The local housing market in Boston has achieved impressive growth since the housing market crisis of 2008. Thanks to a growing Metro population and a shortage of available real estate, median home prices have more than doubled over the past 10 years, and even maintained double digit growth throughout the pandemic. Now, the median single family home price sits at $776K and it looks like it will be up by a double digit margin again by the end of 2021.
The average price per square foot in Boston proper is $710. The actual average varies considerably depending on neighborhood. Seaport has the highest price per square foot ($1,594/sq. ft.) out of all neighborhoods in Boston. This is more than 4 times higher than the most affordable neighborhood in terms of of price per square foot, which is Hyde Park ($359/sq. ft.).
Median Prices for Single Family Homes in Boston
The median price for single family homes for sale in Boston is $776K for the past 365 days according to MLS. Like price per square foot, median sales price varies considerably by neighborhood. Back Bay boasts the highest single family home price in Boston, a whopping $6.26M, where as Mattapan is the most affordable place to buy a single family home with a median price of $546K.
Median Prices for Condos in Boston
The supply of Boston condos for sale is considerably larger than that of single-family homes. Much of the recent development in Boston has been dedicated to creating larger multi unit buildings that can house a large number of residents. For this reason, condo listings are much more abundant in Boston than single family and multi family. The mean price for condos in Boston is $693K over the past 365 days.
Not surprisingly, Seaport holds the top spot in terms of highest median condo price at $1.8M. Contrast that with West Roxbury’s median condo price of $451K, you’ll see that Boston offers plenty of condo and townhouse options that fit any budget.
In conclusion, depending on the Boston home your looking to buy, you can find vastly different pricing options in different neighborhoods and property types. The Boston real estate market is a competitive one, but if you know what to look for you can navigate it with success.