Boston Home Prices and Trends

Boston Area Real
Estate Market Report

Downtown Wide Report Below

Boston Real Estate Market Reports

BOSTON METRO MARKET STATS BELOW

BOSTON REAL ESTATE MARKET ACTIVITY: CORE DOWNTOWN 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.

2023 vs 2024 YTD as of 6/30

Comparison of 2023 and 2024 Boston real estate markets

Boston condos and homes going pending vs. Boston condo and home inventory

Condos and Single-Family Homes 
Going Under Agreement (Pending) 6/15 to 7/15
vs. Supply on 7/15

Sales activity in the downtown Boston real estate market is down 3.88% from last year during this period.

Listings are up 9.44% from last year on this date. 

Bosotn condo and home inventory (available units)

Core Boston neighborhood condominiums going under agreement (MLS-PIN)

Median Bosotn condo and come selling prices

Median core Boston condo and home prices (LINK)

In thousands

You can see periodic spikes in median sales price. These are due to closings at large luxury buildings.

Core Boston Neighborhood Condominium Absorption Rate

  • The number of properties available vs. the number of condos going under agreement/pending in the last 30 days.
  • Expressed in "months of supply." Determines whether there is upward or downward pressure on prices.
  • A 4+- month supply considered a balanced market. Above that, there is downward pressure on prices, and below that there is upward pressure.
  • While sales activity has lessened, there are also fewer condos on the market, driving prices up despite the 4+ months of supply.
7/15/2017
1.88 Months
7/15/2018
2.08 Months
7/15/2019
3.24 Months
7/15/2020
3.25 Months
7/15/2021
2.19 Months
7/15/2022
3.10 Months
7/15/2023
3.03 months
7/15/2024
3.45 Months

Year-to-Date Real Estate Market Review: Core Downtown Boston Neighborhoods 

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

Thru 7/22/2023
38 Days

Thru 7/22/2024
40 Days

 

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

Thru 7/22/2023
$1,025,000

Thru 7/22/2024
$1,050,000

Change
  + 2.44%

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

Thru 7/22/2023
1,418

Thru 7/22/2024
1,372

Change
- 3.24%

$ per square foot (Condos, single family homes all price ranges):

Thru 7/22/2023
$1,153/SF

Thru 7/22/2024
$1,125/SF

Change
- 2.43%

Luxury Real Estate, Year-to-Date: Core Downtown Boston Neighborhoods 

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

Thru 7/22/2023
293

Thru 7/22/2024
260

Change
- 11.26%

 

Number of closed sales (Condominiums, single family homes) $4m+ :

Thru 7/22/2023
81

Thru 7/22/2024
85

Change
+ 4.94%

See above commentary. More luxury property market details.

Greater Boston Unemployment Rate:

As of July 22, 2024, the latest month for which final figures are available for Boston is May 2024

May 2023
3.1%

May 2024
3.7%

Change
+0.6%


 

Interest Rate (APR) as of May 21, 2023:

30 yr. fixed conventional
6.990% APR (0 points; $0 upfront costs)
Based upon a $550k purchase

30 YR. fixed jumbo
8.125% APR (0 points; $0 upfront costs)
Based on a $1m purchase

5/6 jumbo ARM
5.990% APR (no data available on points or upfront costs)
Based on a $1m purchase

All based on a 780+ credit score, with 20% down. 

For condos & single family homes sold annually, metro Boston:

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

2023 vs 2024 YTD as of 6/30 (Source: MLS-PIN)

Boston metro real estate market statistics

 

Metro Boston condos and homes sold per year

Metro Boston: Properties Sold (per year) 
Source: MLS-PIN

Metro Boston median condo and home selling preces

Metro Boston: Median Selling Price (per year)
Source: MLS-PIN

Metro Boston days to accepted offer for condos and homes

Metro Boston: Days to Accepted Offer (per year)
Source: MLS-PIN

Metro Boston condo and home asking selling ratio for sold properties

Metro Boston: Asking/Selling Ratio (per year)
Source: MLS-PIN