It’s no secret that there’s a severe shortage of single family homes in Greater Boston. Due to growing demand and a lack of developable land in the metro area, most new development projects have been devoted to larger multi-unit condo buildings. As a result, prices for single family homes have increased by 60% over the past five years. The current 1-year median sale price for a single family home in the city of Boston is $770K.
Seeing data like that might discourage buyers who want to own a house in the metro area. Thankfully, a deeper dive into MLS data shows that there are still some places in Greater Boston where you can find a decent inventory of single-family homes for sale. There are even some neighborhoods where the median sale price is still under $500K. Here are some of the best areas in Boston to look for single family properties by quantity of listings and median sales price.
Most Affordable Neighborhoods to Buy A Single Family Home in Metro Boston
There are currently 2 neighborhoods in Metro Boston where the median sale price for single family homes is under $500K- Randolph and Malden. Most neighborhoods in the city of Boston are already over a $600K median sale price with the exception of East Boston, Hyde Park, Mattapan, and Roxbury. Still, there are plenty of listings available for under $500K in the following areas, making them a great value compared to most metro neighborhoods.
Malden homes for sale – $459K median sale price
Randolph homes for sale – $475K median sale price
Revere homes for sale – $522K median sale price
East Boston homes for sale – $522K median sale price
Greater Boston Neighborhoods With The Most Single Family Homes in Greater Boston For Sale
While some of the aforementioned neighborhoods look great from a cost perspective, they are not as good on the supply side of the spectrum. With the exception of Malden, all other neighborhoods mentioned above have less than 11 single family listings currently active in MLS. That is not a ton of options out there for prospective buyers.
The slim inventory of single family homes doesn’t stop there. Out of the 48 neighborhoods that make up Boston and its immediate suburbs, only 4 currently have more than 20 active single-family listings for sale in MLS. So if it’s quantity of listings you are looking for, your best option may be these neighborhoods:
Newton homes for sale – 82 active single family listings – 711 sold in the past year
Quincy homes for sale – 34 active single family listings – 493 sold in the past year
Malden homes for sale – 23 active single family listings – 567 sold in the past year
Waltham homes for sale – 26 active listings – 353 sold in the past year
So while it’s true that inventory is tight and prices are high for single family homes in metro Boston, there are exceptions to the rule. In terms of overall quantity and affordability, a few neighborhoods stick out above the rest. Malden has a comparatively large inventory of homes for sale and the lowest median sales price in Greater Boston. Quincy has an even bigger inventory of homes for sale with a reasonable median sales price of $587K. These two neighborhoods are among the best options for Boston home buyers on a budget.
Published May 2, 2022
Demetrios has pulled together the largest apartment leasing team in the Greater Boston Area and is responsible for procuring more apartment rentals than anyone in New England – with over 130k people finding their housing through his services. Demetrios is an avid real estate developer, peak performance trainer, educator, guest lecturer and motivational speaker.