Newton Market Fast Facts
1. September is the start of the fall market, which is historically the second busiest time of the year for residential real estate in the Greater Boston area (spring being the busiest). This month, we are bringing 3 Newton homes to the market and working with a number of buyers excited to move to the Garden City.
2. Neighboring Waltham’s City Council just approved new zoning for “Bay Colony,” a 135-acre office park off Winter Street that may soon contain 1,200 new homes. Waltham has faced a post-pandemic decline in its relatively large commercial tax base, leading local leaders to pivot toward residential growth.
3. Boston rents have dropped for 13 straight months as vacancy rates climb and the job market weakens. Average rent in the city now stands at $2,930, down from $3,054 a year earlier.
Other News
Milestone: $60M+ in West Newton Career Sales
Cyrus taking down the “For Sale” sign at the final walkthrough recently on one of our West Newton listings. We got the call to list this home in late May, met on Memorial Day, and closed before Labor Day. There was some extra debris found at the walkthrough, so we made a quick trip to the grocery store for city-approved “overflow” bags. One of the benefits of working with local agents — we knew exactly what the solution was, where to go, and how to get it taken care of to keep everyone happy.
This sale brings The Vaghar Team up to $60M+ in career sales (55 homes) in West Newton.
There are less Foreign Buyers of Real Estate in the U.S.
A recent National Association of Realtors report, “Foreign Buyers Purchased $45.3 Billion Worth of U.S. Homes,” revealed a few surprising trends in international real estate:
- Purchases are down: Overall international transactions dropped nationwide due to tight inventory and high prices.
- Concentrated markets: Most foreign buyers are concentrated in five states: Florida, California, Texas, New Jersey, and Georgia.
- They already live here: Dispelling the myth of the remote overseas buyer, 56% of “foreign” buyers actually reside in the U.S. on visas or as recent immigrants.
The Greater Boston Takeaway: While Massachusetts isn’t a top-five state overall, we know our market thrives on international buyers who are already here. Many are working in our biotech and medical hubs or connected to local universities. For sellers, the real opportunity isn’t marketing overseas, but connecting with the local expats, researchers, and visa-holding transplants right in our own backyard.
Babysitting Help
If you know anyone in need of babysitters, Isabella and Katrina are wonderful (see full flyer). They live in Newtonville and have helped out when my grandson is here. — Carol
