The most recent market stats were just released for the month of September and showed near record sales activity for both condominiums and single family homes in Boston. The numbers can be attributed to a variety of factors that we have seen to close the Summer season including:
- Low mortgage rates
- Rising home values
- Healthy job market
- New listings to the market
We saw an increase in the demand from buyers throughout many Boston neighborhoods, with a 4.1% increase in condo sales from 2014. For single family homes in the Boston area, this increase was a more significant 15% to 1,226 from 1,066 from the previous year. Even with an increase in volume, the market also saw an increase in median sales price in both sectors.
Single Family Market
As you can see from the chart below, the median sales price increased 7.5% to $455,000 for single family homes. Inventory was historically lower than the previous year with Days on Market averaging about 2 months for a sale.
Condo Market
Demand in the condo market remains strong, diminished only by the lack of inventory available for buyers looking for a home. We especially see a lot of interest from first-time buyers looking to convert from a rental property and overseas investors. Take a look at the stats for the condo market overall:
Get a More In Depth Market Snapshot
Want to learn more about the most recent market stats and investigate neighborhood-level detail? We have compiled an extensive report that outlines individual stats for over 20 Boston neighborhoods. Download it now:
