Boston real estate for sale & price appreciation
If you bought a Boston condo between 2010 and 2019, it was well worth it, especially if it was purchased in the downtown Boston area, a recent study found.
Curious about how the housing market fared between the market crash of 2008 and the COVID pandemic, a recent PropertyShark study looked at real estate sales through the 2010s and found the 2019 national median resale price was 35% higher than it was a decade earlier. In 2019, homes sold at a median resale price of $275,000, up from $204,000 in 2009, according to the report.
Boston and Washington, D.C., yielded the highest returns for East Coast homeowners, as large urban centers surpassed national price gains across all price ranges.
Boston tied with Seattle at No. 9 on the list of cities with the 10 highest median resale price gains in the country. The only East Coast city to make the top 10, Boston homeowners resold their homes at a 51% increase in 2019.
The gains were uneven across price ranges, according to the report. Boston condominiums that sold between $250,000 and $500,000 did so after gaining 87% from their 2009 prices, making them the best-performing properties in terms of appreciation. Homes over $2 million resold with the highest price increase in actual dollars, going for a median $2.44 million in 2019 — an inflation-adjusted gain of $747,000.
Boston real estate price appreciation can differ depending on your price range. CoreLogic analyzed four individual home prices tiers and shares the increase in each one.
CoreLogic’s Home Price Index (HPI) Report revealed,
“National home prices increased 3.6% year over year in July 2019 and are forecast to increase 5.4% from July 2019 to July 2020.”
They also analyzed four individual home-price tiers, showing the increase in each.
To clarify the methodology, CoreLogic explains,
“The four price tiers are based on the median sale price and are as follows: homes priced at 75% or less of the median (low price), homes priced between 75% and 100% of the median (low-to-middle price), homes priced between 100% and 125% of the median (middle-to-moderate price) and homes priced greater than 125% of the median (high price).”
Boston real estate price appreciation can differ depending on your price range. If you’re a Back Bay condo owner thinking of selling, let’s get together to find out how much your Back Bay condo for sale is increasing in value, so you can price it competitively for today’s market.