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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 Boston residential properties, here’s what happened in January 2024 vs February 2024:
The Number of SOLD listings decreased by 25% to 52 properties with a top sale of $5.6 million at 50 Liberty #3B in Boston.
The Average Sales Price decreased 22% to $1.55 million and the Average Price Per Square Foot decreased 12% to $1,117 per square foot.
The inventory of properties available for sale as measured in months supply increased by 18% to 3.89 months worth of properties for sale.
The average 30-year fixed mortgage rate increased 6% with an average rate of 7.22% according to Bank Rate.com
Insight: Ultra luxury continues to lead the market skewing the averages higher yet Boston’s inventory remains high offering plenty of choices.
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
Jan 2024 – $1991333.85
Feb 2024 – $1553297.61
decreased by 22%
Average Days On Market
Jan 2024 – 77
Feb 2024 – 61
decreased by 21%
Average Sale Price Per Square Foot
Jan 2024 – $1274.53
Feb 2024 – $1117.28
decreased by 12%
Median Sales Price
Jan 2024 – $1460000
Feb 2024 – $1230000
decreased by 16%
Number of Sold Listings
Jan 2024 – 69
Feb 2024 – 52
decreased by 25%
Months Supply of Inventory
Jan 2024 – 3.29
Feb 2024 – 3.89
increased by 18%
Mortgage Rate
Jan 2024 – 7.22%
Feb 2024 – 6.84%
6% increased
Top 10 Sales
- $5600000 50 Liberty #3B Boston, MA
- $3645000 83 Mount Vernon #3 Boston, MA
- $3550000 485 Harrison Ave #PH609 Boston, MA
- $3400000 9 Upton St #1 Boston, MA
- $3400000 50 Liberty #3C Boston, MA
- $3400000 1 Huntington Avenue #404 Boston, MA
- $2950000 5 Saint Charles St. Boston, MA
- $2700000 303 Columbus Ave #401 Boston, MA
- $2600000 360 Newbury St #804 Boston, MA
- $2450000 240 Devonshire Street #3903 Boston, MA
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