Jamaica Plain Home Prices Heading Up, Up, Up

You probably don’t need us to tell you that real estate in Jamaica Plain is becoming increasingly expensive. A couple of articles from the past week bring that point into focus.

The Metro calls the JP housing market “fierce,” with scarce inventory and quickly rising prices. According to the piece:

There are currently only 47 properties on the market in JP, and less than 25 percent of those that are single-family homes, says Doug McClure, an agent with LAER Realty Partners. Over the last six months, the average sale price of a single family home in JP was $830,000, while the average sale price of a condo was $560,000.

The situation isn’t much better for renters. “According to McClure, rental prices currently range from $1,700 to $5,000 per month, with an average in the past six months of $2,500 per month,” the Metro reports.

Boston magazine also highlighted the rising real estate prices in Boston’s neighborhoods (and if you think JP’s numbers are scary, check out Beacon Hill, Back Bay and the South End). Based on an analysis by NeighborhoodX, in July 2016, Jamaica Plain ranked fifth in Boston in average sales price for single-family houses, and sixth in average price per square foot. The analysis pegged an even higher average sales price for houses than the Metro piece: $844,871. JP’s price per square foot tallied $417.

As new developments come online in the neighborhood, it’s fair to wonder if these numbers are a precursor for even steeper price increases.

  • Supply_Meet_Demand

    “As new developments come online in the neighborhood, it’s fair to wonder if these numbers are a precursor for even steeper price increases.”

    I suppose it is fair to wonder, but the exact opposite is true. Prices are rising because supply is scarce, and demand is high. I’m not sure new development will elicit more demand, but certainly will help the supply side of the equation.

    • Money is Powerful

      These new high priced rental will NOT help address the disconnect between incomes and rental rates.

      • Robert Ellis

        But how will it lead to even steeper price increases?

  • TCP

    Your link to the Metro newspaper does not work.