Boston Home Prices and Trends

Boston Area Real
Estate Market Report

Downtown Wide Report Below

Market Reports

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.

Condos and Single-Family Homes Going Under Agreement May 15 vs. Supply on June 15

6/15/22: The chart to the left compares the number of units going under agreement in the most recent 30 day period (5/15/22 to 6/15/2022) with the number of available listings at the end of that period (6/15/22). 

Sales activity in the downtown Boston real estate market is down 22.31% from last year at this time.

Listings are down 13.92% from last year at this time. 

Condominiums going under agreement (MLS-PIN)

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. 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).

6/20/2015
1.12 Months
6/20/2016
1.34 Months
6/20/2017
1.55 Months
6/20/2018
1.82 Months
6/20/2019
2.16 Months
6/20/2020
2.94 Months
6/20/2021
2.20 Months
6/20/2022
2.44 Months

Year-to-Date 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):

Thru 6/20/2021
52 Days

Thru 6/20/2022
38 Days

 

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

Thru 6/20/2021
$866,250

Thru 6/20/2022
$979,500

Change
  + 13.07%

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

Thru 6/20/2021
1,826

Thru 6/20/2022
1,644

Change
- 9.97%

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

Thru 6/20/2021
$985/SF

Thru 6/20/2022
$1,234/SF

Change
+ 25.28%

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

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 about half sold-out with a spring '22 occupancy date. Year over year sales of high-end properties has increased greatly due to pent-up demand.

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

Thru 6/20/2021
226

Thru 6/20/2022
311

Change
+  37.61%

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

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

Thru 6/20/2021
59

Thru 6/20/2022
78

Change
+  32.20%

See above commentary. More luxury property market details.

Greater Boston Unemployment Rate:

As of June 21, 2022, the latest month for which figures are available for Boston is April 2022

April 2021
5.8%

April 2022
3.6%

Change
- 2.2%

 

Interest Rate (APR) as of 6/21/2022:

30 yr. fixed conventional
5.750% APR (0 points and $0 upfront costs)
Based upon a $550k purchase

30 YR. fixed jumbo
5.375% APR (0 points, $0 upfront costs)
Based on a $1m purchase

5/1 jumbo ARM
5.000% APR (0 points, $690 upfront costs)
Based on a $1m purchase

All based on a 740+ credit score, with 20% down. 

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

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

 

Metro Boston: Properties Sold (per year)

Metro Boston: Median Selling Price (per year)

Metro Boston: Days to Accepted Offer (per year)

Metro Boston: Asking/Selling Ration (per year)

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