sellers.
Other promising real estate indicators include an increase in Cambridge construction, a drop in the office space vacancy rate in Waltham, and an overall increase in employment rates. Other cities in which Kolko expects to see rising housing prices in 2012 include Austin, Houston, San Jose, and Rochester.