Top Appreciation & Depreciating Boston Neighborhoods for 2023

Top 3 Boston Appreciation & Depreciation Neighborhoods of 2023.

What a year for real estate. Everyone said it was gonna die off and be the way of 2008 with massive housing price declines. As a whole, it didn’t. The market in Massachusetts was a strong performer. But not all neighborhoods in Boston had the same fate. One neighborhood was down nearly 10%!

We disqualified neighborhoods that had under 20 sales. These neighborhoods included Bay Village, Mission Hill and the Chinatown/Leather District. It was not enough data for a good analysis. Our Multi-Listing service also doesn’t necessarily play by the Boston neighborhood rules… Sometimes it makes sense. Other Times it does not.  For example, the Seaport District was separated from South Boston. The Waterfront area is separated from the North End while Downtown lumped together the Financial District, Theatre District and Midtown. 

In 2023, the largest city in New England saw 4,887 properties closed with a median sales price of $799,000. We looked at all Single Family, Condo and Multi-Family sales in all the neighborhoods. Click Here to search all Boston Homes For Sale

This means that Boston saw a 21% decrease in the amount of units sold with prices going up 3.1% as in 2022 we sold 6,187 units for a median sales price of $775,000. 

Oh, 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.

So 3.1% for the entire city of Boston. Not bad. Again, especially for a year where everyone was saying that the market was going to tank. 

Let's first go over the top 3 best performing neighborhoods in Boston.

The third best performing neighborhood was Allston. There were 90 sales in Allston with a median sales price of $691,500. This represents an increase in sales of 4,7% while prices were up 25.9%. In 2022 we saw 86 sales in Allston for a median sales price of $549,211. Want to check all all Allston Homes For Sale

The second best performing neighborhood in Boston for 2023 was Brighton. Brighton saw 385 units close for a median sales price of $740,000. These stats represent a whopping increase in sales of 38.5% while prices were up by 26.2%. In 2022 we had 278 sales for an average sales price of $586,500. Here are all the Brighton Homes For Sale

So why the huge uptick in units as well as the sales price. Brighton had a two large luxury buildings hit the market in 2023. The Stratus at 191 Washington Street which consisted of 111 units, the Cadence on Leo which was located at 70 Leo Birmingham Parkway and is a 79 unit new build. 

This leads us to the number one best performing neighborhood in Boston. Downtown which for our MLS purposes included the Financial District, Theatre District and Midtown saw 115 units close for a median sales price of $1.75 million dollars. This represents a whopping 47% increase in the median sales price while seeing the amount of sales decrease by 22.3%. 

Like the Brighton market, this was deserving of some additional examination. There were also two new luxury buildings that were selling in 2023. The Parker at 55 LaGrange is a 168 unit building. Meanwhile the Residences at Winthrop Center which is located at 240 Devonshire Street is a 317 luxury unit building. 

Now let’s take a look at the worst performing neighborhoods in Boston. 

Jamaica Plain was the third worst performing neighborhood with 373 units sold for a median sales price of $735,000. This represented a decrease in sales of 22% while prices were down by 7.7%. In 2022, Jamaica Plain had 478 units close for a median sales price of $796,500. Want to view all the current Jamaica Plain Homes For Sale

I dug into the data a little more as a 22% decrease in sales is not a small number! I was thinking there was a large building that was sold out in 2022 and this is what represented the big decrease in units sold. Nope. I was wrong. That is an organic 22% decrease in sales with an organic 7.7% decrease in pricing. 

The second worst performing neighborhood was the North End with 57 units sold and a median sales price of $775,000. This is compared to the 81 units sold in 2022 with a median sales price of $850,000. All in all, sales levels were down 29.6% while property prices were down 8.8%. Click here to view all the North End Homes For Sale

Again, I felt the need to dig a little deeper and there were no large buildings that went up for sale in the North End in 2022. The only thing I could possibly pinpoint a couple lost sales on is if someone slipped a unit or two into the Waterfront data. Otherwise, this would all be organic decreases in sales and pricing. 

And the biggest Loser in Boston was in the West End where we had 29 sales for a median sales price of $485,000. This is compared to the 30 sales in 2022 with a median sales price of $536,000. The low sales count always makes me second guess the data a little bit. Curious to know about the West End Homes For Sale ? Especially since the bottom three out of the actual bottom four neighborhoods were disqualified due to their lack of sales. Bay Village was technically 4th, but there were only 7 units closed in that neighborhood. Or technically the second lowest which was Chinatown and the Leather District and had 19 sales. And really what would be the worst performer which was Mission Hill with 13 units closed. 

In the description below I am going to provide you with all the stats as well as the neighborhood rankings, but I saw a couple surprises that I figured I would share. 

The first would be Mattapan as the 4th best performer with a 22.6% increase in prices! Not bad. The Back Bay was what I would expect… Steady eddy at  number 9 with a 9.81% gain in Median Prices. But how about Southie eeking out a 1.6% gain in the number 13 spot? And Beacon Hill seeing prices pull back ever so slightly with a 1% decrease in the number 17 spot. 

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. 

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! 

So until next time.

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