Boston, MA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Boston, MA Housing Market Trends

With 692,600 people, 269,522 houses or apartments, and a median cost of homes of $651,815, Boston house prices are not only among the most expensive in Massachusetts, Boston real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Boston, accounting for 44.05% of the city's housing units. Other types of housing that are prevalent in Boston include duplexes, homes converted to apartments or other small apartment buildings ( 37.60%), single-family detached homes ( 11.92%), and a few row houses and other attached homes ( 6.27%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Boston is dominated by renter-occupied one, two, or no bedrooms apartments. 67.39% of Boston's dwellings are rentals.

The housing in Boston was primarily built before 1939 ( 49.65%), making the housing stock in Boston some of the oldest overall in America, although there is a range of ages of homes in Boston. The next most important housing age is between 1940-1969 ( 20.90%), followed by between 1970-1999 ( 17.99%). There's also some housing in Boston built between 2000 and later ( 11.46%).

Boston Home Appreciation Rates

In the last 10 years, Boston has experienced some of the highest home appreciation rates of any community in the nation. Boston real estate appreciated 85.77% over the last ten years, which is an average annual home appreciation rate of 6.39%, putting Boston in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Boston definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Boston's appreciation rate, at 5.15%, has been at or slightly above the national average. In the latest quarter, Boston's appreciation rate has been 2.13%, which annualizes to a rate of 8.79%.

Relative to Massachusetts, our data show that Boston's latest annual appreciation rate is lower than 50% of the other cities and towns in Massachusetts.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Boston differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Boston - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Boston real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$651,815

Boston, MA HOME PRICES

> $1,229,000
11.3%
11.3%
$922,001 - $1,229,000
10.2%
10.2%
$615,001 - $922,000
29.7%
29.7%
$492,001 - $615,000
18.2%
18.2%
$369,001 - $492,000
16.9%
16.9%
$246,001 - $369,000
9.4%
9.4%
$123,001 - $246,000
2.1%
2.1%
$61,001 - $123,000
0.5%
0.5%
$0 - $61,000
1.7%
1.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MA

Value Relative To Nation

Number Of Homes And Apartments:
269,522

Boston Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
156.73% 4.59%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,918 / per month

Homeownership Rate

Owners
32.6%
32.6%
Renters
67.4%
67.4%
Vacant
8.5%
8.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
11.5%
11.5%
1970 - 1999
18.0%
18.0%
1940 - 1969
20.9%
20.9%
1939 or Older
49.6%
49.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
11.9%
11.9%
Townhomes
6.3%
6.3%
Small Apt. Buildings
37.6%
37.6%
Apt. Complexes
44.0%
44.0%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
7.3%
7.3%
1 Bedroom
24.5%
24.5%
2 Bedrooms
34.5%
34.5%
3 Bedrooms
23.1%
23.1%
4 Bedrooms
7.9%
7.9%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES