NATICK, Mass.--(BUSINESS WIRE)--Today, RE/MAX INTEGRA, New England launched its 2016 Fall Market Trends Report, revealing strong market growth in single-family home and condo sales throughout Boston, Providence, Portsmouth and Portland. Of these major cities, 100 percent reported an increase in median price year over year. The key contributing factors to this growth include low interest rates, urban accessibility and confidence in the progression of the market for the remainder of the year.
The Boston market has experienced the most significant growth, with all-time low inventory levels and strong demand, driving residential prices to an unprecedented high. As a result, an overflow effect is occurring, creating a suburban swell in the surrounding communities. This trend is being mirrored throughout other major hubs in New England, such as Providence, Portsmouth and Portland. Surveyed RE/MAX Broker/Owners report strong market confidence and predict these trends will continue for the remainder of 2016.
“A combination of low interest rates and the demand to live near the city has resulted in heightened growth throughout major New England hubs which, in turn, has positively impacted the surrounding areas,” said Dan Breault, Executive Vice President and Regional Director at RE/MAX INTEGRA, New England. “As the cost of living in the city center continues to rise, surrounding areas conveniently located nearby have become increasingly attractive to first time homebuyers, millennials and empty nesters.”
First time buyers, millennials and empty nesters make up the majority of the market. Millennials are attracted to booming economic opportunity currently available in all major New England cities. Conversely, as the baby boomer population gets older and children move out, they are looking to downsize and move back into cities where walkability and urban living is more appealing.
- Boston, MA: The Boston market continues to thrive as a seller’s market, with record-low inventory levels and extremely high demand. Broker/Owners are seeing millennials and empty nesters flock to the city. As prices within the city skyrocket, the overflow of demand is affecting outside markets. Fringe cities like Malden, Chelsea, Dorchester, Everett and Revere reported significant increases in median price and decreases in average number of days on market year over year. In the last 12 months, the price point of Boston’s most expensive property sold was $15.4 million, a 23 percent year over year increase. Dorchester, Everett, and Revere have seen more than a 10 percent increase in year over year median price.
- Providence, RI: The Providence market continues to be strong, as economic opportunities rise and people are seeking more affordable options without compromising easy access to Boston. Providence saw an 18 percent increase in sales compared to last year, with surrounding towns like Cumberland reporting more than a 29 percent increase in units sold. Across Providence, Cranston, Cumberland, East Greenwich and Warwick there was a year over year decrease in average number of days on the market.
- Portland, ME: Portland has continued to see significant growth over the last year, with both millennials and empty nesters driving the market. The median price point has increased by at least three percent across all surveyed communities in the Portland area. Most significantly, Falmouth and Westbrook have experienced an increase in median price by over 15 percent year over year.
- Portsmouth, NH: Portsmouth has experienced a strong year of market growth, both in the city center and in the surrounding markets of Greenland, Newmarket and Rye. Rye in particular reported a 22 percent increase in median price and an 11 percent decrease in average number of days on the market year over year. Working professionals in their late 20s and early 30s, along with empty nesters and recently retired baby boomers, are driving market demand in this region.
For the full 2016 Fall Market Trends Report, including data and pricing chart, click here.
The report also launched as an interactive microsite, highlighting overall market trends. Key data and social media graphics on the featured markets, including Boston, Providence, Portsmouth, and Portland, and surrounding towns, can be found by visiting www.remaxnereports.com.
About RE/MAX INTEGRA and RE/MAX INTEGRA, New England:
Since its inception in 1985, RE/MAX INTEGRA, New England has grown to over 200 offices and nearly 2,700 Sales Associates throughout Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, providing franchised and commercial real estate services to its franchisees and their real estate professionals.
RE/MAX INTEGRA, New England’s parent company, RE/MAX INTEGRA, is a privately-held company headquartered in Toronto, Canada. RE/MAX INTEGRA is the largest sub-franchisor of RE/MAX, LLC worldwide, and represents over 30,000 agents -- approximately a third of all RE/MAX Associates worldwide.
For more information about RE/MAX INTEGRA, visit www.remaxintegra.com.