Boston Housing Market Cools and Prices Decelerate

The most recent MLS data suggests that the real estate market in Boston may be cooling down as we begin 2022. The 90 day median sales prices for single family homes in Boston for Q4 2021 ($758K) marked a -7.05% decrease compared to the previous quarter. That is one of the few times in the past decade where Boston’s quarterly single family price has slipped.

Condos and multi family homes in Boston saw median prices remain relatively flat during the same time span. Boston condos sold at +1.34% higher in the final quarter of 2021 compared to Q3, while multi-family properties in Boston saw their 90 day median price drop by -1.43%.

Total monthly sales saw a steep drop off at the end of last year. Boston recorded 656 residential real estate transactions in December of 2021, which is down -21.25% from August’s total sold (833). While it’s normal for sales to drop off slightly in the last few months of the year, this was a larger margin than we’re used to seeing.