Fenway Condo Market
Perhaps one of the most well-known neighborhoods in the Greater Boston area is Fenway-Kenmore. Containing only 1.24 square miles of total area, the population of the neighborhood is approximately 41,000 people. With a number of colleges located within its limits, Fenway's population is composed of a large percentage of students who attend the universities. Among the higher learning institutes found in Fenway are: Northeastern University, the Art Institute of Boston, The New England Conservatory of Music, Massachusetts College of Pharmacy and Health Sciences, The Forsyth Institute, The Boston Conservatory; and portions of Boston University, Harvard Medical School, Massachusetts College of Arts, Berklee College of Music, Wheelock College, Simmons College, Wentworth Institute of Technology, New England School of Photography, and Emmanuel College.
During the last two decades, nearly all of the residential buildings in the Fenway-Kenmore area have been purchased by Boston University and transformed into dormitories for the large number of students. Outside of the students living in the neighborhood, there are also several individuals who recently graduated from the nearby universities and wish to remain in the community. Increasing the popularity of the area – especially with college students – is the number of different public transportation options. This includes the subway system, which stops at several popular locations, and a number of buses that travel throughout the area. Areas which contain a high number of universities and points of interest typically hold a higher-than-average housing cost. However, the average prices of real estate property in Fenway are very similar to the averages in Boston.
Real estate in Fenway:
While the median listing price of all homes is $675,000 – the median sales price for a single family or multi-family home is approximately $480,000 and the median sales price for a condominium is approximately $379,000.
In addition to the well established universities in the area, Fenway is also home to several other points of interest. Some of these include: Kenmore Square, the Citgo sign, the Museum of Fine Arts (Boston), the Isabella Stewart Gardner Museum, and perhaps most famous of all – Fenway Park. Home of the Boston Red Sox, of course, the Fenway baseball stadium was completed in 1912 and remains the oldest stadium in the MLB. In addition to the fact that Fenway Park attracts thousands of people to the area for every game, in 2012 it was added to the National Register of Historic Places. The Fenway neighborhood has become home to individuals who wish to be located near the home of their favorite baseball team.
Of course, with most of the residential buildings in Fenway being owned by Boston University, it may be difficult to find this type of housing. This makes the condo market in the area even more important. A very large percentage of the housing in Fenway is composed of multiple unit structures (apartments for rent), and only about 1% of the housing in the area are single family homes. Since single family homes are difficult to find in the area, the best choice for those who prefer not to rent is to purchase a condo. The good news, though, is that the condominium market in Fenway is affordable, popular, and in a great location.