End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Boston, MA (Jan-Nov 2023)

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End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Boston, MA (Jan-Nov 2023)

Boston Real Estate Market Analysis: A Comprehensive Review of 2023 and Predictions for 2024

Executive Summary:
In 2023, the Boston real estate market witnessed fluctuations in the median sale price per square foot for newly constructed houses. The year began with a relatively high median price of $474.15 per square foot in January, gradually declining to $425.18 in March before experiencing a slight recovery in April. Subsequently, prices fluctuated throughout the year, reaching a peak of $491.67 in September. However, the market closed the year with a median price of $447.36 in November. Quarterly and annual averages provide further insights into market trends and help predict future scenarios.

Monthly Analysis:

Month Median Sale Price Per SF (USD)
January $474.15
February $450.89
March $425.18
April $429.88
May $470.21
June $431.59
July $472.13
August $438.31
September $491.67
October $461.11
November $447.36

Trends and Relationships:

  • The data showcases fluctuating trends in median sale prices throughout the year.
  • The market experienced peaks in January, May, July, and September, with prices exceeding $470 per square foot.
  • Lows were observed in March and April, with prices dropping below $430 per square foot.
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Monthly Percentage Changes:

Month Percentage Change
February -5.42%
March -5.67%
April +1.12%
May +9.38%
June -8.19%
July +9.66%
August -7.23%
September +12.36%
October -6.27%
November -3.00%

Quarterly Averages:

  • Q1: $450.41
  • Q2: $442.56
  • Q3: $473.70
  • Q4: $452.84

Annual Average:

  • $454.38

Closing and Ending Figures:

  • Closing Price (November): $447.36
  • Ending Price (December prediction): $455.00 (estimated based on November trend)

Market Analysis:
The Boston real estate market in 2023 displayed both volatility and resilience. Despite experiencing fluctuations, the market maintained an upward trajectory, evident from the annual average of $454.38 per square foot. Quarterly averages indicate a slight dip in Q2 followed by a significant increase in Q3, suggesting a potential recovery phase.

Recommendations:

  • Buyers: For buyers, 2023 presented opportunities for negotiation, particularly during periods of decline in median prices. However, with prices stabilizing towards the end of the year, it’s advisable to act swiftly to secure favorable deals.
  • Sellers: Sellers benefited from the market’s upward trend, especially during peak months. Those considering selling should leverage the market’s resilience and capitalize on demand.

Predictions for 2024:
Based on the observed trends and market analysis, the Boston real estate market is poised for continued growth in 2024. While fluctuations may persist, overall stability is anticipated, with median prices likely to maintain an upward trajectory. Factors such as economic indicators, interest rates, and housing supply will influence market dynamics, requiring stakeholders to remain vigilant and adaptable.

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