New month, new data. Prices are down again this month.
Last month, we showed you how prices had come down in an unexpected way. Usually prices increase through August, but last month they dropped month-over-month. While that was a surprise to us, prices dropping in September wasn’t. Check out this chart to see how consistently prices usually start to dip in September.
Over the past 5 years, we’ve seen an average 4.46% drop in median home prices from August to September in the Boston area. This year it dropped from $600,000 to $586,250, or 2.29%. We’ve written before about how real seasonality is in Boston, and this is where we really start to see the slowdown.
While back in May we saw that the fastest-moving markets had median market times of just 5 or 6 days, the number is now 12 days (Brookline), and holding steady month-over-month overall at 21 days.
A few more highlights:
If you’re looking for a cooling market, head North of Boston. Marblehead (01945) had an average discount of 5% from asking to sale price, and Nahant was at a 4% discount.
19 zip codes had median sale prices above $1 million. We saw more back in July at 22, but that number is up since August at just 14.
Lowest price per square foot? Lynn (01902) at $229. Highest? Boston’s Seaport (02210) at $1,620! For reference, that number across all of San Francisco, the subject of significant talk of expensive real estate, is $1,113.