There's a lot to love about the Boston real estate market - unless, of course, you're trying to buy a home right now. With low inventory and climbing prices, Boston is the very definition of a seller's market. Take a look below to see visual representations of data from Zillow and RedFin.
In this summary, we will look at a few neighborhoods in and around Boston as case studies. The neighborhoods we will examine are:
- Chinatown (omitted in the RedFin data)
- Back Bay
- South Boston
- Jamaica Plain
- South Dorchester
Home values have increased over the past year and are projected to continue increasing next year. The median price per square foot is $660 for Boston. However, the prices per square foot in our case study neighborhoods vary drastically.
Relative price per square foot
Since 2012, the median sale price per square foot for each Boston neighborhood has remained stable, relative to other neighborhoods. For example, home prices in Roxbury have remained lower than home prices in Fenway; home prices in Back Bay have remained higher than prices in South Boston.
The one notable exception is Allston, where prices have oscillated annually since 2012. However, median home prices in Allston have remained similar to prices in Jamaica Plain throughout the last five years.
Median sale prices rise across the board, Back Bay prices erratic
Median sale prices have climbed steadily since 2012. The only exception is Back Bay, where the RedFin data indicates highly erratic prices. In 2013, for example, median home sale prices were >$1,200,000 at the beginning of the year and appriximately $900,000 at the end of the year. A general upward trend can still be seen in Back Bay.
Allston displayed similar behavior to Back Bay, but prices did not rise or fall as dramatically.
Inventory up slightly since early 2017
The total number of homes for sale in these neighborhoods has climbed slightly since early 2017. However, this rise only returns housing inventory to 2016 levels. Competition in Boston will likely remain stiff for the foreseeable future.
Homes aren't staying on the market long
At the beginning of 2015, the median number of days a home stayed on the market plummeted from 100 to less than 20. Since then, the days on market has stayed low with many homes staying on the market less than 25 days.
Data for even more neighborhoods
If you're looking for more even more data, we've summarized the Zillow data for more neighborhoods below:
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