Boston Real Estate Market Report Q3 2022

As we enter the final quarter of 2022, it appears like the decade-long period of growth for Boston’s real estate market is grinding to a halt. The most recent MLS data shows that rising interest rates have effectively suffocated demand for Boston real estate in Q3. Total 30 day sales from September are down -37.24% compared to a year ago. Meanwhile, the total number of sales listings are up 25.10% over the same period.

As a result, Boston’s 30-day median sale price has been slipping from the record high of $876,091 set in May of this year. Last month’s 30-day median sale price of $807,303 is still up by a slim margin (+3.64%) compared to September 2021, but current data trends show that year-over-year price growth will soon be in the red in Boston. Let’s take a look at the trends driving Boston’s real estate market.
Demand For Boston Real Estate Waning

In September, the City of Boston recorded 455 residential real estate transactions across all property types. That marked a -37.24% drop in total sales from September 2021 and was the lowest recorded September sales total of the past 5 years.