"Boston continues to be a top five market economically across the country, from job stability, industry, education, biotech, tech, it just equates to lower unemployment and higher wages, he said. It really has a global attraction factor, and that's not even factoring in the kind of European lifestyle of Boston, with all the history. He added that the city's size and role as the region's economic engine intensify pressures on inventory. Our average days on market is closer to 40 days, he said."
"What makes the neighboring markets so attractive like Hartford, Conn., Manchester, Quincy and so on is the close proximity to the jobs and economy of Boston, with about a 40% discount in real estate values, he said. Also, post-COVID, we're seeing a lot more hybrid work. So, the greater Boston market is really extending about an hour outside of Boston proper and into these neighboring cities like Springfield, Hartford, Manchester, Worcester."
"Denman also emphasized that Boston's housing shortage is not a regular market occurrence. We've got some constraints going on here, given how old the city is, he said. There's not much land, and zoning continues to be quite restrictive, he said. It's those factors that create this. It's not just a cyclical inventory issue, it's actually a structural issue. Those constraints, paired with steady demand from high-skilled workers and persistent in-migration, create ongoing upward pressure on prices, Denman added."
Boston ranks among the nation's top-five economic markets, driven by job stability, industry clusters, leading education, biotech, and tech sectors that support higher wages and low unemployment. Strong global attraction and historic lifestyle factors sustain persistent housing demand. Limited land availability, an older urban fabric, and restrictive zoning produce structural inventory constraints that keep days-on-market low and favor sellers. Nearby metros offer proximity to Boston jobs at significantly lower prices, and increased hybrid work has expanded the effective Boston market roughly an hour outward. Continued in-migration and high-skilled worker demand maintain upward pressure on home prices.
Read at www.housingwire.com
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