What is the current state of the housing market in Back Bay, MA?
What is the current state of the housing market in Back Bay, MA?
For the past twelve months, Back Bay has continued to be a Seller’s Market.
Main Conclusion
Back Bay has a seller-friendly real estate atmosphere, resulting in elevated prices and swift sales.
What is the average price of homes in Back Bay, MA?
one million four hundred thousand dollars
one thousand two hundred fifty-nine dollars per square foot
Relative to all residential properties that were transacted during the last year.
Change since July 2022 an increase of three percent
The overall cost of residences in Back Bay has not changed significantly since the previous year.
The cost of residences in Back Bay have stayed steady since the prior year.
Average Market Value By Number of Bedrooms
For the period between July 2022 and July 2023, the prices for one-bedroom properties decreased by 1.7%,
Two-bedroom properties decreased by 1.4%,
Three-bedroom properties decreased by 3.0%,
Four-bedroom properties decreased by 26.0% and
Five-bedroom properties or more decreased by 3.3%
Housing Demand Based on Number of Bedrooms
For June 2023, a one bedroom has an average cost of $4,643 with a 6.5% change from the previous year; two bedrooms have an average price of $7,269 with a 4.2% decrease since last year; three bedrooms have a rate of $3,140 and saw an increase of 29%; four bedrooms are at an average expense of $68 with a 33.3% raise; five or more bedrooms are priced at $1,314 with a 7.7% rise.
The total amount of residential properties sold during the months of June and July 2023 combined was an additional 12.9 percent.
Twenty-five percent increase from June of 2023 to July of 2023
The main point to remember
For those looking to acquire a residence in Back Bay, it may be possible to get a beneficial bargain; 54.3 percent of homes there were sold at a lower cost than the asking price the prior month.
The average length of time it takes to sell a residence in Back Bay, MA.
The percentage difference between the 58 days in JUL 2022 and the 37 days in JUL 2023 indicating a decrease of 35.7% in average sale time.
the difference between July 2022 and July 2023 is a decrease of 35.7% over 58 days
Account of when Houses Were Purchased
22 residences changed ownership
Within a Month
Eight residences were purchased
within a month or three
Five properties were purchased
More than three months
Be prepared to move quickly when purchasing a home in Back Bay
Back Bay residences are rapidly being scooped up, so if you intend to purchase move hurriedly.
