Home Prices and Trends

Boston Area Real
Estate Market Report

Downtown Wide Report Below

Market Reports

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 For condos & single family homes sold annually, metro Boston

*Boston, Newton, Brookline, Cambridge, Somerville, Arlington, Watertown

 

Boston properties sold per year

Metro Boston: Properties Sold (per year)

Boston median sold price of condos and homes

Metro Boston: Median Selling Price (per year)

Boston average $ per square foot of condos and home  sold

Metro Boston: Days To Accepted Offer (per year)

Boston asking-selling price ratio for condos and homes sold

Metro Boston: Asking/Selling Ratio (per year)

2021 Boston Real Estate Market Review: Core Downtown Boston Neighborhoods

*Core downtown neighborhoods as defined for the purpose of this report: Back Bay, Beacon Hill, South End, Midtown/Downtown, Seaport, Waterfront, Leather District, Charlestown, South Boston, Fenway, West End, Bay Village, Chinatown.

Days on Market (Condos, single family, all price ranges):

2020
72 Days

2021
74 Days

The average number of days between the time a property enters the market and when it gets an accepted offer. Average days-on-market for Boston homes and condos this year so far is 47, but the ones that are priced right, show well, and are well-located, coften go under agreement sooner. 

Median sales prices (Condos and single families, all price ranges):

2020
$880,000

2021
$880,000

Change
 + 0% (Yes, really!)

;

Number of closed sales (Condos, single family, all price ranges):

2020
2,804

2021
3909

Change
+39%%

$ per square foot (Condos and single family homes):

2020
$1,012/SF

2021
$1,013/SF

Change
+0%

Luxury Properties:

 

As I've said here before, with regard to the high-end here in Boston, if you build it, apparently they will come. At least at the current time.... They built the inventory, and it sold. The new Four Seasons at One Dalton is pretty much sold out. The Quinn and 100 Shawmut in the South End are closing. In the Seaport, Echelon, with about 650 units has also been closing, and the St. Regis, with about 150+- is under construction. The Sudbury is beginning to close. Year-over-year sales of high-end properties has increased greatly due to pent-up demand.

Number of closed sales (Boston condominiums, single family homes) $2m+ :

2020
366

2021
555

Change + 51.63%

*Also due to the closings of the aforementioned large buildings last year.

Number of closed sales (single family and condo) $4m+ :

2020
100

2021
155

Change
+ 55%

See above commentary. More luxury property market details.

Current Market Activity: Core Downtown Boston Neighborhoods

*Core downtown neighborhoods as defined for the purpose of this report: Back Bay, Beacon Hill, South End, Midtown/Downtown, Seaport, Waterfront, Leather District, Charlestown, South Boston, Fenway, West End, Bay Village, Chinatown.

 

Condos and Single-Family Homes Going Under Agreement Dec.1-Dec. 31 vs. Supply on Dec. 31

12/31/21: The below chart compares the number of units going under agreement in the most recent 30 day period (12/1 to 12/31) with the number of available listings at the end of that period (12/31/21). 

Sales activity in the downtown Boston real estate market is up 10.90% from last year at this time.

Listings are down 41.97% from last year at this time. With the exception of 2020, this continues an increased inventory trend that we've seen over the past 7 years.

Boston condos going pending

Condominiums going under agreement (MLS-PIN)

Median Boston condo and home prices

Median Boston condo and home prices (LINK)

In thousands

You can see periodic spikes in median price. These are due to closings at large luxury buildings. You see a rise in mid-September to mid-October due to 28 closings at Echelon, 6 at The Archer in Beacon Hill, as well as some other smaller high end projects.

Boston Condominium Absorption Rate

This comparison between number of properties (condos and single families) available and number of properties going under agreement in the last 30 days is called an "absorption rate." It's expressed in "months of supply." This is the way we determine whether there is upward or downward pressure on prices. While months of supply has risen, most analysts consider a 4+- month supply to be a balanced market. Above that, there is downward pressure on prices, and below that there is upward pressure.

As I mentioned, there are more units on the market in the core downtown neighborhoods at present, but activity has also picked up (see neighborhood absorption charts).

12/31/2014
1.66 Months
12/31/2015
1.93 Months
12/31/2016
2.73 Months
12/31/2017
2.74 Months
12/31/2018
3.26 Months
12/31/2019
3.61 Months
12/31/2020
4.43 Months
12/31/2021
2.32 Months
 

Greater Boston Unemployment Rate:

As of January 6, the latest month for which figures are available for Boston is October 2021.

October 2020
8.1%

October 2021
5.0%

Change
- 3.1%

 

Interest Rate (APR):

30 yr. fixed
conventional

3.026% APR

30 YR. FX Jumbo
3.012% APR

5/1 Jumbo Arm
3.623% APR

Lowest rates quoted on BankRate.com. Based on a 740+ credit score, 20% down. For 30 year fixed conventional and jumbo loans, $924 in upfront costs with 0 points. For 5/1 ARM, $680 in upfront costs with 0 points.

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