Boston’s Seaport is booming with new towers and sleek waterfront living, but the neighborhood’s housing market offers two very different realities. Renters can find options, while buyers may struggle to find anything at all.
The neighborhood’s profile caters to young professionals attracted by proximity to downtown, luxury amenities, and new construction. Families, however, face slimmer opportunities, with scarce ownership options and few signs that the market is shifting toward more permanent, family oriented housing.
Five year averages gathered from the 2019-2023 U.S. Census Bureau estimates underscore the divide. Across the two census tracts covering the Seaport, there has been an average of 729 vacant housing units over the last 5 years. Of those, an estimated 228 vacancies remain available for rent, while the average number of purchasable condos has ranged between 0 and 28.
Estimates place the average number of units sold but not yet occupied at 113, highlighting how quickly for sale inventory disappears once it hits the market.
While these 5 year estimates carry a significant margin of error due to the narrow sample size of the two census tracks. Still, the relative abundance of rental units and scarcity of for sale options mirrors citywide trends, though the pattern is more pronounced in the Seaport, given its concentration of luxury high-rise units.
Last year, Boston experienced its largest year-to-year population uptick in recent years, one contributor to keeping the overall vacancy rates for the city very low. A Boston housing market analysis released last year by the U.S. Department of Housing and Urban Development estimated the vacancy rate of for sale units at just 0.8%, while the vacancy rate of rental units stands at 6.2%.
Citywide, multifamily construction has reached its lowest point in years, with about 14,000 units underway in the third quarter, according to research by Matthews commercial real estate firm.
The Boston Planning Department said in a statement that there are currently 1,146 new units under construction in the Seaport but could not specify how many of those units would be available for sale.
The trend is consistent. Seaport has space for renters, but ownership opportunities are more fleeting.
Developers are responding to strong demand with new projects. The Echelon Seaport development will deliver 717 residences, including 270 rental apartments and 447 condominiums, while One Harbor Shore Drive is adding another 130 condos. Combined, the two projects will bring 847 new units, with thousands more envisioned as part of the larger Seaport Square plan.
For renters, that growth translates into more choices, though often at luxury price points. For would-be buyers, the Seaport remains a market where opportunity is limited to those who can move quickly on high-end inventory. For Boston officials, the numbers reinforce the challenge of balancing growth and accessibility in one of the city’s most sought after neighborhoods.
