Boston Single Family Market Report
Real Estate

Boston Single Family Market Report

Climate-Change-Effect-in-Real-Estate

Boston’s real estate market for single family homes took a big hit last month.  Total single family sales in October were down by -14% year over year in Boston after the Fed raised interest rates in September by 0.75%.  That was the third increase of 75 basis points in four months and 5th rate hike of 2022 up until that point.  As a result, median sale prices for single family homes took a big hit in November and are trending downward.

Boston Single Family Median Price Hits Lowest Point Since November 2021

Last month, Boston’s median sale price for single family homes was $759K.  While still up +7.09% year over year, it was the lowest median sale price recorded for the City of Boston since October 2021.  It was also a steep drop from the $943,013 single family median sale price recorded just a month earlier in September.

Month 30 Day Median Sale Price 30 Day Median Sale Price YOY Change
Oct 2022 $759,254 7.09%
Sep 2022 $943,013 22.02%
Aug 2022 $776,025 -6.65%
Jul 2022 $913,633 13.58%
Jun 2022 $843,358 4.41%
May 2022 $919,530 12.07%
Apr 2022 $976,441 25.31%
Mar 2022 $832,947 6.37%
Feb 2022 $772,875 18.88%
Jan 2022 $816,923 7.87%
Dec 2021 $787,279 10.77%
Nov 2021 $792,838 9.95%
Oct 2021 $709,013 -9.76%

Last month’s median price per square foot was $460 for single family homes in Boston.  That figure is down by -8.37% year over year.  This shows that while median home prices are still high, buyers are getting more Boston real estate for their dollar.

Total Sales Hit Their Lowest November Levels in Last 5 Years

As a result of rising interest rates, total 30 day sales for single family homes hit their lowest November level of the past 5 years.  Last month’s 67 single family home sales marked a -14.10% drop year-over-year and have been down by double digit margins for 4 straight months.  This trend affected all property types, as Boston’s real estate market saw sales drop by over 35% in September and August.

Month 30 Day Sales 30 Day Sales YOY Change
Oct 2022 67 -14.10%
Sep 2022 78 -18.75%
Aug 2022 79 -30.70%
Jul 2022 109 -23.24%
Jun 2022 137 25.69%
May 2022 100 -1.96%
Apr 2022 68 -1.45%
Mar 2022 58 -1.69%
Feb 2022 56 3.70%
Jan 2022 71 -11.25%
Dec 2021 111 9.90%
Nov 2021 86 17.81%
Oct 2021 78 -4.88%

With another 0.75% rate hike occurring at the beginning of November and another likely before the end of the year, look for property sales to drop even lower as we enter the slow season in early 2023.

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