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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 a population of 650,706, 276,053 total housing units (homes and apartments), and a median house value of $894,844, real estate costs in Boston are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Large apartment complexes or high rise apartments are the single most common housing type in Boston, accounting for 45.79% 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 ( 35.85%), single-family detached homes ( 12.01%), and a few row houses and other attached homes ( 6.14%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Boston is dominated by renter-occupied one, two, or no bedrooms apartments. 67.42% of Boston's dwellings are rentals.

The housing in Boston was primarily built before 1939 ( 47.30%), 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 ( 19.83%), followed by between 1970-1999 ( 17.67%). There's also some housing in Boston built between 2000 and later ( 15.20%).

Boston Home Appreciation Rates

Appreciation rates for homes in Boston have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 104.25%, which ranks in the top 40% nationwide. This equates to an annual average Boston house appreciation rate of 7.40%.

NeighborhoodScout's data show that during the latest twelve months, Boston's appreciation rate, at 6.76%, has been at or slightly above the national average. In the latest quarter, Boston's appreciation rate has been 2.38%, which annualizes to a rate of 9.87%.

Relative to Massachusetts, our data show that Boston's latest annual appreciation rate is lower than 70% 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

$894,844

Boston, MA Home Prices
> $1,287,000
$965,001 - $1,287,000
$644,001 - $965,000
$515,001 - $644,000
$386,001 - $515,000
$257,001 - $386,000
$129,001 - $257,000
$64,001 - $129,000
$0 - $64,000
20.8%
20.8%
18.4%
18.4%
31.7%
31.7%
12.0%
12.0%
8.4%
8.4%
4.9%
4.9%
0.9%
0.9%
0.7%
0.7%
2.4%
2.4%
0% 100.0%
% of Homes
High

for Massachusetts

Very High

for nation

Number of Homes And Apartments:

276,053

Boston Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,094 / per month

Homeownership Rate

Owners
Renters
32.6%
32.6%
67.4%
67.4%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
9.2%
9.2%
90.8%
90.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
15.2%
15.2%
17.7%
17.7%
19.8%
19.8%
47.3%
47.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
12.0%
12.0%
6.1%
6.1%
35.9%
35.9%
45.8%
45.8%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
7.9%
7.9%
24.0%
24.0%
33.9%
33.9%
23.6%
23.6%
7.6%
7.6%
2.9%
2.9%
0% 100.0%
% of Homes