This past week, PT Vineburgh spoke alongside other leads in the Boston multi-family market at the recent NEREJ panel. When asked, he said he believed that he anticipates 2018 to be strong based on many indicators. PT has represented a variety of multi-family developers this year with more coming onboard in 2018.
Looking at recent market statistics from August of this year, we see an increase in median sales price in all multi-family segments. For 5+ Units, there was a 127.3% increase from $932,500 to over $2 Million in one year. Price per square foot went up almost 100% as well to $371.
In small 2 and 3-unit properties, this trend remained consistent with median prices raising 12.8% and 27.5%, respectively. The number of active listings was also significantly lower in these markets.
Based on these trends, PT’s forecast has a strong case that 2018 will be an even stronger market for multi-family properties.
Have a question about the market? Reach out to PT.