It’s no secret that prices for homes in Boston have skyrocketed over the past decade. Since 2012, prices have nearly doubled in terms of median sales prices, and now it’s hard to find a decent home listed in a good neighborhood under $500K. In fact, the median sales price for single family homes for sale in Boston is $772,925 over the past 12 months, placing Boston among the most expensive real estate markets in the country.
Still, there are many ways to analyze housing markets and median sales prices. If you dig into the data a little deeper, there may be areas of opportunities that others miss. In Boston in particular, a short supply of single family homes and lack of developable land has led to a massive surge in condo development around the city. In modern times, it’s much easier to find a condo for sale in Boston than it is a single family home in most cases. And those who are open to owning a condo will see a much more reasonable median sales price ($698,546) compared to single-family homes.
Most Affordable Neighborhoods to Buy a Condo in Boston
If we break down these median sales prices by neighborhood, we’ll find that there are 4 neighborhoods in Boston where the median condo sale price is below $500K:
- Brighton condos - $488,855 median sales price
- Allston condos - $484,989 median sales price
- Quincy condos - $465,296 median sales price
- West Roxbury condos - $454,211 median sales price
Most Affordable Neighborhoods to Buy a Home in Boston
If we look at the most affordable neighborhoods to purchase a single family home, we can find 4 neighborhoods where the median sales price is below $700K:
- East Boston homes for sale - $488,855 median sales price
- Roxbury homes for sale - $488,855 median sales price
- Quincy homes for sale - $488,855 median sales price
- Mattapan homes for sale - $488,855 median sales price
In terms of multi-family properties, the median sales price in Boston over the past 12 months is $1.02M. That may sound like a lot, but there are plenty of multi-family homes for sale in Boston that would be more cost effective than purchasing a single family or a condo for the simple fact you can rent out part of your living space, not to mention the fact that it’s a great long term investment into a housing market with a lot of upside.
Boston Real Estate Prices By Size
The average cost per square foot of properties sold in Boston over the last 365 days is $724/sq. Ft. That price figure can vary widely depending on which neighborhood you analyze. Seaport ($1,589), Back Bay ($1,299), Beacon Hill ($1,215), Downtown ($1,143), South End ($1,073), and Bay Village ($1,000) all have average price per square feet over $1K. Medford ($447), Roslindale ($442), West Roxbury ($439), Dorchester ($424), Quincy ($404), Roxbury ($402), and Mattapan ($378) all have average price per square feet under $450.
The following breaks down the median sales price for all size properties up to 5 bedrooms in Boston.
- Boston Studio Median Sales Price- $425,000
- Boston 1BR Median Sales Price- $585,357
- Boston 2BR Median Sales Price- $715,706
- Boston 3BR Median Sales Price- $773,863
- Boston 4 BR Median Sales Price- $851,882
- Boston 5+BR Median Sales Price- $1,021,538
So as you can see from this breakdown, real estate prices in Boston can range from crazy expensive to somewhat reasonable depending on the type of property you’re looking for and the neighborhood you search. There are still plenty of options to buy a property in a decent neighborhood and not break the bank. If you’re smart in how you go about your search, you can find some deals out there that others may miss.