5 Essential Boston Real Estate Stats

Median home price. 

The median price of Boston real estate for sale in a downtown Boston area is a good starting point for comparing market strength, whether you’re looking at the entire Boston real estate for sale metro area or a specific neighborhood like Beacon Hill, Back Bay or Midtown. Median price is determined by arranging all sales prices for Boston condos in the area from lowest to highest, then picking the figure in the middle. Boston Real estate professionals tend to rely on this number more than average sales price as a market indicator, because the average can be thrown off by a few multi-million dollar homes.  

Inventory.

This number measures the strength and stability of the Boston real estate market by estimating how many months’ worth of home “supply” we have available. In other words, inventory answers the question, “If new Boston condos for sale stopped coming on the market today, and buyers kept buying at the same rate, how long would it take to run out of homes?” The lower the number, the hotter the market. 

Days on market.

Exactly what it sounds like — how many days it takes the average Boston condo for sale to accept an offer (not close). When the “days on market” figure is low, say, less than 30 days, you have a hot market. Comparing the number of days a particular home has been on the market to the average for the area can give you an idea of whether or not the home is overpriced. 

Percentage change in home prices.

This is the number that tells us whether the Boston real estate market is moving up or down. It’s calculated by comparing the median or average home value today with the median or average at some other point in time. Median or average doesn’t matter so much here — what we’re looking for is change. The Boston real estate MLS provides both rates of change in their monthly report. Starting with the current median or average sales price for the month, they compare it to three different starting points: The same month last year, the previous month this year, and the beginning of the year. This provides both a short-term and long-term measure of which way the market is moving. 

Price per square foot.

The size of the home has a huge impact on the price per sq. ft. The larger the Beacon Hill condos the lower price per sq. ft. (usually) and the smaller the home, the higher. So if you are using this figure to compare properties, make sure you are comparing apples with apples

Want to see these numbers in action? Check out Boston luxury condos for sale

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