Boston, MA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

How much does a realtor make in Boston, MA? ›

Real Estate Agent Salary in Boston, MA. $65,200 is the 25th percentile. Salaries below this are outliers. $108,600 is the 75th percentile.

Boston, MA housing market

In May 2024, the median listing home price in Boston, MA was $1M, trending up 10.8% year-over-year. The median listing home price per square foot was $956. The median home sold price was $765K.

The Market Is Slowing Down

Data from GBAR shows that Boston home and condo sales have gone down in the last few months. Single-family home sales have decreased by 13.5 percent in the last year, going from 1,026 homes sold in April 2021 to 888 homes sold in October 2022.

But as one of the most expensive housing markets in the U.S., putting down roots in Boston is another matter entirely. At nearly $1,002,000, average home prices are more than twice the U.S. average.

In effect, property owners pay all Realtor fees when selling. That total compensation or real estate commission rate is then split between the listing agent and the agent or broker that brings the buyer to the transaction (sometimes referred to as the cooperating broker).

A single adult needs to make about $60 an hour or $124,966 a year, according to the study put out by SmartAsset. Two working adults with two children need to pull in $319,738 a year. These salaries are all pre-tax.

Prospective homebuyers need to make $162,471 a year to afford a home here, the report says. Four years ago, Bankrate says the salary needed to buy a median-priced home in Massachusetts was $115,797. That's a 40% increase from 2020, but experts say wages haven't kept pace with the rising cost of houses.

In the Boston metro area, the annual income required to afford a median-priced home was $194,188 as of August 2023. That's a year-over-year increase of 22.7%, according to Redfin. The median monthly mortgage payment is $4,855 and the median home sale price was $712,000.

Boston Housing Market Trends

In April 2024, Boston home prices were up 0.6% compared to last year, selling for a median price of $775K. On average, homes in Boston sell after 21 days on the market compared to 22 days last year. There were 422 homes sold in April this year, up from 371 last year.

When to buy a house in Boston? ›

One of the biggest things influencing homebuying in Boston is the weather. Boston has cold winters, making a move challenging. Historically, buyers tend to buy and look for homes in the early spring, extending through to the summer. Generally, the highest prices hit the market in September.

Multiple sources estimate the state needs an additional 200,000 housing units by 2030 to meet affordability and competitive market demands. This is a staggering number. For perspective, consider that Boston currently has a total of 296,035 housing units (including apartments, condos, single family homes, etc.).

Massachusetts Housing Market Conditions

The current real estate market conditions in Massachusetts are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.

In the Greater Boston area, for instance, forecasts indicate a moderate growth rate, hinting at a promising trajectory for investors. As of early 2024, a slight increase of 0.4% by late February is anticipated, escalating to more significant growth rates in the following months, including a 1.5% rise by April.

As of Jun 5, 2024, the average annual pay for a Real Estate Agent in Massachusetts is $84,775 a year.

Real estate is one of the best careers in Boston because of its high earning potential and the strong demand for rentals and housing. When you work with the right real estate brokerage, training, teamwork, trust, and technology allow you to consistently earn commissions.

As of May 28, 2024, the average annual pay for a Medical Laboratory Scientist in Boston is $66,239 a year. Just in case you need a simple salary calculator, that works out to be approximately $31.85 an hour. This is the equivalent of $1,273/week or $5,519/month.

With rental rates well above the national average and one of the highest appreciation rates in the nation, the Boston real estate market is built on solid economic fundamentals. Apartment vacancy rates are incredibly low in Boston.