Real Estate Expert Blog

The Boston area is one of the East Coast’s largest cities and thus it has a higher-priced and busy real estate market. Since the beginning of the financial crisis, however, Boston real estate has seen the effects that so many others have felt: falling home values, rising foreclosures and stockpiling inventory.

According to the Greater Boston Real Estate Board, in the third quarter of 2009, which ended Sept. 30, the city saw prices remaining low. Single-family homes in the city in the third quarter had a median price of $355,000, down from $369,500 at the same time last year, down 3.9%. Homes for sale in Boston spent an average of 100 days on the market before selling, virtually unchanged from 2008, when that figure was 101.

Likewise, condos in Boston continue to show real estate in Boston in a bit of a slump. There were 1,238 condos sold in the third quarter this year, down 1.1% from 2008. The median price stood at $355,000 off by 4.1% from 2008’s median price of $370,000. Average days condos spent on the market has even risen, up to 102 from 99.

According to the Boston Globe, home prices throughout the state of Massachusetts fell 2.6% in October, and condo prices fell 4%. Despite some seemingly negative signs and low values, however, the Globe reports that Boston prices are only down 3.3% from 2008, giving it one of the better performances of major metro cities in the Case-Shiller Index.