The Jamaica Plain real estate market continues to be strong, but there is a dearth of available homes, according to local real estate agents.
“It’s fantastic,” Karen McCormack of McCormack and Scanlan Real Estate said about the state of the market. But, she then added, it depends on who perspective it is, as sellers are “very happy.”
McCormack said there are a lot of well-qualified buyers who are ready to buy, but not a lot of houses on the market.
Maureen McElroy of Jamaica Hill Realty echoed McCormack sentiments on the strong real estate market, but said it’s not as frenzied as it was in the summer and spring. She said then there were 12 to 13 offers on a home as opposed to three to four offers now. McElroy said raising interest rates could be the reason why.
She also said that there is not a lot of inventory, saying there is about 32 condos and four multi-family homes on the market right now. She said that “double that would be better.”
McCormack said one thing that is great about the JP real estate market is its variety, which allows opportunities for the middle class to buy. She said JP has one 1950s-style brick building where condos sell from $190,000 to $250,000.
“We have all different price points in JP,” said McCormack.
Speaking of the vast array options in JP, the most expensive house sold between Sept. 11 and Sept. 18 was a four-bedroom unit at 220 Allandale St. in Jamiaca Hills that went for $1.498 million. The least expensive home during that time was a three-bedroom condo at 20 Rosemary St., which went for $299,000.