Boston Home Prices and Trends

Boston Area Real
Estate Market Report

Downtown Wide Report Below

Boston Real Estate Market Reports

SEE ANNUAL 2019-2023 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.

2022 vs 2023

Comparison of 2022 and 2023 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

1/15/2024 to 2/15/2024
vs. Supply on 2/15/2024
 

Sales activity in the downtown Boston real estate market is up 4.79% from last year at this time.

Listings are up 13.13% from last year at this time. 

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.
2/15/2017
1.41 Months
2/15/2018
1.85 Months
2/15/2019
2.35 Months
2/15/2020
2.03 Months
2/15/2021
2.22 Months
2/15/2022
1.42 Months
2/15/2023
2.97 months
2/15/2024
3.21 Months

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

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

Thru 2/23/2023
56 Days

Thru 2/23/2024
59 Days

 

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

Thru 2/23/2023
$1,080,000

Thru 2/23/2024
$1,100,000

Change
  + 1.85%

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

Thru 2/23/2023
203

Thru 2/23/2024
190

Change
- 5.65%

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

Thru 2/23/2023
$1,216/SF

Thru 2/23/2024
$1,153/SF

Change
- 5.18%

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

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

Thru 2/23/2023
47

Thru 2/23/2024
46

Change
- 2.13%

 

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

Thru 2/23/2023
20

Thru 2/23/2024
10

Change
- 50.00%

See above commentary. More luxury property market details.

Greater Boston Unemployment Rate:

As of February 23, 2024, the latest month for which figures are available for Boston is November 2023

November 2022
3.4%

November 2023
2.6%

Change
 - 0.8%

 

Interest Rate (APR) as of January 24, 2023:

30 yr. fixed conventional
6.875% APR (0 points; $0 upfront costs)
Based upon a $550k purchase

30 YR. fixed jumbo
8.000% APR (0 points; $0 upfront costs)
Based on a $1m purchase

5/1 jumbo ARM
6.000% APR (no data available on points and 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

 

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