Property prices in South Boston – a neighborhood that has seen a boom in development in recent years – have nearly doubled in less than 15 years.
The median sales price of a South Boston property in 2015 was $599,000, according to The Warren Group. In 2002, the median price was $300,000.
The 2015 year-end information from The Warren Group, a company that “compiles data on real estate sales and ownership throughout New England,” was recently released, demonstrating that the trend of rising value continues.
In 2009, the median price for a property in South Boston was $354,500. Since that year, prices have increased by at least 3 percent. The increase in median sales price from 2014 to 2015 – 13.88 percent – is the most significant change The Warren Group has reported since 2000.
Last year in South Boston, there were a total of 1,006 sales, an increase from 997 sales the prior year. Of those properties sold in 2015, 709 were condominiums and 77 were one-family residences. The median price for a condominium was $555,000 and the median price for a one-family was $580,000. If the trend continues as it has in recent years, condominium prices could increase by about 11 percent this year and one-family prices could increase by at least 5 percent.
Last month, it was reported that South Boston remains a desirable neighborhood for a variety of reasons, including its proximity to downtown Boston and the financial district, its constantly expanding number of bars and restaurants, its two miles of public waterfront, and its being less congested than other Boston neighborhoods.