2023 Q1 market overview
Executive Summary
Rising interest rates and a slowing economy are projected to dampen the Greater Boston real estate market this spring. However, both buyers and sellers can still find many attractive options, and fierce competition is to be expected. Here are some of the significant trends to keep an eye on:
Prices are projected to continue to climb, but at a slower pace. In February 2023, the median sale price of a single-family home in Boston was $707,250, an increase of 2.4% over the same month the previous year. However, experts anticipate that price growth will decelerate in the coming months, as interest rates continue to increase and purchasers become more cautious.
Inventory is expected to remain low. Boston’s housing supply has been shrinking for years, and experts predict that this trend will continue into the spring market. Buyers
should still be ready to make a speedy decision when they see a house they like.
Competition is expected to stay strong. In the Boston real estate market in the spring, competition is predicted to remain high due to low availability and high demand. If they want to find a house, buyers must be ready to make aggressive offers and open to adjusting their search criteria.
Although the Boston real estate market faces difficulties this spring, there are still many options for buyers and sellers. Both buyers and sellers have a chance at success if they take the time to plan ahead and come into the market with realistic expectations.
We want to help you make informed decisions. Don’t see your community featured in this report or are you looking for information on another type of property? Contact a Senné associate to learn more about what is going on in your local market. With a little planning and effort, you can still find success in the spring market.
Greater Boston Single-Family
Arlington
Greater Boston | Single-Family Arlington Change from 2022 to 2023 2019 2020 2021 2022 2023 Active 17 10 5 15 10 New 59 68 53 70 48 Sold 41 44 42 44 33 Pending 49 59 49 57 44 Average Days on Market 39 35 29 19 35 Median Sold Price $789,000 $828,500 $899,500 $1,100,000 $1,190,000
-33.33% -31.43% -25.00% -22.81% 84.21% 8.18%
Cambridge
Change from 2022 to 2023 Greater Boston | Single-Family Cambridge 2019 2020 2021 2022 2023 Active 12 11 9 16 26 New 35 38 27 36 50 Sold 14 18 15 21 18 Pending 28 34 30 25 33 Average Days on Market 49 50 63 30 68 Median Sold Price $2,214,000 $2,077,500 $1,525,000 $1,475,000 $1,837,000 62.50% 38.89% -14.29% 32.00% 126.67% 24.54%
Somerville
2019 2020 2021 2022 2023 Active 6 8 6 6 6 New 32 26 26 16 14 Sold 22 6 20 15 12 Pending 29 21 22 14 17 Average Days on Market 35 65 61 21 60 Median Sold Price $850,000 $960,750 $804,500 $1,200,000 $907,500
Greater Boston | Single-Family Somerville
from 2022 to 2023
Change
0.00% -12.50% -20.00% 21.43% 185.71% -24.38%
Wayland
Wayland
2019 2020 2021 2022 2023 Active 29 25 7 7 8 New 55 63 51 31 24 Sold 17 21 27 23 13 Pending 39 50 49 24 22 Average Days on Market 66 68 60 25 47 Median Sold Price $650,000 $735,000 $900,000 $850,000 $870,000 Greater Boston | Single-Family
from 2022 to 2023
Change
14.29% -22.58% -43.48% -8.33% 88.00% 2.35%
Greater Boston Condominiums
Arlington
Greater Boston | Condominiums Arlington Change from 2022 to 2023 2019 2020 2021 2022 2023 Active 16 16 6 11 15 New 59 62 76 72 59 Sold 31 37 52 41 53 Pending 43 47 75 68 52 Average Days on Market 35 34 40 23 50 Median Sold Price $645,000 $615,000 $757,500 $815,000 $890,000 36.36% -18.06% 29.27%
117.39%
-23.53%
9.20%
Cambridge
Change from 2022 to 2023
Cambridge 2019 2020 2021 2022 2023 Active 63 35 67 59 62 New 176 154 190 195 160 Sold 90 84 118 95 84 Pending 161 128 190 145 131 Average Days on Market 47 57 61 39 55 Median Sold Price $750,000 $865,250 $751,500 $865,000 $987,500 5.08%
Greater Boston | Condominiums
-17.95% -11.58% -9.66% 41.03% 14.16%
Somerville
2019 2020 2021 2022 2023 Active 66 53 46 65 96 New 150 139 167 163 174 Sold 11 102 109 81 65 Pending 156 109 171 126 116 Average Days on Market 63 68 55 57 82 Median Sold Price $744,600 $869,000 $740,000 $855,000 $900,000
Greater Boston | Condominiums Somerville
2022
2023 47.69% 6.75%
Change from
to
-19.75% -7.94% 43.86% 5.26%
Wayland
2019 2020 2021 2022 2023 Active 6 6 2 2 1 New 15 16 8 12 5 Sold 4 9 4 4 5 Pending 13 15 7 12 5 Average Days on Market 88 82 73 28 43 Median Sold Price $481,500 $785,000 $707,500 $733,750 $545,000
from 2022 to 2023 -50.00% -58.33% 25.00% -58.33% 53.57%
Greater Boston | Condominiums Wayland Change
-25.72%
Greater Boston Multi-Family
Arlington
Greater Boston | Multi-Family Arlington Change from 2022 to 2023 2019 2020 2021 2022 2023 Active 0 2 1 3 4 New 12 10 9 11 11 Sold 11 7 10 8 13 Pending 15 8 8 7 9 Average Days on Market 42 43 19 34 24 Median Sold Price $1,050,000 $1,200,000 $1,200,000 $1,084,000 $1,105,000 33.33% 0.00% 62.50% 28.57%
-29.41% 1.94%
Cambridge
Change from 2022 to 2023 Greater Boston | Multi-Family Cambridge 2019 2020 2021 2022 2023 Active 12 8 18 23 11 New 21 23 25 26 10 Sold 20 16 11 23 9 Pending 15 11 13 20 9 Average Days on Market 51 28 61 36 58 Median Sold Price $1,740,000 $1,710,000 $1,485,000 $1,680,000 $1,875,000 -52.17% -61.54% -60.87%
61.11% 11.61%
-55.00%
Somerville
2019 2020 2021 2022 2023 Active 32 20 25 18 27 New 66 61 49 57 50 Sold 23 34 36 38 18 Pending 38 39 38 43 25 Average Days on Market 41 56 66 39 52 Median Sold Price $1,150,000 $1,268,625 $1,153,700 $1,205,000 $1,155,000
Greater Boston | Multi-Family Somerville
Change
from 2022 to 2023 50.00% -12.28% -52.63% -41.86% 33.33% -4.15%
Boston Single-Family
Back Bay
Back Bay
Boston | Single-Family
Change from 2022 to 2023 2019 2020 2021 2022 2023 Active 5 3 2 2 7 New 5 4 1 1 2 Sold 1 4 2 1 0 Pending 2 3 1 1 0 Average Days on Market 39 190 94 199 0 Median Sold Price $6,700,000 $7,000,000 $4,337,500 $4,075,000 $0 250.00%
100.00% -100.00% -100.00% -100.00% -100.00%
Beacon Hill
Beacon Hill
2019 2020 2021 2022 2023 Active 8 10 14 10 5 New 6 11 13 9 8 Sold 3 5 7 8 4 Pending 9 6 5 8 3 Average Days on Market 366 56 177 125 102 Median Sold Price $3,100,000 $4,337,500 $3,875,000 $3,197,500 $3,675,000 Boston | Single-Family
2022
2023
Change from
to
-50.00% -11.11% -50.00% -62.50% -18.40% 14.93%
Charlestown
2019 2020 2021 2022 2023 Active 11 4 5 5 14 New 17 15 18 25 17 Sold 5 3 6 6 7 Pending 11 9 14 20 7 Average Days on Market 60 57 50 27 33 Median Sold Price $1,503,500 $1,400,000 $1,465,000 $1,308,750 $1,690,000 Boston | Single-Family Charlestown
Change
from 2022 to 2023 180.00% -32.00% 16.67% -65.00% 22.22% 29.13%
South Boston
South Boston
Boston | Single-Family
2019 2020 2021 2022 2023 Active 7 8 6 4 9 New 15 15 10 17 17 Sold 9 3 8 10 7 Pending 16 10 9 16 9 Average Days on Market 60 39 78 66 69 Median Sold Price $725,000 $900,000 $970,000 $854,500 $775,000
from 2022 to 2023 125.00% 0.00%
Change
-30.00% -43.75% 4.55% -9.30%
South End
South End
2019 2020 2021 2022 2023 Active 6 8 13 3 8 New 10 9 14 6 12 Sold 6 2 7 2 2 Pending 6 3 10 7 5 Average Days on Market 99 50 76 141 89 Median Sold Price 2575000 3597500 3475000 3806250 5772500 Boston | Single-Family
from 2022 to 2023 166.67% 100.00% 0.00%
Change
-28.57% -36.88% 51.66%
Boston Condominiums
Back Bay
Back Bay
Boston | Condominiums
Change from 2022 to 2023 2019 2020 2021 2022 2023 Active 84 65 118 77 121 New 131 91 137 124 130 Sold 53 60 64 75 44 Pending 92 74 97 83 68 Average Days on Market 62 76 108 91 81 Median Sold Price $1,200,000 $1,812,500 $1,157,500 $1,675,000 $1,762,000 57.14% 4.84%
-41.33% -18.07% -10.99% 5.19%
Beacon Hill
Beacon Hill
2019 2020 2021 2022 2023 Active 35 36 49 33 38 New 63 51 72 67 51 Sold 14 25 33 24 18 Pending 32 30 52 46 25 Average Days on Market 106 73 121 76 103 Median Sold Price $1,375,000 $1,205,000 $845,000 $848,875 $1,062,500 Boston | Condominiums
from 2022 to 2023
Change
15.15% -23.88% -25.00% -45.65% 35.53% 25.17%
Bay Village
Bay Village
Change from 2022 to 2023 Boston | Condominiums
2019 2020 2021 2022 2023 Active 5 2 1 0 0 New 4 6 0 4 0 Sold 0 3 3 0 0 Pending 1 5 1 3 1 Average Days on Market 0 83 105 0 0 Median Sold Price $0 $1,650,000 $710,000 $0 $0 0.00% -100.00% 0.00%
-66.67% 0.00% 0.00%
Charlestown
2019 2020 2021 2022 2023 Active 23 8 44 13 10 New 85 64 90 84 51 Sold 52 31 67 41 28 Pending 67 42 103 72 46 Average Days on Market 60 55 80 50 60 Median Sold Price $678,263 $727,000 $705,000 $830,000 $754,500 Boston | Condominiums
Charlestown
from 2022 to 2023
Change
-23.08% -39.29% -31.71% -36.11% 20.00% -9.10%
Midtown
2019 2020 2021 2022 2023 Active 66 41 61 39 64 New 61 35 52 47 71 Sold 15 16 17 20 11 Pending 28 24 26 30 27 Average Days on Market 99 159 121 124 125 Median Sold Price $1,295,000 $2,025,000 $1,230,000 $1,605,000 $1,500,000 Boston | Condominiums
Midtown
from 2022 to 2023 64.10% 51.06% -45.00% -10.00% 0.81%
Change
-6.54%
North End
North End
Boston | Condominiums
Change from 2022 to 2023 2019 2020 2021 2022 2023 Active 11 10 14 12 8 New 19 28 32 27 19 Sold 10 13 15 7 11 Pending 14 22 29 23 13 Average Days on Market 62 56 95 93 42 Median Sold Price $638,750 $634,000 $535,000 $517,000 $785,000 -33.33% -29.63% 57.14% -43.48%
51.84%
-54.84%
Seaport District
Seaport District
-77.55% -62.75% -39.24% 1.82%
Boston | Condominiums
Change from 2022 to 2023 2019 2020 2021 2022 2023 Active 48 40 56 47 54 New 65 58 81 74 68 Sold 8 57 48 49 11 Pending 30 45 34 51 19 Average Days on Market 68 55 42 79 48 Median Sold Price $1,065,000 $1,818,400 $1,251,850 $1,375,000 $1,400,000
14.89% -8.11%
South Boston
South Boston
Boston | Condominiums
2019 2020 2021 2022 2023 Active 93 88 81 68 64 New 152 200 244 173 133 Sold 102 101 141 90 66 Pending 132 147 258 149 95 Average Days on Market 53 84 72 66 62 Median Sold Price $730,000 $820,000 $735,000 $802,500 $790,500
from 2022 to 2023
Change
-5.88% -23.12% -26.67% -36.24% -6.06% -1.50%
South End
South End
2019 2020 2021 2022 2023 Active 57 75 129 107 85 New 129 140 204 295 146 Sold 62 46 70 97 64 Pending 100 87 145 194 83 Average Days on Market 66 78 83 67 65 Median Sold Price $1,202,500 $1,047,560 $867,500 $930,000 $1,150,000 Boston | Condominiums
Change
from 2022 to 2023 -20.56% -50.51% -34.02% -57.22% -2.99% 23.66%
Waterfront
2019 2020 2021 2022 2023 Active 56 45 51 37 36 New 66 60 71 51 52 Sold 25 22 37 25 14 Pending 27 29 51 37 30 Average Days on Market 75 116 114 82 71 Median Sold Price $1,550,000 $947,000 $1,100,000 $965,000 $1,377,500 Boston | Condominiums
Waterfront
Change
from 2022 to 2023 -2.70% 1.96% -44.00% -18.92% -13.41% 42.75%
West End
West End
2019 2020 2021 2022 2023 Active 7 6 10 15 18 New 8 13 13 22 13 Sold 3 12 5 8 8 Pending 5 10 9 13 13 Average Days on Market 79 80 80 54 100 Median Sold Price $500,000 $537,500 $530,000 $615,000 $502,000 Boston | Condominiums
from 2022 to 2023
Change
20.00% -40.91% 0.00% 0.00% 85.19% -18.37%
Our residential locations 1 Lewis Wharf, Boston, MA 02110 84 Atlantic Avenue, Boston, MA 02110 1675 Massachusetts Avenue, Cambridge, MA 02138 75 Park Avenue, Arlington, MA 02476 21 Cochituate Road, Wayland, MA 01778
