Massachusetts Home Buyer Guide

Boston's Back Bay and Beacon Hill neighborhoods both saw a decline in condominium sales last year, but the median condo price rose in both communities.

While Beacon Hill saw a more significant decline in condominium sales in 2024 than the Back Bay, its median condo price grew more than that of the Back Bay.

The following is a breakdown of the Back Bay and Beacon Hill real estate markets, comparing 2024 to 2023, based on data compiled by the Massachusetts Association of Realtors.

Year-to-Date Comparison (January-December 2024 vs. 2023)

Closed Sales

• In the Back Bay, single-family home sales increased from one to two.

• In Beacon Hill, single-family home sales increased 25 percent from 16 to 20.

• In the Back Bay, condominium sales declined 7.6 percent from 331 to 306.

• In Beacon Hill, condominium sales declined 10.1 percent from 109 to 98.

  
  

Median Sales Price

• The Back Bay's median house price jumped 143.5 percent to $12,175,000 on only two sales.

• In Beacon Hill, the median sales price for single-family homes fell 7.3 percent to $3,675,000.

• In the Back Bay, the median condo price rose slightly by 0.7 percent to $1,495,000.

• Beacon Hill's median condo price increased 4.6 percent to $1,025,000.

New Listings

• In the Back Bay, new single-family listings increased by 37.5 percent from 8 to 11.

• In Beacon Hill, new single-family listings increased by 2.9 percent from 35 to 36.

• In the Back Bay, new condominium listings increased by 4.1 percent from 487 to 507.

• Beacon Hill's new condominium listings increased by 23.7 percent from 152 to 188.

Percent of Original List Price Received

• In the Back Bay, single-family home buyers paid, on average, 85.5 percent of the original listing price, 9.4 percent less than in 2023.  

• Home buyers in Beacon Hill paid, on average, 93.3 percent of the original listing price for houses, a slight decrease of 0.6 percent from 2023.   

• In the Back Bay, condominium buyers paid 95.9 percent of the original listing price on average, only 0.3 percent less than in 2023.

• In Beacon Hill, condo home buyers paid 97.3 percent of the original listing price on average, just 0.3 percent less than in 2023.

  
  

December 2024 vs. December 2023 Comparison

December Closed Sales

• In the Back Bay, there were no single-family sales in December 2023 or December 2024.

• In Beacon Hill, single-family sales increased from one to two.

• In the Back Bay, condominium sales increased 70 percent from 20 to 34.

• In Beacon Hill, home buyers purchased nine condos in 2024, one more than in 2023.

December Median Sales Price

• In the Back Bay, there were no single-family sales in December 2023 or December 2024.

• In Beacon Hill, the median sales price for single-family homes decreased 57.5 percent in December to $2,485,000.

• In the Back Bay, the median sales price for condominiums decreased 16.2 percent to $1,500,000 compared to $1,790,000 in December 2023.

• In Beacon Hill, the median sales price for condos decreased 30.7 percent to $1,375,000 from $1,985,000 in December 2023.

Percent of Original List Price Received

• In the Back Bay, there were no single-family sales in December 2023 or December 2024.

• In Beacon Hill, on average, home buyers paid 89.9 percent of the original list price for houses, 13.1 percent less than in December 2023.

• In the Back Bay, home buyers paid, on average, 92.6 percent of the original purchase price, 4.1 percent less than in December 2023.

• In Beacon Hill, home buyers paid 92.2 percent of the original list price, on average, 3.6 percent less than in December 2023.

December Inventory of Homes for Sale

• In the Back Bay, single-family homes decreased by one, from six on December 31, 2023, to five on December 31, 2024, according to data from MLS Property Information Network, Inc., the local multiple listing service.

• Beacon Hill's single-family inventory decreased by 50 percent from 10 on December 31, 2023, to five on December 31, 2024.

• In the Back Bay, 76 condominiums were on the market on December 31, 2024, compared to 72 on December 31, 2023.

• In Beacon Hill, 28 condos were listed for sale on December 31, 2024, an increase from 16 on December 31, 2023.

Other Key Data Points

• The Back Bay's highest-priced condo sale was $12,500,000 in 2024. In total, three condominiums sold for over $10,000,000, and 25 units sold for between $5,000,000 and $9,999,999.

• Beacon Hill's most expensive condominium in 2024 sold for $10,975,000, and four condos sold for between $5,000,000 and $9,999,999.