Allston Condo Market
Connected to the city of Boston by only a small portion of its eastern border, the neighborhood of Allston is surrounded by the town of Brookline and the Charles River. Allston is separated by the Massachusetts turnpike, dividing the neighborhood into what locals refer to as "lower Allston" and "upper Allston" – though they aren't officially independent areas. Home to just under 30,000 people, Allston is comprised of a high percentage of college students from the nearby universities. Due to the high number of students consistently passing through the area while they attend college, Allston's real estate market consists largely of apartment buildings and triple-deckers. On the opposite side of the Massachusetts turnpike, the real estate market consists mainly of single family or multi-family Victorian homes from the late 1800s – early 1900s. While condominiums may not be as plentiful in Allston as they are in other areas of Boston, there is certainly still a market for them. The median sales prices for property is well below the average prices for the rest of the Greater Boston area.
Real estate in Allston:
While the median listing price of all homes is $329,000 – the median sales price for a single family or multi-family home is approximately $334,000 and the median sales price for a condominium is approximately $310,300.
With the number of students generally occupying a large percentage of the rental property, and the long-time residents typically occupying the Victorian homes – purchasing a condominium is a great option for individuals who may be relocating, or simply want stability as well as flexibility in their home. Whether potential buyers are looking for an area with an active nightlife, or a quiet and peaceful one, Allston can provide it. Upper Allston is where a majority of the students reside, making the area a popular place for those with an active nightlife. Lower Allston on the other hand, (nicknamed that because of its low elevation) is the area north of the turnpike, and consists mainly of long-time residents, homeowners, and working professionals. With a large portion of individuals in this area being a bit older, lower Allston is generally a quiet area.
Allston is also home to a large number of immigrants from several different countries. Maintaining a fairly diverse population, the neighborhood provides a wide range of restaurants with food from around the world. There is also a variety of locally owned shops that offer the chance to explore different cultures. Most of the businesses in the Allston area are small, family-run businesses – which means that the money spent in the shops, stays close to home – a positive fact for those concerned with or interested in promoting their community.
Like most neighborhoods in the Boston area, Allston has its own points of interest. The area is home to top-notch schools, as well as other attractions. Boston University and a large portion of the Harvard University campus, including Harvard Business School, is located in Allston. Harvard also owns additional property in the neighborhood, with potential campus growth in the near future. In addition, Berklee College of Music also has a rehearsal building in the neighborhood. A rare accommodation, The Horace Mann School for the Deaf and Hard of Hearing, located in Allston, serves students aged 3 to 22 with hearing impairments. The school is a major attraction due to its association with famous people, such as Helen Keller and Alexander Graham Bell.
Maintaining median home sales prices lower than average, as well as numerous housing options, Allston is a great neighborhood. Nearly everything in the community is accessible with a short walk. However, for those who need to travel farther, Allston offers multiple forms of transportation. With options on housing, transportation, food, shopping, and many other things – in addition to the affordability – Allston can make the perfect home for just about anyone.