Top 3 Boston Metro Towns for Appreciation/Depreciation in 2023
Top 3 Appreciating & Weakest Performing Boston Suburb Towns
They said that 2023 was going to be the year that home prices were going to go down. Towns in the Boston Metro market must have missed that memo… Well… Except for one town.
For this analysis we looked at 16 towns that surrounded and included Boston. Essentially the 95 belt to the South and then going up to Waltham and estimating the same circumference around which brings towns like Medford, Malden and Revere into the analysis. For this analysis, we compared the stats for both single family and condo units combined. We will take a look at the appreciation rates as well as the sales level decreases for each of the top and bottom 3 towns.
Real quick. My name is Jeff Chubb and I am a retired investment banker turned real estate agent that has sold more than a 1,000 homes. If you have real estate questions, then I am here to help.
Alright, let's start with the top appreciating towns.
Waltham, Massachusetts is the third best performing town in the Boston Metro area. They had 403 Single Family and Condo sales in 2023 which was a 20.2% decrease in sales levels from 2023’s 505 closed units. The average sales price was up 7.5% with a 2023 average sales price of $790,281. This is compared to the average sales price in 2022 which was $735,307. Median price was up as well, however a little lower. The median price was up 5.3% with a $737,000 sales price in 2023.
The second best performing town in the Boston Metro market was Everett, Massachusetts. Everett had 117 sales in 2023 which was a 24.5% decrease in sales levels from the 155 that sold in 2022. Prices were up 8.3% in 2023 with an average sales price of $543,694. This is compared to the average sales price in 2022 at $501,860. The median pricing gain was in the ballpark with a median price of $562,000 which was a 7.1% increase over 2022.
And the best performing market in the Boston Metro market was… Boston! Boston’s sales were down by 21% with 4,340 closed single family and condo units in 2023. This is compared to the 5,491 units that sold in 2022. The average sales price shot past the million mark with an average sales price of $1.095 million in 2023. This is compared to the $998,950 average sales price in 2022. The median sales price showed a little different of a picture with the median sales price of $755,000 which represented a 2.7% increase over the $735,000 median price in 2022. The biggest city in New England has a lot of Boston Homes For Sale !
Now let's talk about the worst performers in the Boston Metro Market. I can’t say biggest losers because… well two of the three markets did not see any home price depreciation!
The third worst performer was Cambridge, Massachusetts which saw 600 single family and condo homes sell which was a 14.9% decrease in sales activity from the 705 that sold in 2022. The average sales price was up .7% to a price of $1.333 million in 2023. This is compared to the average sales price of $1.324 million in 2022. Median pricing wasn’t as favorable for Cambridge with median pricing showing a decline in values of 2.4% at a $987,500 sales price.
The second worst performer in the Boston Metro market was Quincy, Massachusetts. Quincy saw 645 homes close in 2023 which was a 8.8% decrease in sales activity as Quincy recorded 707 sales in 2022. The average 2023 sales price of $616,336 was .4% higher than the $613,654 sales price in 2022. Median pricing of $610,000 in 2023 showed a little more of a favorable picture with prices up 2.9%. Quincy has it all. Close proximity to Boston, but also some stunning Waterfront Quincy Homes For Sale !
And that leads us to the worst performing market and the only market that saw home prices go down in the Boston Metro market for 2023. Dedham had 229 Single Family and Condo homes close which represented a 25.4% decrease in sales activity from the 2022 levels of 307 units sold. The average sales price was down a WHOPPING .5% in 2023 with an average sales price of $735,568. This is compared to the 2022 average sales price of $738,857. Again, median pricing shows a little bit different of a picture. The $675,000 median price represented a 3.1% increase in median price year over year.
If you are going by median pricing, then that would mean two towns saw home prices go down with Cambridge at the 2.4% that we mentioned a couple moments ago and Medford which saw median prices down by .3%.
It was a good year for real estate in the Boston Metro Market… You could say that the Massachusetts market as a whole had a good year.
Curious about what was going on in the North of Boston, South of Boston ore Metro West markets in 2023? Well then be on the lookout for those videos. You should also check out my 2024 Real estate market conditions video as well…
As always, I truly appreciate you keeping me in mind should you or anyone you know are thinking about buying or selling a home in 2024!
And let me know if you have any questions. You can drop me a line in the comment section below or I invite you to reach out to me as all my contact information is in the description below.
So until next time.