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Revere hot now?

Posted by Scott Van Voorhis June 26, 2013 09:16 AM

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Both home prices and rents rose sharply again in May across Greater Boston, online real estate portal Zillow reports.

Home prices rose 5.4 percent, led by some of the usual suspects, Boston, Cambridge and Brookline, and, in a bit of a surprise, Revere.

That comes on the heels of reports that condo and multifamily prices are soaring in Everett as Las Vegas titan Steve Wynn forges ahead with his casino plan.

Who knows, maybe Revere is benefiting from all the real estate speculation stirred by the casino proposal - Revere is next door to a rival gambling mega project being pushed by Suffolk Downs.

Revere home values are up nearly 10 percent over 2012, to a median price of just over $247,000.

Of course, it could just be that rising prices across the Boston areas have buyers searching for affordable homes, including Revere, Everett and Chelsea. 

Rents are also up another 5 percent across the Boston area, to a median of just under $2,000, according to Zillow?s latest report, which covers May. Rents in Hyde Park jumped 13.1 percent, with Brighton up 12.8 percent and East Boston up 12.3 percent.

Meanwhile, as prices and rents rise, foreclosures are on a steep decline across the Bay State.
Just 248 foreclosure petitions were filed in Massachusetts in May, an 86 percent decline, The Warren Group reports.

That is the lowest monthly number since the real estate market started to unravel eight years ago, in 2008, the firm reports.

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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