Sales Price Increases Citywide in 2016

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City of Boston - Waterfront

Throughout essentially every Boston neighborhood we saw substantial increases in the prices of sales as well as the price per square foot. Not surprisingly, Midtown had the largest jump in price per square foot of 36% and mainly attributed to the new Millennium Tower. While Midtown is certainly a newly developing residential neighborhood there were large spikes in average price per foot in many of Boston’s established neighborhoods. Beacon Hill had a jump of 11%, Waterfront increased 3%, North End was boosted by 8% and Fenway saw an increase of 12%. Many other neighborhoods had increases between 4% and 8%. Another interesting statistic is the change in average days on market from neighborhood to neighborhood. Properties in the Waterfront in 2015 had an average marketing time of 63 days which fell to 54 days in 2016. This was one of the most dramatic changes in this category throughout the Boston neighborhoods. Home values in the North End saw a slight uptick since last year while in the Waterfront they remained essentially the same.