How the Real Estate market has changed in the past 3 months compared to last year at the same time
In the past three months, the median sale price has continued to rise in the Boston area. The highest hike in median sale prices was in SF houses in Brookline that went up 13% compared to the same time last year: From $1.7M to $1.9M.
There was also a big hike in median sold prices for condos in Boston and Newton of 12%.
In Boston 1350 units sold in the past three months and the median price went up from $516K to $580K.
In all towns we looked at there was a decrease in the number of units sold. Boston had the biggest decrease: 17% less units sold this year compared to last year. In Brookline 15% less SF homes were sold, and in Newton 13% less SF were sold.
So what is the forecast for this fall?
As of now in most towns we looked at there is an increase in inventory (only Brookline has less SF with compared to last year) and increase in the median asking price. Boston and Cambridge condos have seen the highest increase in the median asking price. As of today the Median asking price for a condo in Boston is now almost $900k (an increase of 32% compared to last year), and in Cambridge, it is $875K, an increase of 37%. With all the high-tech, biotech coming into Boston and Cambridge those cities are seeing a huge increase in market value of properties and probably will continue to rise as the younger generation is looking to live in a short proximity to work and universities, they are looking for an easy commute by the train or on bikes and for a place to have fun after work. The city is the place for this generation and with the demand, prices are going up.