Boston houses take longest on average to sell in the South End, Beacon Hill, and Back Bay, according to an analysis of closed deals in July from real estate research site NeighborhoodX. The analysis looked at the average number of days houses waited on the market before closing. See the chart below.
The three neighborhoods where it took the longest to sell in July also happen to be three of the most expensive in the city. The average listing price last month in the South End was $2,750,000, $3M in Beacon Hill, and $4,750,000 in Back Bay, according to NeighborhoodX’s Constantine Valhouli.
Otherwise, don’t look for other patterns in the data. As Valhouli also points out: "Houses in Roxbury sold in 49 days, while those in Charlestown sold in 50—while the former were under $500K and the latter were over $1M, on average."
As for how long condos spend on the market by neighborhood, there do not seem to be many patterns there, either. Condos took the longest to sell, for instance, in West Roxbury, Roxbury, and Back Bay in July—wildly divergent neighborhoods in terms of housing stock and prices.
There does appear to be one meta-pattern at least. It looks like condos go much faster than houses in Boston. The longest wait time on average for condos was 69 days in Back Bay. The longest wait for houses was 238 days in the same neighborhood.
- Boston houses: Days on market July 2016 [NeighborhoodX]
- Boston condos: Days on market July 2016 [NeighborhoodX]