As October comes to a close, here's a summary of the Allston market: rents are gradually rising, while condo inventory is piling up, making it more favorable for buyers.

First, let me clarify the basis for this information. October transaction statistics typically come out in mid-November, so this article is based on September data released in October and this week's interest rates.

The most frequently asked question is about rents. People are curious about the current price for a one-bedroom.

According to rental data site Spot Easy, the median asking price for a one-bedroom in Allston was $2,495 as of October 1, which is $100 higher than the $2,395 from September of last year.

In terms of average asking prices, studios were at $2,095, one-bedrooms at $2,580, two-bedrooms at $3,205, and three-bedrooms at $3,456. The average being higher than the median is influenced by some high-priced listings.

Still, it's relatively cheaper compared to the overall Boston area. The average one-bedroom price was $202 lower than Greater Boston, ranking 11th out of 14 areas.

However, keep in mind that these figures represent asking prices, not actual sale prices. Different sites may have varying methods of aggregation, leading to higher estimates in some cases.

From a tenant's perspective, there's one more thing to note. Starting August 1, 2025, a new law in Massachusetts will require the party that hires the broker to pay the commission.

This means that if the landlord's broker is involved, the tenant should not have to pay the commission. However, reports have surfaced this year indicating that tenants are still being charged in some cases.

Before signing a lease, be sure to ask who hired the broker. If it's unclear, checking with the state Attorney General's office is the most reliable way to confirm.

Now, let's move on to sales. The Massachusetts Association of Realtors combines Allston and Brighton into one region for reporting.

The median sale price for condos in September was $550,000, nearly the same as last year's $549,900. In terms of price, it was a quiet month.

However, looking deeper reveals a different story. Condo listings increased to 135 from 110 a year ago, a rise of 22.7%, and the inventory absorption period extended from 5.2 months to 7.6 months.

The time it took to sell also increased from 46 days to 78 days. The actual sale price compared to the initial asking price was 94.4%.

From January to September this year, the median condo price was $575,000, down 6.9% compared to the same period last year. The number of transactions also decreased by 11.2%.

Single-family homes have a very small sample size. In September, 5 homes sold with a median price of $1.58 million, but this figure is skewed by one or two high-priced sales, so it shouldn't be given too much weight.

The cumulative median price for single-family homes is $905,000, down 9.5%. However, with only 5 listings, supply remains tight.

Interest rates are also a crucial factor. According to Freddie Mac's announcement on October 29, the average rate for a 30-year fixed mortgage was 7.24%, and for a 15-year fixed, it was 6.60%.

This is slightly down from 7.32% the previous week, but compared to 6.17% a year ago, it's over a percentage point higher. Honestly, seeing this number made me sigh.

In my view, this is why the condo market is behaving this way. The burden of interest rates has reduced the number of buyers, while new listings increased to 72 in September, up from 48 a year ago.

One significant issue to note this month is the question of whether there will be a rent control vote ahead of the November 3 election. I've received many inquiries about this.

To conclude, it will not be on the ballot this time. A proposed measure to cap annual increases at 5% was blocked by the state Supreme Court on June 23.

The court ruled that a religious exemption included in the proposal violated the state constitution. The proponents believe they can amend the issue and try again in 2028.

The debate remains tight. There are valid arguments on both sides: those advocating for tenant protections and those concerned about hindering new supply, leaving it up to readers to make their own judgments.

In summary, tenants are facing slightly higher rents but reduced commission burdens, while buyers are dealing with interest rate pressures but a more favorable negotiating environment for condos.

If you're looking to buy a condo for personal use, there's no urgent need to rush right now. It may be worth negotiating prices on properties that have been on the market for a while, and approaching interest rates with a plan for refinancing later is realistic.

On the other hand, if you're an investor looking for rental income, the calculations are tight. With current interest rates, even if rents rise, it may be challenging to maintain cash flow, so I recommend running the numbers conservatively.

If it were me, I would watch the flow of listings this winter and choose condos with significant negotiation potential. I will provide another update once the official October statistics are released.