Most Affordable Neighborhoods to Buy Real Estate in Boston

Prices for Boston real estate are still on the rise in 2022 despite a drop in property sales city-wide.  The current median sale price for single-family homes in Boston is $816,353, a +7.31% increase compared to last September.  Similarly the 1-year median sale price for Boston condos is $730,242, up 7.39% over the same time span.

With prices like that, new home buyers may feel like they’re priced out of the market.  However, there are still plenty of neighborhoods in Boston where you can find a home under $600K.  We analyzed the last 12 months of MLS data of the 33 closest neighborhoods near Boston’s core to find the most affordable places to buy real estate in Boston.  Here’s the list:

1.  Mattapan

Area

Avg. Price per sq ft Aug 2022 Rank Single Fam Med Price Aug 2022 Rank Condo Med Price Aug 2022 Rank

Mattapan

$354

1

$524,971

1

$575,000

9

Mattapan is a neighborhood located on the southern border of Boston’s city limits.  It has the lowest average cost per square foot at $354 over the past 12 months.  It also holds the lowest single family median sale price out of the 33 neighborhoods closest to Boston.  Out of the active homes for sale in Mattapan, there are 8 that are priced below $500K at the time of writing.

2. Chelsea, MA

Area

Avg. Price per sq ft Aug 2022 Rank Single Fam Med Price Aug 2022 Rank Condo Med Price Aug 2022

Rank

Chelsea

$382 2 $597,082 2 $411,593

1

Chelsea, MA, located just north of the city, is the second most affordable place to buy real estate in Boston based on average cost per square foot.  Chelsea’s 1 year median sale price for single family homes ($597K) ranks second lowest in Boston behind Mattapan, while the median price for condos ($412K) ranks most affordable in Boston.  There are currently 13 homes for sale in Chelsea, MA under $500K at the time of writing.

3.  Hyde Park, MA

Area Avg. Price per sq ft Aug 2022 Rank Single Fam Med Price Aug 2022 Rank Condo Med Price Aug 2022

Rank

Hyde Park $387 3 $618,926 4 $429,200

2

Hyde Park, MA is a neighborhood in Boston bordering Roslindale and West Roxbury.  It holds the 3rd lowest average cost per square foot in Boston at $387.  Hyde Park is ranked 4th most affordable neighborhood in Boston to buy a single family home ($619K) and second most expensive neighborhood to buy a condo ($429K).  Out of the active Hyde Park MA real estate listings in MLS, 7 are priced under $500K.

4. Quincy

Area Avg. Price per sq ft Aug 2022 Rank Single Fam Med Price Aug 2022 Rank Condo Med Price Aug 2022

Rank

Quincy

$425 4 $649,188 6 $437,974

3

Quincy is a suburb located just south of South Boston, and offers residents easy access to the city via public transportation.  Quincy’s average cost per square foot ($425) ranks 4th lowest in Boston.  Quincy is regarded as one of the metro’s up-and-coming housing markets given its location and relative affordability.  At the time of writing, there are 26 homes for sale in Quincy MA under $500K.

5.  Dorchester

Area

Avg. Price per sq ft Aug 2022 Rank Single Fam Med Price Aug 2022 Rank Condo Med Price Aug 2022

Rank

Dorchester

$442 5 $745,835 8 $546,853

8

Dorchester ranks as the 5th most affordable real estate market in Boston with an average cost per square foot of $442.  Dorchester ranks as the 8th most affordable for both single family homes ($746K 1 year median price) and condos ($457K 1-year median).  At this moment, there are 34 homes for sale in Dorchester under $500K.

Honorable Mentions

Beyond these 5 neighborhoods, there are other places you can find affordable real estate in Boston.  The table below rounds out the top 10 neighborhoods in terms of lowest average price per square foot.  It also shows the 1 year median sale prices for single family and condo units and their corresponding rank among Boston’s core areas.

Area

Avg. Price per sq ft Aug 2022 Rank Single Fam Med Price Aug 2022 Rank Condo Med Price Aug 2022

Rank

Roslindale

$458 6 $822,608 12 $582,919

10

Fort Hill

$478 7 $600,000 3 $660,000 14

Medford

$481 8 $789,022 9 $653,961

13

Roxbury

$498 9 $637,647 5 $541,008

6

Jamaica Plain $586 11 $1,158,944 16 $694,832

15

 

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