Boston Real Estate: A Year of Growth – Market Report March 2024

Overview of Boston’s Real Estate Market Rise

Property values within Suffolk County makes a compelling headline. From March 2023 to February 2024, there was a pronounced rise in the average values of homes, with a remarkable peak reaching approximately $1,349,000 in September 2023. Although this peak was followed by a slight decline to about $1,290,000 in August 2023, the figures once again climbed, settling at around $1,060,000 by February 2024. This shows a significant increase from the starting average value of around $932,000 in March 2023.

If we narrow down our focus to price per square foot—a vital metric in real estate—the upward trend persists. The starting point in March 2023 was near $1,146, inching upward to roughly $1,166 by February 2024. This price increase per square foot evidences steady demand and the escalating value of real estate in Boston’s urban landscape.

The Boston housing market didn’t only soar in value but also maintained a bustling activity level. While the number of properties sold oscillated across the months, the market remained robust, hitting its zenith in November 2023 with about 967 properties changing hands, though a drop was noted in February 2024 with around 734 sales.

In terms of sale prices and prices per square foot, the data narrates a story of variability; it suggests a competitive market where some months witness higher averages. December 2023, for example, recorded the highest average sale price of $1,148,443 and a peak average sale price per square foot of $1,274.

Boston’s Neighborhood Market Comparison

As we zoom out from central Boston to its neighboring areas, notable differences arise. Nearby cities like South Boston, Charlestown, Roxbury, East Boston, and Dorchester offer a diverse range of property values and sale prices that tend to be more modest than the core of Boston. This suggests a varying demand and a spectrum of market dynamics at play across Boston’s metropolis.

• In February 2024, South Boston’s real estate presented an average value of approximately $899,000 with a price per square foot at nearly $765, while an average of 187 properties found new owners. Charlestown depicts a quieter market, with an average value of about $742,450, price per square foot at roughly $656, and around 100 properties sold.
• Further out, Roxbury’s real estate is positioned with an average value of approximately $657,400, and a sale price per square foot around $459, showcasing a significantly more affordable market compared to its neighbors. East Boston, although a bit higher with an average value of approximately $584,900, also indicates a more accessible market segment, alongside a vibrant sales volume with about 113 properties sold.
• Meanwhile, Dorchester—the most modest among the featured neighborhoods—boasts an average value of around $464,500 and an average sale price per square foot close to $392, complemented by the sale of approximately 198 properties.

This comparative analysis reveals that while central Boston enjoys higher property values and cost per square foot, its neighboring areas serve a variety of economic demographics, housing needs, and investment potential. These differences reflect the unique characteristics of each neighborhood and their relative market positions.

Boston’s Real Estate Market: A Closer Look at Current Values and Volumes

When investing or divesting in the real estate market, current values and volumes are key indicators of market status. As of February 2024, Boston’s heartland, Suffolk County, boasts a healthy average property value of around $1,050,000. The robustness of the market is further underscored by a notable price per square foot at $1,024. Interestingly, the number of available properties sits modestly at 27, suggesting a tight market with potentially high competition among buyers.

The average sale price tends a tad higher at roughly $1,104,434, coupled with an average sale price per square foot at nearly $1,167. The sales volume for this period, marked by approximately 734 properties sold, indicates a dynamic market, although lower than the year’s peak.

In relation to Boston’s environs, South Boston emerges with a strong average property value of around $899,000, and significant activity is reflected with approximately 187 properties sold. The affordability aspect becomes clearer upon comparison, with Charlestown, Roxbury, East Boston, and Dorchester providing substantial alternatives with average values ranging from the mid $400,000s to the high $700,000s.

Each of these neighborhoods reflects different characteristics and market potentials. South Boston and Charlestown sit at the higher end of the spectrum, suggesting that despite their lower values compared to central Boston, they tap into the upscale market segment. Roxbury, East Boston, and Dorchester, in contrast, serve as attractive options for those seeking more economic entry points into Boston’s real estate.

The narratives that emerge from these statistics present Boston as a city with a burgeoning real estate market that is as diverse as it is dynamic. The market, throughout Boston and its neighboring areas, offers opportunities for a wide array of buyers and investors, with each neighborhood expressing its unique blend of value and appeal.