2023 Market Review - Boston Condos

Boston's Condo Market Report: A Year in Review (2023)

The year 2023 has been a dynamic one for Boston's condo market, with diverse neighborhoods showcasing unique trends. The Charles King Group's detailed market report provides us with invaluable insights. Below are the key takeaways:

• Luxury Market: Midtown boasted the highest median sale price at $1,800,000, reflecting its status as a premier neighborhood for luxury living.
• Most Sought-after: South End led in sales volume with 377 units sold, indicating a high demand for its lifestyle and amenities.
• Price Per Square Foot: Seaport District commanded the highest median sale price per square foot at $1,673.36, possibly due to its modern developments and waterfront views.
• Quick Sales: Charlestown experienced the fastest-moving condos, with a median of just 19 days on the market.
• Affordability: Dorchester (02124) offered more accessible pricing with a median sale price of $555,500 and a median price per square foot of $514.43.
• Staying Power: Waterfront properties had a longer median time on the market at 45 days, suggesting a niche market with discerning buyers.
• Popular Neighborhoods: Back Bay and South Boston both showed strong market performance with 330 and 331 units sold, respectively, at high median sale prices, illustrating their continued desirability.

The report, sourced from MLSPIN, represents a comprehensive look at the past 12 months of condo sales in Boston.

In conclusion, Boston's condo market in 2023 reflected a city with a neighborhood for every type of buyer, from those seeking the pinnacle of luxury to those looking for more value-oriented options. The overall market dynamics suggest a healthy demand across the city, with certain areas showing rapid turnover, indicating buyer eagerness.