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Home prices down in August — Boston Real Estate Trends

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While knowing where the market is going to go is exceedingly hard to do, it’s always interesting to know where it has been. For the first time in several months, Torii’s Monthly Market report for August showed home prices around Boston fell month-over-month.

Median asking price was essentially flat ($599,900 in July and $599,000), but sale prices were down significantly. The median price paid in the Boston area dropped from $625,000 to $601,000. We always expect to see some seasonality in the Boston-area market, but this seems aberrant. In the 4 years prior, July to August was nearly flat (very slightly up or very slightly down), so seeing a nearly 4% drop seems unusual.

See the full report here

Median time on market was up to 24 days from 20 in July.

Homes in Allston still moved faster than anywhere else, with the median market time at just 4 days. Boston’s Seaport and Fort Point (02210) had the longest median time on market at 50 days.

6 zip codes in Boston proper were above $1,000 per square foot, down from 9 in July.


For the full report, click here. If you’re getting ready to buy, get in touch.

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