Will Gas Prices Driving Buyers to Boston Real Estate?

If you’ve been to the pump recently to fill up your car, you’ve noticed that gas prices are soaring yet again. As gas prices continue to increase, those interested in buying real estate are beginning to think about the cost of having a long commute should they choose to purchase outside of Boston real estate. 75% of the real estate agents surveyed from a major real estate firm said they felt that gas prices were greatly impacting buyers’ choices. Essentially, possible buyers are looking at the difference in commuting costs between living near 495 and owning Boston real estate.

Here are some stats:

• 45% of real estate agents state their buyers are looking for real estate close to shopping and other homes as a result of soaring gas prices.
• 77% of agents said they saw a notable increase in interest in home offices compared to 5 years ago. 63% of these agents said they felt it was a direct result of gas prices.
• 56% of those surveyed saw an increase in Boston real estate and urban real estate in general. The majority felt it was directly related to gas prices.

If you’re interested in purchasing a new home, are you considering Boston condos, Boston luxury apartments, and Boston real estate rather than looking outside of Boston because of rising gas prices?

Contact a well-connected Boston real estate firm such as High Rise Boston to discuss your housing needs and commuting preferences if you’re in the market to purchase real estate.