Fun Fact: Jamaica Plain was originally a summer resort destination for Bostonians. It’s also one of America’s first streetcar suburbs in the early 19th century. In recent years, young families, artists and activists flock here for many reasons. There’s the proximity to downtown, plentiful green space with the Arnold Arboretum and Jamaica Pond. Additionally, there are amazing local shops and restaurants including J.P Licks and Tres Gatos. There’s also the appeal of relatively low housing costs compared to neighboring suburbs such as Brookline. Today, it’s one of Boston’s fastest growing and most dynamic neighborhoods. Let’s dive into why.
Jamaica Plain Condo Market Snapshot
Since 2015, the average sale price has increased over $100,000 (22%) to $614,318 year to date. Average sale price is down slightly from 2018 (-3%). The average price per square foot (PPSF) is also up significantly (28%) from 2015 to year to date, reaching a record high of $554 per square foot. Year to date, the price per square foot sold is up roughly 4% versus 2018. Upcoming new construction is likely to drive prices higher yet relative to neighborhoods such as Back Bay and South End, Jamaica Plain is a more affordable option with upside from an investment standpoint.
*Sourced by Compass
Developments to Watch
In addition to the numbers, another tell-tale sign of a “hot” market, are the number of residential and commercial properties under developments. There are currently 13 projects either board approved or under construction in the neighborhood. Here are the two you should keep an eye out for.
Residences at Forest Hills
Touted as pedestrian-friendly living and neighborhood retail across from the Forest Hills T stop. The Residences at Forest Hills will construct three wood-framed buildings containing approximately 250 residential rental apartments and 4,070 square feet of ground-floor retail.
Though this development will be rental, it signals a revitalization of the Forest Hills T stop area that will likely attract tenants who may have chosen to rent in other neighborhoods.
3193 Washington Street
Developer City Realty Group has officially started construction on a 39-unit condo building at 3193 Washington Street in Jamaica Plain’s Egleston Square. The five-story building—which the developer has dubbed TEMPO because it “embraces the unique rhythm of Jamaica Plain,” according to a release—is also due to include retail.
TEMPO’s amenities are due to include automated garage parking, a pet-washing station, bike storage, and private outdoor space for some units.
WHAT’S CURRENTLY AVAILABLE IN THE NEIGHBORHOOD?
Click the photo below to view a collection of available properties in Jamaica Plain. Want to learn more about JP or set up a showing? Let’s talk!