A few pioneering local business leaders and numerous City officials have routinely touted the attributes of downtown Everett, but now those from outside the city are taking note of what could be this year’s newest hot-spot for real estate in Greater Boston.
Redfin, the nationally recognized real estate sales and analysis company, reported out its annual national list of what it believes will be the hottest neighborhoods for residential real estate in 2017. The list is based on the company’s growth in web page views and favorites chosen by users of its site, Redfin.com.
And on that list, it seems as if the hot spots are expanding just north of Boston – with Malden and Everett topping the list.
Everett’s downtown area came in at #2 on the Greater Boston list of predicted hot neighborhoods on Redfin.
Above it was Malden’s Edgeworth neighborhood, and below it was Malden’s Maplewood neighborhood. All three matched up with popular neighborhoods in metropolitan areas like New Orleans, Portland and Sacramento.
Overall, in Greater Boston and beyond, Redfin predicted that real estate trends would move towards second-tier cities – or cities located just beyond a thriving City center, like Everett and Malden.
In fact, in it’s annual report, Redfin dubbed 2017 as the “year of the second-tier city.”
Everett was also recognized this past fall by Boston.com as one of the top 10 towns with the biggest gains in home price. The story cited Mayor Carlo DeMaria’s economic development strategy, including the Mayor’s vision for Everett Square and planning for new urban growth.
“I am extremely proud that our City made Redfin’s hottest neighborhoods of 2017 list,” said DeMaria. “My administration will continue to expand and act upon Everett’s immense potential to be the next hot spot in the Greater Boston area for both business and residential developments. Since I took office, I have been a proponent for growth and expansion. Proactive, progressive work to bring development into Everett has gotten us to where we are now, and that is how I will continue to lead in the future.”
Redfin’s local analyst and sales agent, Steve Novak, said Malden and Everett were more affordable than areas like Somerville, which is only a short distance away.
“…Medford, which has seen a lot of long-time residents sell older homes to developers, who’ve then renovated them and then sold them for increased prices,” said Novak.
Home prices in these neighborhoods, although higher than prior years, are more affordable than trendy Cambridge and Somerville, he said.