Is Back Bay, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Back Bay was a Seller's Market.
Key Takeaway
Back Bay is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Back Bay, MA
How much do homes in Back Bay, MA cost?
Median Sold Price
$1,400,000
$1,314/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Back Bay have sold for 2.3% less than they did a year ago.
Summary: The median home sold price in Back Bay was $1,400,000 in May 2024, down 2.3% from last year, and the median price per square foot was $1,314.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $710K | $813K | +14.5% |
| 2 Bedrooms | $1.5M | $1.7M | +10.3% |
| 3 Bedrooms | $3.0M | $3.8M | +25.3% |
| 4 Bedrooms | $5.7M | $9.6M | +69.7% |
| 5+ Bedrooms | $3.6M | $4.1M | +14.5% |
Summary: Back Bay housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.5%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 25.3%, 4 bedroom homes increased by 69.7%, and 5+ bedroom homes increased by 14.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Ellis | $1.2M | $1.3M | 0.5% |
| Back Bay | $1.4M | $1.4M | -2.3% |
| Commonwealth Ave. | $1.5M | $1.2M | -17.7% |
Housing Supply in Back Bay, MA
How many homes are available in Back Bay, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 170 | 182 | +7.1% |
Summary: The Back Bay real estate market had 182 homes for sale in May 2024, a 7.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 41 | 38 | -7.3% |
| 2 Bedrooms | 73 | 81 | +11.0% |
| 3 Bedrooms | 33 | 35 | +6.1% |
| 4 Bedrooms | 12 | 15 | +25.0% |
| 5+ Bedrooms | 11 | 13 | +18.2% |
Summary: The Back Bay housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.3%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 28 | +12.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Back Bay, you may be able to get a good deal. 35.7% of homes here sold below asking price last month.
Summary: A total of 28 homes were sold or pending in Back Bay in May 2024, up by 12.0% month-over-month. Of the 28 sold homes, 36% were sold under asking, 32% were sold at asking, and 32% were sold over asking.
Days on Market for Back Bay, MA
How long does it take to sell a home in Back Bay, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 66 Days | 32 Days | -51.2% |
Summary: Homes in Back Bay had an average of 32 days on market in May 2024, down by 51.2% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Back Bay are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 28 homes were sold in Back Bay; 68% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
