As the price of real estate has soard all around Boston in the past decade, prices for homes for sale in Quincy have remained relatively reasonable. Out of the 48 neighborhoods in metro Boston, Quincy ranks in the top 10 most affordable for single family, condo, and multi family properties. Quincy’s market held strong during the pandemic as demand has risen for housing in suburban areas with easy access to the city.
As a result, few neighborhoods have as much upside as Quincy in terms of investment properties. In this article, we’ll analyze the average cap rates and net operating income (NOI) that different types of properties would yield in Quincy. We’ll base these estimates on the current median sales price, homeowner’s insurance, property tax rate and average rent prices.
For single family homes, Quincy ranks as the 8th lowest median sales price ($621K) in metro Boston. Based on the average rent price for apartments in Quincy, that would yield the 6th best average net operating income for single family homes in Boston. It also ranks 5th highest average cap rate at 4.16%.
Quincy condos are also priced on the more affordable side in relation to other metro neighborhoods. The 1 year median sale price for condos in Quincy ($465K) ranks 9th most affordable in metro Boston. Quincy also ranks as the 9th highest average cap rate (5.55%) in Boston.
The median price for multi family homes for sale in Quincy is $812K over the past year. That ranks 6th lowest in metro Boston. Quincy MA also ranks 6th in best average net operating income ($11,655) and highest average cap rate (6.37%).
Overall, Quincy looks like a great option for property investors in Boston. With prices still on the affordable side and average rent prices for Quincy apartments on the rise, an investor who gets in this year will be in a great position for long term profitability. Based on current demand trends, Quincy median home prices will likely outpace the metro area this year and moving forward, so these opportunities may not last long.