Boston Housing Market: Trends & Prices
Boston Real Estate Market Overview
(Last Updated – 06/2020)
If you’ve dreamed of living in Boston ever since cracking open your first American history textbook, then do we have the guide for you.
We’re breaking down Boston home price trends, demographics, and neighborhoods to provide you with l the information you may need to help make a decision about moving to this historic city.
Active listings for condos and single-family homes across 64 Boston-area municipalities dropped in late 2019. A cool-down in construction may be making Curbed think that Boston real estate inventory is going to stall in 2020. Which may mean a softening market trend and more houses to choose from.
Every neighborhood in Boston has a unique housing market of its own, so keep reading to not only see our breakdown of Boston housing market trends, but to check out a breakdown of some of Boston’s most popular neighborhoods.
Overall Boston Market Trends
Redfin’s real estate professionals consider Boston to be a very competitive housing market and report that typically homes for sale receive multiple offers from buyers in this city.
Most homes only stay on the market for around 27 days, but “hot homes” can sell in around just 15 days in Boston.
$699,000
Avg. Home Price
$633
Avg. Price Per Sq. Ft
27 days
Avg. Time on Market
Boston Housing Market Forecast
If you’re curious what Boston real estate trends are going to look like in the near future, check out this housing forecast for Boston.
Homebuyers may like the trends that Zillow is predicting. Boston house prices rose by 2.4% over the past year, but are expected to drop by 1.7% within the next year.
Demographics of the Boston Market
Almost 700,000 people call the great city of Boston home. This relatively small city only takes up 48.28 square miles, but packs a lot of punch thanks to its vibrant neighborhoods and rich history.
So let’s take a closer look at the demographics of the Boston housing market that can help inform your home-buying decisions, no matter what neighborhood you decide to put down roots in.
Median Income: $71,834
Median Age: 32.1
College Educated: 49%
Homeowners: 34.1%
Married: 33%
Popular Boston Neighborhoods
The city of Boston is proud to be defined by its 23 diverse neighborhoods, many of which offer waterfront views or access to historic landmarks and architecture.
Whether you’re looking for a happening city hot spot or more of a suburban feel with parks and family-friendly activities, Boston has a neighborhood that will suit your needs.
South End
The South End neighborhood in Boston was first developed in the 1850s and has continuously evolved ever since. South End is now considered one of the more stylish neighborhoods in Boston.
It’s a very walkable neighborhood that is ideal for raising a family thanks to ample playground and park options.
Quick Facts
Population:
25,248
Median Age:
34
Housing Units:
12,857
Bike Score:
91
Walk Score:
97
Transit Score:
95
Average Household Income:
$132,158
South End Housing Market
This expensive neighborhood is slightly competitive for homebuyers, but you can typically score a home for 1% below its listing price.
Homes in this neighborhood do receive multiple offers, and more in-demand properties can sell quickly in about 18 days.
Average Home Price
$1.19 million
Average Price Per Sqare Ft.
$1,060
Quincy
For those looking for a bit more of a suburban feel, and hoping to escape the high prices of buying a home in Boston, this suburb on the cusp of Boston may be perfect for you.
It’s not too deep into the suburbs and has plenty of beautiful waterfront condo developments and seaside cottages worth considering.
Quick Facts
Population:
94,121
Median Age:
39.4
Housing Units:
43,265
Bike Score:
44
Walk Score:
60
Transit Score:
49
Average Household Income:
$91,585
Quincy Housing Market
Home prices are on the rise in Quincy, with sale prices having risen by 7% since last year. The majority of homes are still selling for slightly below their listing price, but most get multiple offers, so you may need to prepare to bid for a house you love.
Average Home Price
$515,000
Average Price Per Square Ft.
$361
North End
North End is the second most-walkable neighborhood in all of Boston, so be ready to hit the pavement. If you get tired of walking, you can stop to enjoy a yummy plate of pasta as North End is where Boston’s Little Italy resides.
The Italian roots of the neighborhood are slowly being overshadowed by businesses attracted to the waterfront proximity, but there is still a lot of old world charm to be found in the North End.
Quick Facts
Population:
9,272
Median Age:
33.1
Housing Units:
5,893
Bike Score:
86
Walk Score:
98
Transit Score:
100
Average Household Income:
$167,792
North End Housing Market
The real estate market isn’t too hot or too cold in the North End. For some hopeful homebuyers it may be just the perfect temperature.
While some homes do get multiple offers, and the more popular options can sell in around 18 days, most homes sell in 31 days and go for around 2% below the list price.
Average Home Price
$876,000
Average Price Per Square Ft.
$983
Beacon Hill
This historic neighborhood is beloved for its brick buildings, cobblestone streets, and Federal and Greek Revival architecture. Antique lovers will appreciate the many antique shops that line the popular Charles Street.
Those looking for an upscale neighborhood to raise their families in should feel at home in the pricey, but stunning Beacon Hill.
Quick Facts
Population:
5,058
Median Age:
34
Housing Units:
2,958
Bike Score:
72
Walk Score:
98
Transit Score:
100
Average Household Income:
$174,025
Beacon Hill Housing Market
In this somewhat competitive housing market, homes can receive multiple offers and typically sell in around 26 days.
For home buyers looking to score a deal, rest assured, homes in the Beacon Hill neighborhood generally sell for about 2% below their list price.
Average Home Price
$789,000
Average Price Per Square Ft.
$1,120
Allston
If Allston residents seem young at heart, there’s a good reason. This neighborhood is dominated by students, so be warned it can get a bit noisy on weekends.
On the plus side, their youth also attracts cool restaurants and coffee shops.
Quick Facts
Population:
69,589
Median Age:
27
Housing Units:
30,819
Bike Score:
89
Walk Score:
86
Transit Score:
67
Average Household Income:
$81,578
Allston Housing Market
Get ready to fight for your dream home in Allston, as this neighborhood is experiencing a very competitive real estate market right now.
“Hot Homes” can sell for around 2% above their list price and can sell in around 10 days of being on the market. Not to mention, many homes in this neighborhood receive multiple offers when they are for sale.
Average Home Price
$540,000
Average Price Per Square Ft.
$950
SoFi Home Loans
It’s easy to see why Boston has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think Boston could be your home sweet home, then you may need to consider your mortgage loan options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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