Boston, MA

Boston

Boston's luxury real estate market has seen a notable shift in 2024, with average sales prices dipping to $11M from $16M in 2023. Despite this decline, the market remains remarkably efficient with properties selling at 92% of their list price, on average. Boston demonstrates impressive performance with an average Days On Market (DOM) of just 68 days in 2024, if we take out one outlier sale that took over 2 years to sell. Without that outlier, all markets sold within 180 days.

Highlights

• Sales price dipped in 2024, from $15M average to $11M 

• Boston sells super quickly, with an average of 68 DOM, compared to the US average of 320 days

• It remains a very efficient market, with an average of 92% sales of list price versus a US average of 87%

Northern efficiency

Boston stands as one of the premier markets in the New England region. It follows regional trends with a price decline in 2024 compared to 2023. This contrasts with nationwide price increases over those 2 years. While the broader New England region has experienced a longer downward trajectory, Boston's dip appears more recent, limited primarily to 2024. The market demonstrates clear efficiency, with the relationship between DOM and final sales price particularly pronounced, slightly more than the region, and significantly more than country statistics. Properties spending less time on the market consistently achieve closer to their asking price. With an average DOM significantly below many comparable luxury markets, Boston continues to show resilience despite the recent price adjustment, maintaining its position as a top performer in its region.