Realty Biz News Daily Update: Wed, January 29, 2025
Today’s update delves into Boston’s significant investments in real estate funds, America’s priciest cities for housing, Columbus’s resilient market performance, and the best housing deals in Southern cities.
Boston Retirement System Commits $20M to Real Estate Funds
The Boston Retirement System has made a significant investment, committing $10 million each to two opportunistic real estate funds. The first, Kayne Anderson Real Estate Partners VII, targets U.S. senior housing, medical offices, and student housing, with a fundraising goal of $3 billion. The second, AEW Partners Real Estate X, focuses on diverse U.S. property investments and aims to reach $2.5 billion in funding. This move aligns with the Boston Retirement System’s strategy to maintain a 10% allocation to real estate within its $7.4 billion portfolio. [1]
America’s Most Expensive Cities for Housing
Housing costs in the U.S. have surged, with the 20 most expensive cities seeing a 20% increase in living expenses between 2021 and 2024. These cities demonstrate significant variations in housing affordability, with median home prices ranging from $197,477 in Springfield, MA, to over $1.1 million in San Jose, CA. Among the highlights:
- Springfield, MA: Median home price: $197,477; Median household income: $53,348.
- Providence, RI: Median home price: $369,551; Median household income: $68,686.
- Seattle, WA: Median home price: $868,876; Median household income: $124,473.
- Sacramento, CA: Median home price: $454,072; Median household income: $81,757.
- San Jose, CA: Median home price: $1.1 million; Median household income: $142,931.
The study emphasize the affordability challenges faced by residents in these cities. [2]
Columbus Housing Market Defies National Trends
Amid a nationwide dip in home sales in 2024, Columbus, Ohio, saw a 4% increase in sales, with nearly 29,000 homes sold. The region’s median home price hit a record $319,900, marking a 6% rise from the previous year. The strong local economy, driven by industries like Intel, Honda/LG, and data centers, has sustained demand.
Buyers returned to the market after being sidelined by high interest rates in 2023, leading to competitive bidding and premium offers. Areas like New Albany stood out with median sales prices reaching $975,000, despite experiencing a 12.8% decline in median prices. Meanwhile, Obetz saw the largest price growth at 22.8%. [3]
Southern Living’s Best Housing Deals in 2024
Southern Living has identified Austell, GA, as the top spot for housing deals in 2024. This ranking considers affordability and growth in new listings. Other notable cities include:
- Austell, GA (30168): Population: 8,241; Average home value: $299,131.
- Harrah, OK (73045): Emerging affordable housing market.
- Saint Johns, FL (32259): Popular for suburban growth.
- Tomball, TX (77377): High demand for family-friendly homes.
- Edgewater, FL (32141): Affordable coastal living.
These cities exemplify the blend of value and quality of life in the housing market. [4]
Thank You for Following Realty Biz News
We’re committed to bringing you the latest insights into the ever-evolving real estate market. Stay tuned for more updates as we navigate the trends shaping the industry in 2025.
Sources:
- IREI News: https://irei.com/news/boston-retirement-commits-20m-to-two-real-estate-funds/
- Love Property: https://www.loveproperty.com/gallerylist/76336/the-shocking-cost-of-homes-in-americas-most-expensive-cities
- The Columbus Dispatch: https://www.dispatch.com/story/business/real-estate/2025/01/27/what-2024-numbers-say-about-where-columbus-housing-market-is-headed/77910378007/
- Yahoo Lifestyle: https://www.yahoo.com/lifestyle/georgia-city-considered-best-us-154910613.html
