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

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Are home prices dropping in Boston? ›

Boston Housing Market Trends

In May 2024, Boston home prices were up 0.3% compared to last year, selling for a median price of $797K. On average, homes in Boston sell after 20 days on the market compared to 20 days last year. There were 518 homes sold in May this year, down from 519 last year.

How much does a Real Estate Agent make in Boston, Massachusetts? As of Jul 5, 2024, the average annual pay for a Real Estate Agent in Boston is $85,156 a year. Just in case you need a simple salary calculator, that works out to be approximately $40.94 an hour. This is the equivalent of $1,637/week or $7,096/month.

Boston, MA housing market

In June 2024, the median listing home price in Boston, MA was $969.7K, trending up 4.8% year-over-year. The median listing home price per square foot was $948. The median home sold price was $780K.

Lack of inventory and competition in the housing market are driving up prices, according Alison Socha, president of the Greater Boston Association Realtors. The few homes that are available for sale get multiple offers, Socha said. "This really comes down to a long-standing production issue," Socha said.

But is this a good time to do it? Well, we've got high prices, high interest rates and the lowest inventory we've seen since the Massachusetts Association of Realtors started keeping track 20 years ago. And experts don't expect that to change much in 2024. Watch NBC10 Boston news for free, 24/7, wherever you are.

Boston's real estate market got off to a sluggish start in 2024. Total Boston real estate sales are down -10.62% compared to 2023 and down -33.75% compared to 2022 on account of rising interest rates.

According to MLS data from Redfin, Boston's median sale price for all residential property types was $805,500 in April 2022. That is 6.88% lower than New York City's median sale price of $865,000.

Cowls, Inc., based in North Amherst, is the largest private landowner in Massachusetts with properties in approximately 30 towns in the Commonwealth. They've been sustaining farmland for over 300 years!

So, how much do you need to make to live in Boston? Only a month later, SmartAsset revealed the exact, data-backed numbers. To live “comfortably” in Boston you need to earn $124,966 as a single adult or $319,738 for two working adults with two dependents.

How much money do you need to buy a house in Boston? ›

Housing costs in Boston area

To buy a house around Boston, you'll need to make even more. A report Redfin in 2023 found that the annual income needed to afford a median-priced home in the Boston metro area was $194,188. Realtors suggest that a third of your income should go to housing.

That report, which mined the site's internal data, found that of the 50 largest American cities and boroughs, Boston had the smallest median living space at 1,127 square feet — or the size of perhaps a typical two-bedroom in the city.

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.

Beacon Hill

Its cobblestone streets, gas-lit lamps, and Federal-style townhouses create a timeless allure. The neighborhood boasts some of the most expensive real estate in Boston, with properties often commanding multi-million-dollar prices.

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.

Real estate experts predict that condo prices in Boston's Back Bay neighborhood will continue to rise in 2025. The high demand for luxury living and limited inventory in the area are expected to drive up prices.

“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 ...

Six months into the year, rents in Boston have risen 6.0%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to June 2023 rents had increased 7.6%.

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.