Boston, MA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are home prices dropping in Boston? ›

What is the housing market like in Boston today? In June 2024, Boston home prices were up 2.2% compared to last year, selling for a median price of $830K. On average, homes in Boston sell after 21 days on the market compared to 20 days last year. There were 541 homes sold in June this year, down from 622 last year.

$758,099. The average Boston, MA home value is $758,099, up 4.2% over the past year and goes to pending in around 12 days.

Experts say local policies, high interest rates, and a lack of supply drive up costs. As the median sales price for a home in the Boston region inches closer to $1 million, many feel hopeless about finding housing that fits their needs.

June, July, and August are the best months to sell your house in Massachusetts. The median sale price of houses in July 2023 was $647,400, which is expected to rise in 2024.

Home values are tied to the inventory levels. Not sales levels. The rate of year over year appreciation dropped a bit from the levels that we saw in February, but still showed a very respectable 7% year over year appreciation rate for March of 2024. With three months down, we have now seen prices increase 8.5% in 2024.

In Boston, a single adult needs to make $60.08 an hour, or $124,966 a year to "live in sustainable comfort." For two working adults with two children, the total required salary is $319,738. Boston is one of only six cities where families need to make over $300,000 to comfortably raise kids.

Bankrate says Massachusetts is one of 22 states where a six-figure income is needed to afford the median-priced home. Prospective homebuyers need to make $162,471 a year to afford a home here, the report says.

With rental rates well above the national average and one of the highest appreciation rates in the nation, the Boston real estate market is built on solid economic fundamentals. Apartment vacancy rates are incredibly low in Boston.

This study demonstrated that the level of income taxes, cost of housing, and healthcare are three top concerns. The business community should lobby Beacon Hill to require that the governor formally appoint a cabinet-level official to lead the charge to address out-migration.

What is the most expensive part of Boston to live? ›

With a median home price of $1,458,624 and a median rent of $2,225, Back Bay is the most expensive neighborhood on our list. Based on the growth in home prices in Back Bay over the last 3 years, it ranks No. 1 among all the neighborhoods in Boston.

Absolutely! Massachusetts offers a mix of vibrant city life and quaint New England charm. It's got top-notch education, rich history, and a strong job market. The winters can be brutal, but the fall foliage makes up for it.

According to the Greater Boston Association of Realtors, the median price is $910,000, which is more than a 9% increase over the same month last year, setting a new March record.

Your credit score must be at least 640 to buy a single family or condo and at least 660 to buy a two/three family home. We also have options for people who don't have any credit history. Agree to live in the property as your primary residence. If you stop living in the property, you must refinance out of ONE Mortgage.

The median down payment in metro Boston was much higher than the Massachusetts and national figures: $91,050 and $63,900, respectively. Boston's median down payment also exceeded those in Providence and Hartford, where home buyers put down $67,500 and $52,200, respectively, according to the study.

With rental rates well above the national average and one of the highest appreciation rates in the nation, the Boston real estate market is built on solid economic fundamentals. Apartment vacancy rates are incredibly low in Boston. Savvy investors are utilizing square footage better than ever to produce better returns.

“Across the country, housing production has been low since the 2008 financial crisis,” said Andrew Mikula, author of “Supply Stagnation: The Root Cause of Greater Boston's Housing Crisis and How to Fix It.” “The housing crisis is especially acute in Boston because supply in the region never bounced back from the 1991 ...

Rent in Boston isn't cheap, and it isn't getting any cheaper with rents on the rise. As of March 2024, the median rent price in the Boston-Cambridge-Newton area is $3,939.50, according to a report released in April 2024 by housing inventory website Rent.

The value of the average Greater Boston home fell 9.6 percent to $317,352 during 2008, the report said. However, that was less than the nationwide average of 11.6 percent, according to Zillow.