When a property hit the market, offers would come in within a week during 2021-2022 in Boston, but the atmosphere now, with frequent discussions of price adjustments, is quite different.

According to Zillow, the average home value in Boston is approximately $719,000 as of 2026, and it has actually decreased by 1.5% over the past year. However, compared to early 2021 when it was around $553,000, this represents a cumulative increase of about 30% over five years.

Year by year, during the low-interest phase of 2021-2022, there were double-digit increases, but as interest rate hikes began in the second half of 2022, the upward trend sharply reversed. In 2023-2024, despite a lack of inventory, transaction volumes significantly dropped, showing a trend close to stagnation. After 2025, it appears that more areas are experiencing slight adjustments, particularly in the condo market.

In comparison to the national average cumulative increase of 35-45% during the same period, Boston's growth rate is below the national average. The already high price levels have limited the potential for further increases, and the last couple of years seem to have entered a phase of catching their breath.

Nevertheless, Boston is not completely stagnant. High-paying jobs in the biotech, medical, and education sectors continue to be stable, and popular urban areas with limited new supply still show some price resilience. However, outer regions and areas with a high concentration of condos are experiencing greater adjustment pressures.

Future outlooks should be approached cautiously. Unless interest rates clearly decrease, it seems unlikely that transaction volumes will increase significantly, and regional disparities may become more pronounced than before.

For Korean households, this may actually be a time of increased negotiation opportunities. The atmosphere where one had to offer extra money to secure a contract, as was the case a few years ago, has somewhat eased, making it a moment to consider purchasing with more flexibility regarding desired school districts or areas. Conversely, for sellers, it would be realistic to develop pricing strategies considering the significant variations based on location and property condition.