If you’ve been following the Boston downtown real estate market news lately, the stories are conflicting. Prices are up, prices are down. Boston downtown condos are selling fast, the housing market is cooling off. It can be hard to get a good read on what is happening based off various market news reports looking at one small Boston downtown real estate segment or another. It is important to look at the Boston real estate market as a whole, and then break it down into the smaller parts. Quick note, this article is focused on the Boston condo market, not single-family homes.
Boston Downtown Real Estate Neighborhoods
For the purpose of this report Boston downtown real estate includes these neighborhoods::
- Boston, MA-Back Bay
- Boston, MA-Bay Village
- Boston, MA-Beacon Hill
- Boston, MA-Charlestown
- Boston, MA-Charlestown’s Navy Yard
- Boston, MA-Charlestown’s Sullivan Square
- Boston, MA-Chinatown
- Boston, MA-Faneuil
- Boston, MA-Financial District
- Boston, MA-Kenmore Square
- Boston, MA-Leather District
- Boston, MA-Midtown
- Boston, MA-North End
- Boston, MA-Seaport District
- Boston, MA-South Boston
- Boston, MA-South Boston’s Castle Island
- Boston, MA-South Boston’s City Point
- Boston, MA-South Boston’s Dorchester Heights
- Boston, MA-South End
- Boston, MA-The Fenway
- Boston, MA-Theatre District
- Boston, MA-Waterfront
- Boston, MA-West End
- 1,123 Boston downtown condos sold in the first 6 months of 2019.
- 1,134 Boston downtown condos sold in the first 6 months of 2019.
- Basically, the number of Boston condo sales are the same.
Overall Boston downtown real estate market prices in 2019 are up a mere 1% increase for the year(according to the latest from MLSPIN). This is even with the lower mortgage rates that hit this summer (under 4%). Typically Boston housing prices increase in the first six months of the year and decrease in the last six.
It happens every year. In Boston housing inventory peaks in August and September. Most of the summer home buyers buy early – in June and July. Also arguably the best time of the year to sell a home in Boston – every year – is March through May, the spring season. In the spring market homebuyers are out in force and inventory is low to medium resulting in quick home sales and a lot of multiple offer situations. Bottom line, August and September are not the best months to sell a home. Home sales will still happen and in the hotter Boston downtown real estate segments, there will even be the occasional multiple offer situation. After we get through the school swing in September, from late Sept. to late November the Boston housing market will stabilize again. Inventory will drop off as home sellers sell or give up. A new crop of fall Boston home buyers will emerge. The fall Boston real estate market is pretty decent for both home buyers and sellers.
How you will experience the Boston Downtown Real Estate Market depends on your Price Point.
Home sellers under 400K will still see significant price increases this year, quick Boston condo sales, and many multiple offer situations. Each home and neighborhood is different and anyone can price a home too high. However, the general market trend for these lower-priced Boston condos will be very positive this year and likely for years to come. This also means that homebuyers in this price range will feel like the Boston downtown real estate market is out of control and very difficult.
Boston condo sellers in the 500K to 800K range will see mixed results depending on the neighborhood. Desirable neighborhoods with lots of amenities, shops, parks, and restaurants like Beacon Hill, Back Bay and Midtown – with homes in these price ranges, will move quick. Same goes for any Boston condos for sale in this price range in the Boston’s North End and Seaport District.
Homes above 900K – $2M will also see mixed results depending on the desirability of their respective neighborhoods, but overall will not see significant price increases. If they see any at all, it will be very minor.
Homes above $2M mat decrease in value, the only exception to this (and there are a few) will be in the best of the best areas for amenities such as Boston Seaport District. This trend only gets more pronounced the higher you go in price.
Work with an Experienced, Highly Rated Boston Downtown Real Estate Agent.
No matter the real estate market conditions, it is advisable to work with someone who is experienced and highly rated. Whether you are buying or selling soon in the Boston downtown real estate market, we’d love to talk with you today.