Multifamily Sales Up 17.4% From 2014
The most recent market report was just released for the Boston multifamily market and showed a 17.4% increase from 2014 in closed sales to 263 for the month. We also saw a significant increase in the median sales price from the previous year, up almost 8% to $550,000. These figures encompass the Greater Boston area, showcasing the substantial demand in the marketplace for multifamily homes.
2-Family Property activity in Boston increased almost 50% with 41 properties transferring ownership compared to 28 the year before. Other neighborhoods surrounding Boston saw a significant amount of transfers as well including:
- Everett – 11 Sold Properties
- Malden – 17 Sold Properties
- Medford – 10 Sold Properties
- Quincy – 17 Sold Properties
We saw Days on Market significantly lower than the previous year, even with the greater amount of sales for 2-family properties as well.
57 3-Family properties transferred ownership this month this year – the exact same number as the year before! The biggest parts of town with activity (over 2 transfers) were:
- Boston – 32
- Somerville – 6
- Malden – 4
In Boston, we saw a median sales price increase of 21.8% to $627,500. There were similar increases in surrounding areas showing a consistent demand in the market.