Is Boston, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Boston has remained a Seller's Market.
Key Takeaway
Boston is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Boston, MA
How much do homes in Boston, MA cost?
Median Sold Price
$808,904
$650/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Boston have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in Boston was $808,904 in May 2024, up 4.1% from last year, and the median price per square foot was $650.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $599.9K | $587.3K | -2.1% |
| 2 Bedrooms | $733.7K | $771.5K | +5.2% |
| 3 Bedrooms | $800.9K | $816K | +1.9% |
| 4 Bedrooms | $900K | $935K | +3.9% |
| 5+ Bedrooms | $1.0M | $1.1M | +4.8% |
Summary: Boston housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.1%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 4.8%.
Median Sold Price Compared To Nearby Cities
| Chestnut Hill | $1.2M | $1.3M | +9.4% |
| Brookline | $1.1M | $1.2M | +6.2% |
| Boston | $776.6K | $808.9K | +4.1% |
| Dorchester Center | $687.2K | $689K | 0.3% |
Housing Supply in Boston, MA
How many homes are available in Boston, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,092 | 2,306 | +10.2% |
Summary: The Boston real estate market had 2,306 homes for sale in May 2024, a 10.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 409 | 452 | +10.5% |
| 2 Bedrooms | 804 | 883 | +9.8% |
| 3 Bedrooms | 438 | 484 | +10.5% |
| 4 Bedrooms | 185 | 200 | +8.1% |
| 5+ Bedrooms | 256 | 287 | +12.1% |
Summary: The Boston housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 12.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 383 | 441 | +15.1% |
Asking Price vs. Sold Price
171 Homes Were Sold
Under Asking
71 Homes Were Sold
At Asking
199 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Boston, you could pay more than the asking price. 45.1% of homes here sold above asking price last month.
Summary: A total of 441 homes were sold or pending in Boston in May 2024, up by 15.1% month-over-month. Of the 441 sold homes, 39% were sold under asking, 16% were sold at asking, and 45% were sold over asking.
Days on Market for Boston, MA
How long does it take to sell a home in Boston, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 40 Days | 33 Days | -15.3% |
Summary: Homes in Boston had an average of 33 days on market in May 2024, down by 15.3% compared to last year.
Breakdown of Home Sale Times
294 Homes Were Sold
Under 30 Days
114 Homes Were Sold
In 30 - 90 Days
33 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Boston are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 441 homes were sold in Boston; 67% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
