Boston Condo Market Update: Key Insights & Trends for November 2024
Charles King
Charlie King began his real estate career in 2012 as a rental agent in Boston, quickly transitioning into sales after just one year...
Charlie King began his real estate career in 2012 as a rental agent in Boston, quickly transitioning into sales after just one year...
If you’re looking to buy or sell a condo in Boston, staying updated on the latest market trends is essential. At The Charles King Group, we’re committed to helping our clients navigate the Boston real estate landscape with confidence. In this November 2024 update, we break down the latest data and insights on the Boston condo market to help you make informed decisions.
Boston Condo Sales: Units Sold
Over the past six months, South Boston and the South End have emerged as Boston's top neighborhoods in terms of condo sales. With 209 and 211 units sold, respectively, these areas reflect strong market demand. Back Bay, with 174 units sold, and Jamaica Plain, with 161 units, also showcase significant sales activity, suggesting these neighborhoods are hot spots for condo buyers.
In contrast, areas like the Seaport District and North End saw lower sales volumes, with just 27 and 29 units sold, respectively. This might indicate limited supply or lower demand in these high-priced areas. If you’re a seller, understanding these dynamics can help you gauge the competition and set realistic expectations.
Median Sale Price: Where to Find Luxury & Affordable Options
The Boston condo market offers a wide range of pricing, making it possible for buyers to find options that suit their budgets. For those looking at luxury condos, Midtown takes the top spot with a median sale price of $2,225,000, followed by the Seaport District at $1,575,000 and Back Bay at $1,317,250. These areas are among Boston’s most exclusive, catering to a luxury buyer pool.
On the other end of the spectrum, neighborhoods like Brighton ($586,250), Dorchester (02124) ($561,000), and West Roxbury ($582,000) offer more budget-friendly options. These areas provide an opportunity for buyers seeking affordability without compromising on the Boston lifestyle.
Median Sale Price Per Square Foot: Premium vs. Value Areas
When it comes to price per square foot, Boston’s condo market varies widely, reflecting the diversity of neighborhoods. The Seaport District leads the market with a staggering $1,582.59 per square foot, underscoring its luxury status. Midtown follows closely at $1,547.62, and Back Bay isn’t far behind at $1,321.39 per square foot. For buyers looking to maximize their investment in a high-end area, these neighborhoods offer a premium lifestyle.
If you’re seeking value per square foot, neighborhoods like Roslindale ($521.20) and Dorchester (02122) ($519.13) are some of the most affordable options in Boston. These areas are ideal for first-time buyers or investors looking to enter the Boston real estate market without the premium price tag.
Median Days on Market: Fast-Selling vs. Slower-Turnover Areas
The time a property spends on the market is an important indicator of demand. In Boston’s condo market, the Seaport District has the longest market time at a median of 75 days, followed by Midtown at 67 days. These higher-priced areas tend to attract a niche buyer pool, resulting in longer market times.
In contrast, neighborhoods like Charlestown (20 days), Jamaica Plain (20 days), and Roslindale (19 days) are seeing faster sales, indicating high demand or low inventory. For sellers, these faster-moving areas could mean a quicker sale at a competitive price.
Key Insights: Boston Condo Market Dynamics
Luxury Markets: Midtown, Seaport District, and Back Bay are positioned as premium areas with high median sale prices and price per square foot. These neighborhoods cater to luxury buyers and may take longer to sell.
Popular and Fast-Selling Markets: South Boston, the South End, and Jamaica Plain are seeing high demand and faster turnover, making them ideal for buyers and investors who prioritize speed.
Affordable Choices: Brighton, Dorchester, and West Roxbury offer more accessible price points and may be attractive for first-time homebuyers or those looking to invest in Boston real estate on a budget.
Why Choose The Charles King Group as Your Boston Realtor?
At The Charles King Group, we specialize in Boston real estate, with a deep understanding of the local condo market. Our team is dedicated to providing insights that help you make smart decisions, whether you’re buying your first home, investing in a luxury condo, or selling property in Boston. As a top-performing real estate team in Massachusetts, recognized among the top 1.5% nationwide, we have the expertise and resources to guide you through every step of your real estate journey.
Looking to Buy or Sell a Condo in Boston? Contact The Charles King Group Today
The Boston condo market is constantly evolving, and our team at The Charles King Group is here to keep you informed and prepared. Whether you’re drawn to the fast-paced energy of South Boston, the luxury of Midtown, or the value in neighborhoods like Dorchester, we can help you find the perfect match for your lifestyle and investment goals.
Get in touch with The Charles King Group today to discuss your real estate goals in Boston, MA. With our market expertise and commitment to client success, we’re here to make your next real estate experience seamless and rewarding.