Benefits of Purchasing a Single Family Home in Boston's Back Bay
Back Bay is one of Boston's most beloved and desirable neighborhoods. Steeped in history, full of unique architecture and character, brimming with premier shopping centers and strategically located to educational institutions and transportation centers, Back Bay has a prime market for single-family homes. Victorian brownstone homes, dating back to the 19th century, are one of Back Bay's signature marks. Residents here enjoy world-class shopping and proximity to the Charles River, which provides scenic beauty and offers opportunity for outdoor recreation. With educational and cultural institutions right in the neighborhood's back yard, the MBTA and other public transport close by, and the city's top amenities within easy reach, real estate in Back Bay is one of the most enviable in Boston.
Recently, Back Bay single-family homes have fetched some of the highest prices on the greater Boston market. As demand for property in this area continues to rise, now is a better time than ever to invest in local real estate. The average selling price of a single-family home is just under $7.5M. The highest listing price for a single-family home reached $15M. In the current market, single-family homes are the most coveted form of real estate in Back Bay. Across all property types, they lead the market in asking price, followed by condominiums, which have an average selling price of just under $2,700,000 and multi-family homes, which sell for an average price of $5,109,800.
The most important factor in Back Bay's growth is the fact that Boston has a stable and progressive economy, which means that a constant stream of money flows into the surrounding neighborhoods. The quaint Back Bay neighborhood does not depend simply on amenities to attract homebuyers, which gives it more credibility among prospective buyers and investors.
The continued influx of money into Back Bay's economy is opening doors for continued residential development and improvements. That growth gives prospective Back Bay residents more options for housing, and it is satisfying demand. While the home you are considering may not be new itself, the addition of new buildings in the area will ultimately raise the value of surrounding single-family homes, making them good investments for future sales. Another consideration for prospective single-family home buyers is that now and even more so in the future, people will pay a premium to live in a historic district, which is forecast to increase the value of Back Bay's residences down the road.
If you are considering purchasing a historic home in Back Bay, there are several factors to keep in mind. Historic homes may not have amenities found in modern buildings, such as designated parking spots. In this trendy area of Boston, it can cost hundreds, if not thousands, of dollars to rent a parking spot each year. Another consideration is renovations. Changes are regulated by historic guidelines, and existing codes in Boston do not allow for substantial revisions. Generally, residents cannot change the footprint of their new home. Renovations, a necessity in an older home, can be quite extensive and costly. Houses will need studs, insulation, sheetrock, and adequate windows to be free of drafts.
Despite these factors, single-family homes in Back Bay are quite special. Homeowners here appreciate the uniqueness, charm, and exquisite detail that homes in this neighborhood provide. Details like ornate crown molding, wooden newel stair posts, pine and oak floors, ceiling medallions, fireplaces and more are not found in newer construction.