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Welcome to The Griffin Real Estate Market Update, I’m Danny Griffin.
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 Q3 2023 vs Q3 2024:
The Number of SOLD listings decreased by 25% to 83 properties with a top sale of $7.85 million at 18 Commonwealth Avenue in Back Bay.
The Average Sales Price decreased by 31% to $1.99 million and the Average Price Per Square Foot decreased by 17% to $1,467 per square foot.
The inventory of properties available for sale as measured in months supply increased by 40% at 6.39 months worth of properties for sale.
The average 30-year fixed mortgage rate decreased by 17% to an average rate of 6.24% 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
Q3 2023 – $2887686.46
Q3 2024 – $1989414.45
decreased by 31%
Average Days On Market
Q3 2023 – 50
Q3 2024 – 57
increased by 14%
Average Sale Price Per Square Foot
Q3 2023 – $1773.63773505741
Q3 2024 – $1467.40934185097
decreased by 17%
Median Sales Price
Q3 2023 – $1700000
Q3 2024 – $1323000
decreased by 22%
Number of Sold Listings
Q3 2023 – 111
Q3 2024 – 83
decreased by 25%
Months Supply of Inventory
Q3 2023 – 4.55
Q3 2024 – 6.39
increased by 40%
Mortgage Rate
Q3 2023 – 6.24%
Q3 2024 – 7.55%
17% decreased
Top 10 Sales
- $7850000 18 Commonwealth Avenue Back Bay, MA
- $7500000 1 Dalton St #U5204 Back Bay, MA
- $7200000 300 Boylston Street #704-705 Back Bay, MA
- $6900000 1 Dalton #3301 Back Bay, MA
- $5500000 192 Marlborough St #2 Back Bay, MA
- $5450000 430 Stuart #32A Back Bay, MA
- $5400000 430 Stuart #31A Back Bay, MA
- $4875000 15 Marlborough St #PH Back Bay, MA
- $4862500 1 Charles St S #PH1A Back Bay, MA
- $4450000 221 Marlborough #3 Back Bay, MA
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