February 2021 Market Update: Boston

girl standing in between buildings surrounded by plants covered with snow

Key takeaways for the month

The Boston-area market has a distinct yearly pattern of decreased competition in fall and winter followed by a jump in spring and summer, and 2021 seems to be following suit. 

  • Sale prices are variable. Median sale price for condos in the metro area is up 6% month over month but down 3% year over year due to a February spike in 2020. In the suburbs, single family home median price dropped 7% month over month but rose 3% over this time last year. 
  • List prices are following trend. In the city, median condo list price was flat throughout 2020 and that trend continued through February with a 1% month-over-month increase. The suburbs saw a 21% month-over-month jump for single family home median list price, following the 2020 trend for this time of year. 
  • Homes are selling under list price, as is typical. Condos in the metro area also saw relatively flat sale-to-list price ratio throughout 2020 and have been following the same trend in the first months of 2020, staying at 95%. We can expect this to fluctuate throughout the year but stay under 100%. In the suburbs, the single family home ratio is up 3% year over year to 99%, indicating higher-than-usual competition for February. 
  • Expect city condo sales to speed up. Median days on market for Boston condos are up year over year, widening the gap that we saw at the end of 2020. It’s typical in the city for the year to start off with homes selling slower and then stabilize at a faster trend in the spring and summer, so we expect to see a month-over-month drop in March as demand increases. In the suburbs, single family homes saw median days on market drop to 17 days from 41 in January.

Competition snapshot

Our Research Team looked into sales in a select area for a snapshot of competitiveness in the local market.

Chart showing real estate data

Sale Price

List Price

Sale Price Compared to List Price

Days on Market

Number of Properties Listed

Number of Properties Pending Sale

Metropolitan Boston data is for the city of Boston excluding 02119,02121,02124,02130,02126,02131,02136,02132; Cambridge; and Somerville.

Boston Suburbs data is for Malden, Medford, Quincy, Weymouth, Watertown, Brookline, Newton, Lexington, Winchester, Belmont, and Arlington.

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