Roxbury has experienced one of the steepest drops in housing prices and sales in Boston since the market slumped in 2007, making it fertile ground for investors and first-time homebuyers looking for deals in the city.
“Neighborhoods such as Roxbury are still being plagued by the sub-prime foreclosure mess that continues to put downward pressure on condo asking prices in Boston’s less affluent areas,” said John Ford, owner of Ford Realty.
Between September 2007 and November 2007, the median price for a condo in Roxbury was $223,500. During the same time period in 2010, the median price was $165,000.
Sought-after Roxbury neighborhoods, such as Mission Hill, haven’t been immune either, making it a perfect spot for buyers looking to live in the city, but unable to afford downtown prices. The median price of a Mission Hill condo in 2007 was $369,000 compared to $308,000 in 2010.
“You have the universities and Longwood Medical around the corner. I think it is a great spot for people who want to be in the city but can’t necessarily afford to be in the South End,” said Anthony Bruno, a realtor with Gibson Sotheby’s South End who is selling a two-bedroom condo in Mission Hill. “You can get a two-bedroom condo for the mid-200s to the mid-300s.”