Historic homes across Greater Boston, particularly in Cambridge, are seeing a resurgence in popularity. These properties offer more than just four walls—they provide a tangible connection to the region’s rich architectural and cultural heritage. From classic Colonial and Victorian styles to unique handcrafted details, owning a historic home is about more than just aesthetics; it's about preserving history while enjoying a one-of-a-kind living experience.

In this post, we’ll explore why historic homes are making a comeback, the value growth they’re seeing through restoration projects, and why they’re becoming prime real estate investments in the region.

1. The Allure of Historic Homes: Timeless Charm and Architectural Significance

One of the main reasons buyers are flocking to historic homes is their architectural appeal. Historic properties boast handcrafted woodwork, unique details, and materials not often found in today’s modern builds. Whether it’s a Victorian with intricate exterior detailing or a Georgian home featuring handcrafted interiors, these properties offer an authenticity and craftsmanship that’s hard to replicate.

Additionally, historic homes tell a story. Many buyers are drawn to the sense of pride that comes with owning a piece of the region’s history. There’s an emotional connection in knowing your home has stood the test of time and represents the heritage of the local community.

2. Why Historic Homes Are in High Demand in Cambridge and Greater Boston

In Greater Boston, and especially in Cambridge, historic homes are in high demand. These properties are scarce, and development in these areas is tightly controlled, making historic homes a rare commodity. With so few available, the demand for unique homes has driven prices up.

Cambridge, in particular, attracts buyers who appreciate history and culture. The city’s proximity to prestigious universities like Harvard and MIT adds to the appeal, as many of the buyers in this market value the intellectual and historical significance of the area. Owning a historic home in Cambridge isn’t just about having a house—it’s about owning a piece of the city’s legacy.

3. Restoring Historic Homes: A Growing Trend Among Homeowners

Many homeowners are embracing the challenge of restoring historic homes. Recent restoration projects in Cambridge and other Greater Boston neighborhoods have captured attention for their success in balancing preservation and modernization.

For example, the historical renovation of the Queen Anne Victorian at 27 Fayerweather Street in Cambridge’s 02138 ZIP code broke a record in 2023, selling for the highest price ever for a single-family home in one of the nation’s most affluent communities. This type of project highlights how the restoration of historic properties can be both financially rewarding and culturally significant.

Homeowners are also finding ways to modernize these properties while maintaining their historical integrity. Upgrading systems like HVAC, plumbing, and electrical without compromising the original details is key, and many local preservation societies offer guidance for these projects.

4. How Restorations Are Boosting Property Values

Restoring a historic home can significantly increase its value. Buyers are often willing to pay a premium for properties that retain their original character while offering modern conveniences. For instance, 325 Harvard Street in Cambridge sold for $6,432,500 in April 2024, nearly 10% over the asking price. This property, which won a historic preservation award from the Cambridge Historical Commission, set a new record for the highest-priced single-family home in Mid-Cambridge.

Neighborhoods with a high concentration of restored historic homes tend to see collective value growth as well. The combination of limited supply, high demand, and careful restorations elevates the desirability of entire areas, making them prime real estate markets.

5. The Investment Potential of Historic Homes

For investors, historic homes in Greater Boston present a solid opportunity for long-term appreciation. The scarcity of these homes, combined with growing demand and the value added through restoration, makes them highly sought after. Investors willing to take on renovation projects can see significant returns on investment.

Additionally, there are financial benefits to restoring historic properties. The Massachusetts Historical Commission and the federal Historic Tax Credit Program offer tax incentives and grants for qualifying restoration projects. These programs can help offset the cost of renovations while preserving the home’s historical significance.

6. Challenges to Consider Before Purchasing a Historic Home

While the investment potential of historic homes is attractive, there are challenges to consider before buying one. Restoring a historic home can be expensive, and there are strict regulations governing what changes can be made. Local zoning laws and historic commissions often require approvals for modifications, which can add time and cost to restoration projects.

Additionally, maintaining a historic home can be like owning an antique car—it’s difficult to find specialized contractors, materials are harder to source, and everything tends to be more expensive and time-consuming.

For those considering purchasing a historic home, it’s essential to find contractors experienced in working on historic properties and to factor in the long-term maintenance requirements.

7. Neighborhoods in Greater Boston Where Historic Homes Shine

Cambridge is home to several historic neighborhoods where these properties are highly coveted. Harvard Square, West Cambridge, and Avon Hill feature beautiful examples of Colonial, Georgian, and Victorian architecture that reflect the city’s rich history.

Other areas in Greater Boston, such as Beacon Hill, Brookline, and Somerville, also offer stunning historic homes. Each of these neighborhoods has its own unique character, but all share a commitment to preserving their architectural heritage, making them prime destinations for buyers interested in historic properties.

Conclusion

The growing interest in historic homes across Greater Boston is a testament to their enduring charm, cultural significance, and investment potential. For buyers and investors alike, these homes offer a unique opportunity to own a piece of the region’s history while benefiting from value growth through careful restoration.

If you’re considering purchasing a historic home, whether as a personal residence or an investment, it’s crucial to do your research and seek guidance from local experts. Restoring and maintaining these homes can be rewarding, but the process requires planning and the right resources.

For personalized advice on navigating the historic home market in Cambridge and Greater Boston, or for assistance with restoration projects or investment strategies, feel free to reach out. We’re here to help you every step of the way.