Back Bay’s luxury real estate market generally held serve in 2017. The average price per foot for 2017 ($1,308) was up 1.4 percent against 2016 ($1,290). The total number of sales over $1M (232) dropped slightly from 240 in the last year.
Unlike the South End, where the days on market statistic crept higher in 2017, Back Bay observed a decrease from 88 to 79 in average days on the market this year. The days on market statistic for Back Bay was even lower in 2015 at 63 so this is not necessarily a standout movement in 2017 as it trends towards a historical norm.
Back Bay pricing can be a daunting premium (20%) over the South End. Buyers choosing between the two neighborhoods have often settled for South End, feeling like there’s additional value to claim in that area. But, the ultra luxury market has not lost its luster in the Back Bay where $1,500+ per square foot transactions are common.