Welcome to The Griffin Real Estate Market Update, I’m Danny Griffin.
If you’re thinking about buying or selling residential asset 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 2023 vs 2024:
The Number of SOLD listings decreased by 8% to 306 properties with a top sale of $16.5 million at 279 Marlborough St in Back Bay.
The Average Sales Price decreased by 13% to $2.28 million and the Average Price Per Square Foot decreased by 1% to $1,539 per square foot.
The inventory of properties available for sale as measured in months supply increased by 23% at 3.20 months worth of properties for sale.
The average 30-year fixed mortgage rate increased by 2% to an average rate of 7.04% 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
2023 – $2613546.02
2024 – $2278084.97
decreased by 13%
Average Days On Market
2023 – 54
2024 – 61
increased by 13%
Average Sale Price Per Square Foot
2023 – $1560.05911324619
2024 – $1538.80822717124
decreased by 1%
Median Sales Price
2023 – $1487500
2024 – $1500000
increased by 1%
Number of Sold Listings
2023 – 332
2024 – 306
decreased by 8%
Months Supply of Inventory
2023 – 2.61
2024 – 3.2
increased by 23%
Mortgage Rate
2023 – 7.04%
2024 – 6.90%
2% increased
Top 10 Sales
- $16500000 279 Marlborough St Back Bay, MA
- $12500000 776 Boylston St #PH1F Back Bay, MA
- $10400000 430 Stuart #PH35D Back Bay, MA
- $10200000 222 Commonwealth Avenue #PH Back Bay, MA
- $9250000 400 Stuart Street #PH2 Back Bay, MA
- $8400000 314 Commonwealth Ave #2 Back Bay, MA
- $7850000 18 Commonwealth Avenue Back Bay, MA
- $7800000 1 Dalton Street #4601 Back Bay, MA
- $7700000 430 Stuart Street #30C Back Bay, MA
- $7500000 1 Dalton St #U5204 Back Bay, MA
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