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There’s good and bad news for Boston condo shoppers
The average price per square foot is up 11.2 percent to $985, but there are more properties on the market.
Prices are climbing in the Boston condo market, but there are more properties for sale, according to a report by Berkshire Hathaway HomeServices Warren Residential.
The report, which looks at the market for the second quarter of 2024, indicated that there was a 13.5 percent jump in the number of listings. A balanced market offers at least a five months’ supply of inventory. Boston’s condo market inventory stood at 3.76 months in the second quarter, a 37.2 percent increase from the second quarter of 2023.
What does that mean for the condo buyer? Leverage. With more properties on the market, the more competition sellers face. The average number of days on market has climbed from 43 to 45. That leverage is a hint of hope when mortgage rates are high, prices are climbing, and inventory is still way short of what it should be.
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Meanwhile, the average price per square foot is up 11.2 percent to $985, and the average sales price climbed 5.3 percent to $1,070,699.
The report also broke down the market by neighborhood:
| LOCATION | AVE. SALE PRICE | AVE. PRICE PER SQ. FT. |
|---|---|---|
| Allston | $568,233 | ⬇ 26.8% | $701 | ⬇ 20.4% |
| Back Bay | $2,120,340 | ⬆ 22.9% | $1,535 | ⬆ 17.5% |
| Bay Village | $1,001,666 | ⬆ 14.4% | $1,156 | ⬆ 44.1% |
| Beacon Hill | $1,829,763 | ⬆ 23.5% | $1,435 | ⬆ 13% |
| Brighton | $678,055 | ⬇11.5% | $768 | ⬇ 13.2% |
| Charlestown | $981,178 | ⬇ 0.4% | $904 | ⬆ 6.5% |
| Dorchester | $617,724 | ⬇ 5.4% | $524 | ⬆ 2.3% |
| Downtown | $2,107,757 | ⬇ 7.3% | $1,344 | ⬇14.6% |
| East Boston | $640,163 | ⬇ 3.2% | $680 | ⬆ 7.5% |
| Fenway/Kenmore | $812,350 | ⬇ 14.3% | $1,117 | ⬆ 2.7% |
| Jamaica Plain | $756,442 | ⬆ 1.8% | $668 | ⬆ 3.2% |
| Mattapan | $324,500 | n/a | $370 | n/a |
| Mission Hill | $874,166 | n/a | $742 | n/a |
| North End | $701,294 | ⬆ 4% | $1,017 | ⬇ .02% |
| Roslindale | $687,740 | ⬆ 7.2% | $551 | ⬆ 2% |
| Roxbury | $602,889 | ⬆ 3.5% | $641 | ⬆ 46.9% |
| Seaport | $2,773,704 | ⬆ 47.3% | $1,730 | ⬆ 7.5% |
| South Boston | $902,473 | ⬆ 8.1% | $817 | ⬆ 3.5% |
| South End | $1,351,600 | ⬆ 1.1% | $1,162 | ⬆ 9.3% |
| Waterfront | $1,746,985 | ⬆ 10.4% | $1,162 | ⬆ 5.5% |
| West End | $622,536 | ⬆ 11.2% | $625 | ⬇ 12.2% |
| West Roxbury | $643,890 | ⬆ 9.7% | $586 | ⬇ 1.8% |
The jump in price per square foot in Roxbury is particularly notable and likely a product of an increase in new construction in the neighborhood like 118 Marcella. Unit 4 in this new eco-friendly building in Fort Hill offers three bedrooms, two full baths, and a $849,900 price tag, according to the Multiple Listing Service. That comes to $545.51 per square foot.
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