While much of the U.S. housing market is cooling off, Boston seems to be dancing to its own beat—one that’s speeding up, not slowing down.
In this historic New England city, real estate is on fire. Even as the average price of a single-family home approaches $1 million, homes are flying off the market faster than anywhere else in the country.
According to the latest data from the Greater Boston Association of Realtors, the median sale price for a single-family home in May reached $980,000—a record for that month, and a staggering 54% jump from May 2019, when the figure was just $635,000.
Even more striking? These homes aren’t sitting idle. Properties in the Boston metro area were on the market for just 16 days on average in May—compared to the national median of 51 days. That’s more than three times faster.
Sales activity is rising, too. In May, Greater Boston recorded 1,075 single-family home sales, a 6.4% increase from the previous year. Inventory rose by 27% year over year—but new listings dipped slightly, suggesting many buyers are eagerly snapping up what’s already available.
Mark Triglione, President of GBAR and a broker at Premier Realty Group in Reading, MA, sums it up: “Inventory is rising, prices are holding strong, and homes are still moving quickly. This is a rare market where both buyers and sellers can feel like they’re winning.”
So, what’s fueling this frenzy?
Scarcity Meets Demand
The answer lies in a persistent mismatch: not enough homes and too many people who want them.
“Boston, like much of the Northeast, has faced chronic inventory shortages for years,” says Realtor.com Senior Economic Research Analyst Hannah Jones. “That imbalance has pushed prices steadily higher and created fierce competition.”
As prices within Boston’s city limits grew increasingly unaffordable, many would-be homeowners—especially first-timers—began looking to the suburbs for relief.
Take Jason Miller, a 32-year-old software engineer, and his wife. After years of losing bidding wars while renting in Cambridge, they finally widened their search radius this spring. Their persistence paid off: they bought a four-bedroom colonial in a quiet western suburb—by bidding 5% over asking.
“It’s more than we wanted to spend,” Jason admits. “But with how fast homes were going, we knew we couldn’t wait any longer.”
This ripple effect has supercharged activity in surrounding cities like Springfield, Amherst, and even Manchester, New Hampshire. These more affordable markets have surged in popularity as Boston buyers seek more bang for their buck—and quicker deals.
The Other Side of the Market
But not everyone is jumping in.
Caitlin Rivera, a 35-year-old nurse who lives in Quincy with her husband, recently shelved their plans to upgrade to a larger home with a backyard. “We thought we’d trade up, but the prices were shocking,” she says. “We’re now considering towns like Brockton or Taunton. It’s a longer commute, but at least we’re not priced out completely.”
This tug-of-war between red-hot demand and affordability limits is creating a unique tension in the Boston market. On one hand, homes are selling quickly and prices keep climbing. On the other, buyers are stretching themselves thin—or stepping back altogether.
Even as Boston thrives, experts caution that the current pace may not last forever.
“Much of this activity is driven by pent-up demand and fears of prices going even higher,” says one housing analyst. “But if interest rates shift or the economy slows, the market could cool just as fast.”
For now, though, those lucky enough to buy are counting their blessings, while others continue weighing trade-offs: commute time versus space, price versus timing, city versus suburb.
In a housing market where even modest homes flirt with the million-dollar mark, Boston is proving that heat doesn’t always follow the national temperature.