How much does Boston impact Massachusetts condo prices?

Boston has a huge impact on the Massachusetts condo market and this article quantifies that impact: Boston added over $50,000, or 15%, to the median price of a condo in Massachusetts in 2016.

Median Prices since 2004
This chart, with the numbers below, shows that Boston prices have appreciated at a faster rate than the rest of the State.

Source: MLS, Oliver Reports

Increase since 2011
Over the last 5 years the increase in Boston has been much larger than in the rest of Massachusetts.

Source: MLS, Oliver Reports

Difference between Boston median price and the rest of Massachusetts
The difference in median prices between Boston and the rest of Massachusetts has more than doubled over the last 5 years.

Comment
While it is the hugely expensive new condo developments that garnish the publicity, there were nearly 1,700 condos sold under $500,000 in 2016 ( 350 of them under $300,000). As with real estate everywhere, there are always less expensive properties available.

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Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports