Fenway Apartments Welcome to Fenway!

What to Expect from the The Fenway Real Estate Market 2017

The Fenway is one of the most interesting places people are looking to purchase a property this year. It is the home of the famous Red Sox and continues to thrive in the real estate market. It seems that there is high demand the Fenway-Kenmore neighborhood, especially with the upcoming Fenway Center.

Living in Fenway

There is good news if you are looking to purchase a property in this area. The home prices have been found to have marginally dropped more than 1% this year. Another reason to rejoice about is the inventory has risen by 54.5% year over year, which means you have numerous choices available. If one property does not suit your budget and taste, you can move on to the next. Consequently, the number of listings has increased as well. This year, there are 17, significantly expanding the options you have.

As for condominiums, there are many choices with an average of 27 listed properties that are up for sale. The average listing price of $1,422,873 and the current highest list price this year is $4,843,900. You can also find lots or land for sale as well as multi-family units in the area, although they are usually in low numbers. The average listing price for multi-family units is $1,500,000, which is also the highest list price this year.

If you are serious about moving to this particular neighborhood in Boston, there is a huge chance that you will end up in a condo or an apartment. The truth is that only one percent of the residences in this part of the city are considered single-family homes. Most of the apartment buildings and row homes in Fenway were built during the late 1800s and the early 1900s, which can make the community a great place for those fascinated by history and old structure.

Fenway by the Numbers

Based on the home value index from data gathered by sources, Fenway has a median home value of $530,600. The number is equivalent to a 13.3% change over the past year, which is good news for both homeowners and sellers. Predictions for Fenway-Kenmore are also in favor of these two groups of people because the home values are projected to increase at least four percent within the next year. However, this number is much lower than the Boston average.

When it comes to foreclosures, Fenway does not have a huge number in this category. The recorded number of foreclosed homes in Fenway is only 42.8 for every 10,000 homes on average. However, it is much higher than the other parts of Boston. As we all know, the foreclosures can affect the value of homes in a given area.

As for rentals, the average rental price of properties in the area is $2,527. It is a little lower than the whole city of Boston which is $2,612. However, Fenway beats the national value, since it is only $1,435. Based on the rental prices listed online, properties are priced at $4.14 for every square foot.

Is It a Seller’s or a Buyer’s Market in Fenway, Boston?

Currently, it is a seller’s market in the neighborhood of Fenway-Kenmore. However, it does not mean that buyers should not look into this place. As mentioned, there is an increase in the number of homes for sale, giving buyers a chance to choose the right property for them.

Median home sales in Fenway have risen to $90,000, which is up 17% compared to last year. The properties are priced at $905 per square foot, which is a huge increase from last year’s $774. All kinds of properties have seen an increase in median sales price:

As for median rent, one bedroom properties are generally priced $1,500, but they increase around the months of January to April, costing $2,000 to the renters. Two bedroom properties are much higher this year with at least $3,200 in price, and three bedrooms can reach $4,000, especially in January. Four bedroom rental properties are much more economical in the area with a range of $2,000 to $3,000.

Rental properties are quite low in number around the months of September through December. They quickly rise in January up to April, which are the best months to look for an apartment or condominium, especially if you are looking for many options. However, you may want to avoid those months if you want a cheaper choice.

What to Look Forward to in Fenway Real Estate Market

If one thing is for certain, real estate in Boston, including in the Fenway neighborhood is in high demand. Just last year, the Fenway Center was announced to start with its development. Although it is one of the massive stalled developments in the region, the center is still a big reason for real estate sellers and landlords to be happy.

The proposal of the Fenway Center comprised of five buildings and will cover 1.3 million square feet. The entire building project will meet in the area of Kenmore Square, joining the avenues of Brookline and Commonwealth.

Even though it seems like ages have passed since the project was proposed, it now appears that it is ready to start with the construction process despite the financing and the infrastructural alchemy challenges.

The houses for sale in this area of Boston have already risen this year, but the Fenway Center could give way to even more housing units. In fact, it is expected that it will provide over 550 housing units with a total of 160,000 square feet of offices and 50,000 square feet for retail stores among others. There will also be a community space as well as a daycare center.

Buying a Property in Fenway

If you are among the prospective buyers and you are thinking about the purchase of a condo in the area, you may not be in for a treat in Fenway since the market is a bit frothy. Mortgage rates could increase, but there is some hope that a crash in prices may be on the horizon.

Aside from the Fenway Center, there is another property that is getting a lot of buzz called Pierce Boston. It is a luxury condominium that is still under construction. When this condo is completed, there will be even more options for prospective buyers and tenants.

Meanwhile, if renting is what you are planning for, the prices may remain moderate. However, rents on apartments may still be high, especially in December. It appears that Boston area will not let go of being considered one of the most expensive when it comes to rents. Even if there is new construction all over the region, the demand is expected to remain high. In this case, the large number of prospective tenants will continue to push the monthly rents up.

With the rise of real estate properties for sale and for rent in this neighborhood, you may want to choose wisely when it comes to the location. Fenway is nearby colleges, so the neighborhood is mostly comprised of young professionals and college students. If you want to stay away from the noise, you can look for properties in the quieter streets like Park Drive, Queensberry, and Peterborough – just behind Boylston. Although there are condo and apartment units here, they have fewer college students.

There are also recently renovated units and row homes where there are now open floor plans. These airy locations are commonly found in contemporary apartments, and they are now present in this part of the city. You can also find luxury high-rises in Fenway, as well as townhouses and many other fine forms of real estate.

Selling and Renting Out a Property in Fenway

For sellers and landlords, things may be a little different, especially now that Boston’s profile is increasingly becoming popular in the international scene. In Fenway, there are many condos and new residential properties that may signal that it is time to sell. The new buildings continue to flood this year, and it is expected that more will come next year.

The construction all over the city, including in Fenway neighborhood will contribute to the soaring prices of real estate properties. These high prices may not please potential homebuyers and renters, but they will make landlords and homeowners who are planning to sell happy.

The rising prices underscore the growing interest in Boston of international buyers and tenants. This interest has an effect on the real estate market in and around the city, including Fenway.