Top 5 Best & Worst Performing Boston Neighborhoods in 2008 Market Crash
The 5 Best & Worst Performing Boston Neighborhoods During the Market Crash
If history really is the best indicator of the future, then it makes a lot of sense to know exactly what and how much happened. For those who are thinking there is going to be a market crash, then this would be some very important and telling information for you.
And for those that are thinking about making a move and are worried about a market correction, then buying in some more insulated markets in the past may be a wise investment decision. And those that are looking to make an investment and are hoping to find some opportunities for possible big returns then that means looking at past markets with big losses would be very informative.
Hey, it’s Jeff Chubb. I am a recovering investment banker turned real estate agent that has sold more then a 1,000 homes and am one of the top agents in the state of Massachusetts. If you have any real estate questions, then I look forward to being your resource for answers.
Let’s start with the best performing neighborhoods in Boston. But first one very interesting thing I noticed is that in many of these neighborhoods the peaks and low points for market pricing were during different years. Amazingly one market peaked in 2010 to have two down years then a HUGE rebound in 2013. While the peaks were all over the place, most neighborhoods hit their bottom in 2009.
Also, as a quick heads up, I used all sales for Single Family, Condos and Multi-Family properties for these data figures. I felt this was a more fair analysis as there are significantly more condos in the Back Bay with very few Single Families and vice versa for West Roxbury.
So on to the top 5 performers.
The number five best performer was the Brighton neighborhood. Property values peaked in Brighton with an average sales price of $364k while finding their bottom in 2009 with an average sales price of $331k. This represents...