Boston Real Estate Update

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What’s Next for Back Bay?

Hey everyone! Welcome back to our newsletter. Today, I’m diving into what’s happening with two-bedroom condos in Boston’s Back Bay. If you’re curious about where the market is heading, stick around—I’ve got the latest scoop.

Q1 2024: Slow Start, But Prices Are Up

The first quarter of 2024 was, as usual, slow. Sales of two-bedroom condos in Back Bay dropped by 33%, with only 20 units sold. That sounds rough, right? But here’s the twist: even with fewer sales, the average price shot up by 27% to about $2.88 million. The median price jumped even higher, up 36% to around $2.39 million.

What’s really interesting is the price per square foot. It rose 18%, hitting $1,728 on average. This tells us that despite fewer sales, buyers are paying more for each square foot—showing there’s still strong demand for quality spots in prime locations.

One downside: the average days on market jumped to 133. But don’t panic. This just means buyers are picky, holding out for the right deal, especially in Q1, which is typically slow.

Q2 2024: Market Finding Its Balance

Things picked up in the second quarter. Sales only dipped by 2% to 55 units, and the price per square foot kept climbing, now averaging $2.54 million. Median prices dipped slightly by 1%, settling around $1.74 million. This tells me the market is stabilizing after the swings we saw earlier.

Good news: properties are selling faster. Average days on market dropped to 51. Buyers are still cautious, but they’re ready to move quickly when the right place comes up.

Looking Ahead

So, what’s next? Back Bay’s market is still solid. Sure, sales volume has been up and down, but prices keep climbing. The demand for well-located, high-quality condos remains strong. Buyers are willing to pay top dollar for the right spot, but they’re also picky.

If you’re selling, price it right and keep your property in good shape. If it’s in a prime spot, you might have a bit of wiggle room on condition, but try to match the quality of similar listings if you want top dollar.

For buyers, the advice is simple: get in the game. Get pre-approved and zero in on the exact area you want. Focus beats casting a wide net every time.

Thanks for reading! Drop a comment and let me know what you think about Back Bay’s market. Do you like where it’s going? Not so much? Let’s chat!

Until next time,
- Mike Urban

Find the BEST Deals in Back Bay - https://tinyurl.com/BackBayDeals

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Hey there 👋 I'm Mike, an award-winning Realtor here in Boston, Massachusetts with a successful track record of selling hundreds of homes over the last eight years. My professional background extends beyond real estate sales, encompassing over a decade of experience as an electrician. I lead a team of over 90 agents throughout multiple states, each dedicated to providing exceptional service.

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