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Boston is the largest city and capitol of Massachusetts. The city has a major influence over the entire East Coast and is often considered the unofficial "Capitol of New England". With a population of 4.5 million people, the city has been growing since it was first established in the 1700s. As one of the first cities in colonial America, Boston has played a pivotal role in the American Revolution. Many different historical events including the Boston Tea Party and the Boston Massacre have occurred right in the heart of the city. Over the years, the city has developing from a major shipping port and transportation hub to a center for higher education and healthcare. Today, the city is one of the most exciting places to visit in the country and has numerous attractions that range from historical sites, world-class sports teams, and even rock concerts.
The city has long been known for its growing arts and music community. Boston residents have been performing and enjoying art for centuries with countless venues and programs available. Several art museums including the Boston Museum of Fine Arts and the Institute of Fine Art are located in the downtown area. Boston residents also take pride in the many different bands that have originated from the city. Numerous bands including, The Pixies, Irish Band Dropkick Murphy's, and the Boston Pops are just a few of the many bands that bring people to the city. Although the city is full of modern attractions, restaurants, and entertainment, historical sites are still one of the biggest draws for tourists coming to the city. The Freedom Trail is a red brick path through the downtown area that makes it easy for tourist to view 16 of the most important historical sites in the city. Other historical sites throughout the city help to give Boston its rich, proud heritage and culture.
In recent years, sporting teams have also brought a lot of attention to the city with successful wins for all of the major teams. The Boston Red Sox's World Series win in 2004 is still one of the biggest sporting events in sports history and had the attention of the entire world. The New England Patriots and the Boston Celtics have also one numerous championships and help to bring people to the city every year.
The biggest attraction for the city, however, is actually the universities that are so well respected throughout the nation. Many different prestigious universities fill the city and bring thousands to the state. College tuition has a major impact on the economy, accounting for roughly $4.8 billion annually. Colleges also employ a large number of workers and attract hi-tech companies and research facilities to the city. With universities such as, Harvard, Boston College, and Massachusetts Institute of Technology are just a few of the many universities that play a major part in the economy of the city and the housing market. With jobs in healthcare, education, technology Boston is one of the highest paid cities in the state with one of the largest job markets. The housing market has benefited from steady jobs and universities bring people to the city and buying new homes.
Sales Trends Housing sales for the city has remained fairly stable with a steady job supply in strong industry sectors. Sales volumes have not been as high as years past with 7,477 in 2008, but the future is looking hopeful. The city's high cost of living has keep sales low, but profit margins for builders remain high. At a median home price of $360,500; builders can benefit from one of the highest housing prices in the country. Builders continue to focus on the luxury, high-end buyers to survive in this market. When the market recovers, builders should expect to see an increase from luxury homes as more and more high paying jobs are created in the city.