Boston Real Estate Market Report: Q3 2024
As we delve into the third quarter of 2024, the real estate landscape across Boston, Cambridge, Brookline, and Somerville presents a dynamic picture. This report aims to provide a comprehensive analysis of the current market trends, offering insights that are crucial for both buyers and sellers navigating these vibrant neighborhoods.
Overall Market Overview
The combined areas of Boston, Cambridge, Somerville, and Brookline have seen an average sales price of $978,727 with 1,339 properties sold. The average price per square foot stands at $858, and properties are typically on the market for about 30 days. These figures suggest a robust market with a steady demand, although the pace of sales indicates a slight cooling compared to the previous quarter.
Neighborhood Insights
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Back Bay: Known for its historic charm and luxury appeal, Back Bay continues to command high prices. The average sales price here is $1,918,330, with 83 properties sold. The average price per square foot is a notable $1,469, and homes spend an average of 64 days on the market. This extended time on market suggests a more discerning buyer pool, likely due to the premium pricing.
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The South End: With its eclectic mix of Victorian brownstones and modern condos, The South End remains a desirable location. The average sales price is $1,392,151, with 103 properties sold. The price per square foot is $1,145, and the average days on market is 42. This area shows a healthy turnover, indicating strong buyer interest.
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Charlestown: Offering a blend of historic and contemporary living, Charlestown's market is vibrant. The average sales price is $1,060,034, with 61 properties sold. The price per square foot is $864, and homes typically sell within 32 days. This quick turnover reflects high demand and competitive pricing.
Market Trends and Considerations
Across these neighborhoods, we observe a few key trends:
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Price Stability: While prices remain high, the rate of increase has moderated, suggesting a stabilization in the market.
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Buyer Caution: The extended days on market in areas like Back Bay indicate that buyers are taking more time to make purchasing decisions, likely due to economic uncertainties and interest rate fluctuations.
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Inventory Levels: Inventory remains relatively low, which continues to support price levels. However, any increase in listings could shift the balance, offering more opportunities for buyers.
Boston
Cambridge - Somerville - Brookline
Average Sales Price | $978,727 |
Sold Listings | 1339 |
Average Price/Square Foot | $858 |
Days On Market | 30 |
Back Bay
Average Sales Price | $1,918,330 |
Sold Listings | 83 |
Average Price/Square Foot | $1,469 |
Days On Market | 64 |
The South End
Average Sales Price | $1,392,151 |
Sold Listings | 103 |
Average Price/Square Foot | $1,145 |
Days On Market | 42 |
Charlestown
Average Sales Price | $1,060,034 |
Sold Listings | 61 |
Average Price/Square Foot | $864 |
Days On Market | 32 |
Conclusion
For sellers, this is a prime time to capitalize on the stable pricing and demand, particularly in high-demand areas like Charlestown and The South End. Buyers, on the other hand, should be prepared to act swiftly in competitive neighborhoods while also considering the potential for negotiation in areas with longer market times, such as Back Bay.
For personalized advice and to explore opportunities in these neighborhoods, feel free to reach out to us at Remmes & Co. We're here to guide you through every step of your real estate journey.
Contact Information:
Remmes & Co.
Mobile: 617-398-0015
Email: chris@remmesco.com
Office Address: 20 Park Plaza Suite 400, Boston, MA