City life is hot, the burbs are not. That’s the word from real estate agents who say Boston home-buyers are snubbing the suburbs.
“It’s the product of the ‘live, work, play’ phenomenon,” said Michael Carucci, executive vice president at Gibson Sotheby’s International Realty. “It’s not just in Boston. It’s happening across the country, all over the world. What’s happened over the years is people are now looking for convenience. That’s become such a critical word in the Boston residential market.”
Carucci cited MLS data showing the number of homes on the market in Wellesley, Newton and Weston were 92, 96 and 98, respectively. Meanwhile properties in these once-hot burbs have been sitting on the market for an average of 121.05, 79.25 and 193.64 days.
“Five or 10 years ago, the driving force was twofold,” he added. “It was about schools and education, and it was about young families wanting that white picket fence. What’s changed now is that so many of these families opt to stay in the city. They’ve realized, ‘I don’t want to leave. I don’t want to sit in traffic for two hours a day.’ ”