Back Bay Market Update
Boston's Top 10 Neighborhoods by Number of Sales and Median Sales Price
The Back Bay continues as one of Boston’s best performing neighborhoods, both in terms of median sales price as well as volume of transactions. This trend is illustrated below against the backdrop of several other thriving neighborhoods such as Midtown and Beacon Hill.
A Story Told in Numbers
The median sales price in Back Bay dropped 15.18% in Q2 2017 compared to Q2 2016. The lower median price does not reflect a significant slowdown in the high end of the Back Bay market, but rather an unusual number of high-end sales in Q2 2017. The average sale price in the neighborhood has remained stable year-over-year. These figures reflect a strong demand for and rate of absorption of properties at lower nominal price points in Back Bay with a less-active volume of transactions on the higher end, due at least in part to a relative lack of available inventory in that market segment.
A Back Bay Breakdown
As has been the case for the last few years, one and two bedroom homes continued to be the biggest sellers in Back Bay in the second quarter of 2017, representing over 75% of all neighborhood sales in this quarter.
Still, properties offering 3+ bedrooms and those greater than 2400 sq. ft. in size commanded the highest median sales prices, trading for $3.9m and $4.85m (respectively) on average in Q2 2017.
Top 20 Most Expensive Back Bay Sales of Q1 + Q2
Source: LINK Boston