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
|
 |
Condos and Single-Family Homes
Going Under Agreement (Pending) 8/15 to 9/15
vs. Supply on 9/15
Sales activity in the downtown Boston real estate market is up 9.09% from last year during this period.
Listings are up 8.74% from last year on this date.
|
Core Boston neighborhood condominiums going under agreement (MLS-PIN)
|
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.
|
9/15/2017
2.83 Months |
9/15/2018
3.53 Months |
9/15/2019
3.74 Months |
9/15/2020
5.86 Months |
9/15/2021
3.06 Months |
9/15/2022
4.15 Months |
9/15/2023
4.33 months |
9/15/2024
4.31 Months |
|
Days on Market (Condos, single family, all price ranges):
Thru 9/22/2023
38 Days
Thru 9/22/2024
38 Days
|
Median sales prices (Condos, single family, all price ranges):
Thru 9/22/2023
$1,015,000
Thru 9/22/2024
$1,025,000
Change
+ 0.99%
|
Number of closed home sales (Condos, single family, all price ranges):
Thru 9/22/2023
1,962
Thru 9/22/2024
1,877
Change
- 4.33%
|
$ per square foot (Condos, single family homes all price ranges):
Thru 9/22/2023
$1,163/SF
Thru 9/22/2024
$1,116/SF
Change
- 4.04%
|
Number of closed sales (Condominiums, single family homes) $2m+ :
Thru 9/22/2023
404
Thru 9/22/2024
343
Change
- 15.10%
|
Number of closed sales (Condominiums, single family homes) $4m+ :
Thru 9/22/2023
119
Thru 9/22/2024
104
Change
- 12.61%
See above commentary. More luxury property market details.
|
Greater Boston Unemployment Rate:
As of September 23, 2024, the latest month for which final figures are available for Boston is July 31, 2024
June 2023
3.60%
July 2024
4.6%
Change
+1.0%
|
Interest Rate (APR) as of August 6, 2023:
30 yr. fixed conventional
5.500% APR (0 points, no data available on upfront costs);
Based upon a $550k purchase
30 YR. fixed jumbo
5.500% APR (0 points, no data available on upfront costs);
Based on a $1m purchase
5 yr jumbo or conventional ARM
5.6256.588% APR (0 points, no data available on 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)
|
Metro Boston: Properties Sold (per year)
Source: MLS-PIN
|
Metro Boston: Median Selling Price (per year)
Source: MLS-PIN
|
Metro Boston: Days to Accepted Offer (per year)
Source: MLS-PIN
|
Metro Boston: Asking/Selling Ratio (per year)
Source: MLS-PIN
|
