» Real Estate Market Update | Back Bay | 2023 2nd Quarter Vs 2022 2nd Quarter | Luxury Real Estate

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Welcome to The Griffin Real Estate Market Update.

If you’re thinking about buying or selling residential real estate, it’s important to understand the current market trends.

According to MLSPIN, the marketplace for Back Bay residential properties, here’s what happened in Q2 2023 versus Q2 2022:

The Number of SOLD listings decreased by 6% to 98 properties with a top sale of $13.8 million at 1 Dalton St #5502 in Back Bay.

The Average Sales Price decreased by 11% to $1.75 million and the Average Price Per Square Foot decreased by 7% to $1,313 per square foot.

The inventory of properties available for sale as measured in months supply increased by 33% to 4.97 months worth of properties for sale.

The average 30-year fixed mortgage rate increased by 17% to an average rate of 6.84% according to Bank Rate.com

If you’re thinking about buying or selling residential real estate now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.

Thanks for tuning in, we’ll see you in the next Griffin Real Estate Market Update.

Boston
Average Sales Price
Q2 2022 – $1975825.72
Q2 2023 – $1752510.2
decreased by 11%

Average Days On Market
Q2 2022 – 37
Q2 2023 – 55
increased by 49%

Average Sale Price Per Square Foot
Q2 2022 – $1414.76
Q2 2023 – $1313.48
decreased by 7%

Median Sales Price
Q2 2022 – $1415000
Q2 2023 – $1305000
decreased by 8%

Number of Sold Listings
Q2 2022 – 104
Q2 2023 – 98
decreased by 6%

Months Supply of Inventory
Q2 2022 – 3.73
Q2 2023 – 4.97
increased by 33%

Mortgage Rate
Q2 2022 – 6.84%
Q2 2023 – 5.85%
17% increased

Top 10 Sales

$13800000 1 Dalton St #5502 Back Bay, MA
$5400000 144 Beacon Street #8 Back Bay, MA
$5290000 100 Belvidere #7B/C Back Bay, MA
$4900000 401 Beacon Street #4 Back Bay, MA
$4685000 255 Marlborough Street #2 Back Bay, MA
$4100000 451 Marlborough St #RE Back Bay, MA
$3900000 172 Beacon #5 Back Bay, MA
$3665000 220 Boylston #1014/1016 Back Bay, MA
$3310000 416 Commonwealth Ave #401 Back Bay, MA
$3225000 86 Marlborough St #3 Back Bay, MA

Luxury Real Estate | Griffin Realty Group