RE/MAX Report Reveals Rapid City Growth Driving Expansion to Surrounding Markets Throughout New England

Low Interest Rates, Urban Accessibility and Market Confidence Fuel
Housing Market

NATICK, Mass.–(BUSINESS WIRE)–Today, RE/MAX INTEGRA, New England launched its 2016
Fall Market Trends Report
, revealing strong market growth in
single-family home and condo sales throughout Boston, Providence,
Portsmouth and Portland. Of these major cities, 100 percent reported an
increase in median price year over year. The key contributing factors to
this growth include low interest rates, urban accessibility and
confidence in the progression of the market for the remainder of the
year.

The Boston market has experienced the most significant growth, with
all-time low inventory levels and strong demand, driving residential
prices to an unprecedented high. As a result, an overflow effect is
occurring, creating a suburban swell in the surrounding communities.
This trend is being mirrored throughout other major hubs in New England,
such as Providence, Portsmouth and Portland. Surveyed RE/MAX
Broker/Owners report strong market confidence and predict these trends
will continue for the remainder of 2016.

“A combination of low interest rates and the demand to live near the
city has resulted in heightened growth throughout major New England hubs
which, in turn, has positively impacted the surrounding areas,” said Dan
Breault, Executive Vice President and Regional Director at RE/MAX
INTEGRA, New England. “As the cost of living in the city center
continues to rise, surrounding areas conveniently located nearby have
become increasingly attractive to first time homebuyers, millennials and
empty nesters.”

First time buyers, millennials and empty nesters make up the majority of
the market. Millennials are attracted to booming economic opportunity
currently available in all major New England cities. Conversely, as the
baby boomer population gets older and children move out, they are
looking to downsize and move back into cities where walkability and
urban living is more appealing.

  • Boston, MA: The Boston market continues to thrive as a seller’s
    market, with record-low inventory levels and extremely high demand. Broker/Owners
    are seeing millennials and empty nesters flock to the city. As prices
    within the city skyrocket, the overflow of demand is affecting outside
    markets. Fringe cities like Malden, Chelsea, Dorchester, Everett and
    Revere reported significant increases in median price and decreases in
    average number of days on market year over year. In the last 12
    months, the price point of Boston’s most expensive property sold was
    $15.4 million, a 23 percent year over year increase. Dorchester,
    Everett, and Revere have seen more than a 10 percent increase in year
    over year median price.
  • Providence, RI: The Providence market continues to be strong,
    as economic opportunities rise and people are seeking more affordable
    options without compromising easy access to Boston. Providence saw an
    18 percent increase in sales compared to last year, with surrounding
    towns like Cumberland reporting more than a 29 percent increase in
    units sold. Across Providence, Cranston, Cumberland, East Greenwich
    and Warwick there was a year over year decrease in average number of
    days on the market.
  • Portland, ME: Portland has continued to see significant growth
    over the last year, with both millennials and empty nesters driving
    the market. The median price point has increased by at least three
    percent across all surveyed communities in the Portland area. Most
    significantly, Falmouth and Westbrook have experienced an increase in
    median price by over 15 percent year over year.
  • Portsmouth, NH: Portsmouth has experienced a strong year of
    market growth, both in the city center and in the surrounding markets
    of Greenland, Newmarket and Rye. Rye in particular reported a 22
    percent increase in median price and an 11 percent decrease in average
    number of days on the market year over year. Working professionals in
    their late 20s and early 30s, along with empty nesters and recently
    retired baby boomers, are driving market demand in this region.

For the full 2016 Fall Market Trends Report, including data and pricing
chart, click here.

The report also launched as an interactive microsite, highlighting
overall market trends. Key data and social media graphics on the
featured markets, including Boston, Providence, Portsmouth, and
Portland, and surrounding towns, can be found by visiting www.remaxnereports.com.

About RE/MAX INTEGRA and RE/MAX INTEGRA, New
England:

Since its inception in 1985, RE/MAX INTEGRA, New England has grown to
over 200 offices and nearly 2,700 Sales Associates throughout
Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and
Vermont, providing franchised and commercial real estate services to its
franchisees and their real estate professionals.

RE/MAX INTEGRA, New England’s parent company, RE/MAX INTEGRA, is a
privately-held company headquartered in Toronto, Canada. RE/MAX INTEGRA
is the largest sub-franchisor of RE/MAX, LLC worldwide, and represents
over 30,000 agents — approximately a third of all RE/MAX Associates
worldwide.

For more information about RE/MAX INTEGRA, visit www.remaxintegra.com.

Contacts

Media:
Solomon McCown & Co.
Rachel
Dobbs, 617-933-5029
rdobbs@solomonmccown.com
or
RE/MAX
INTEGRA, New England
Jill Archibald, 508-655-9400
PR and
Communications Manager

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