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Boston real estate market overview
- Average Monthly Rent: $3,758
- Home Price/Value Percentage Change: -1.60%
- Median Home Value: $678,572
- Best Time To Sell a Home: June
- Affordability Index: Low
- Days To Sell a House: 61
- Job Market: Fair
- Public School Ranking: 1
Location and weather
Boston has a rich history. First as a major trade route to the West Indies and then as the birthplace of the American Revolution. Boston is on Massachusetts Bay off the Atlantic Ocean. The city itself is a small size for a major city at only 46 square miles. With Massachusetts Bay, the Charles River, the famous Boston Harbor and the Atlantic, Boston is a true coastal city heavily influenced by its waterways.
Boston is cold in the winter from early December through mid-March with an average high temperature below 45 degrees and lows in the mid 30's. The warm season is typical New England weather with average highs above 73 degrees and evening lows in the 60's.
Population, job market and cost of living
Boston's population is in 2023 about 693,092 with an annual growth rate of 0.84%.
The job market has decreased by -9.06% over last year. 10-year future job growth is predicted to be 42.49%. The largest employers in Boston are Health Care & Social Assistance, Educational Services, and Professional, Scientific & Technical Services from which we refer to General Electric, Gillette, Fidelity Investments, Liberty Mutual Insurance and LMHC Massachusetts Holdings Inc. There are 52 universities and institutes of higher learning in Boston including the famous Harvard University.
Because of the small area and large population, the cost of living is high mainly due to the Boston real estate market.
Boston real estate market details
- Beacon Hill
- South End
- Back Bay
- South End
- Jamaica Plain
The average monthly rent in Boston is $3,758 for an average apartment size of 812 sq. feet.
There has been an -1.6% increase in median home value over the last year. As of 2023, the median home value is $678,572.
On average, homes in Boston sell after 61 days on the market.
The best time to sell a home for the highest valued sale is during June. For the quickest sale, homeowners should sell in June.
The affordability index in Boston is 153. This number indicates low affordability in this city.
The top ranked public schools are Boston Latin High School, Eliot Elementary School, Josiah Quincy, Edward M. Kennedy Academy for Health Careers Horace Mann and Quincy Upper School. This information is based on data measuring academic performance and equity.