Overview
The Lower Back Bay virtually screams prestige. Nudging up against Beacon Hill on the banks of the Charles River, Lower Back Bay is one of the the city’s premier sub-neighborhoods. “Lower” addresses on Comm Ave, Marlborough and Beacon Streets provide a canvas for the “who’s who” of Boston to make their lavish abodes.
Lower Back Bay with Katie Garger
Bounded by the Charles River to the north, Lower Back Bay’s western edge runs along Dartmouth Street from the river to Stuart street, which forms its southern boundary. Its eastern edge runs along Arlington Street from the river to Boylston, where it juts eastward to Charles Street. In this corner it adds three prestigious, full-service condominium complexes in One Charles, the Four Seasons Residences and the Heritage on the Garden.
$2M+ Luxury Market Data
Lower Back Bay saw a dip in its luxury market this year. In 2024, 48 properties traded above $2M, down from 52 in 2023 and 66 in 2022. The average price per square foot in the area also saw a significant drop of 17.2%, falling from $2,098 in 2023 to $1,790 in 2024. Sales volume continued along this narrative and culminated with $209,666,399. One Charles, a 2005 development near the Boston Public Garden, contributed over 10% to this volume, with 7 sales totaling $22,439,500.
Noteworthy Transactions in 2024
Late in the year, 35 Commonwealth Ave dropped a bomb with a $15M off-market sale. Clocking in at over $3,200/SF, this transaction alone had a big pull on the overall averages for this submarket. Removing the deal from the statistics would decrease the neighborhood’s average by $30/SF. On the other end of the spectrum, a noteworthy transaction was at 180 Beacon Street, where unit #3D, 3E sold for $2,015,000 – a considerable discount from where property originally listed at $2,890,000. The sale, at just 69.72% of asking, meant on a price per square foot basis the unit only achieved $918.41/SF, marking one of the rare instances in 2024 where a property sold for under $1,000/SF in this prestigious neighborhood. In fact, this was one of only 2 such sales in Lower Back Bay, and one of only 3 in Back Bay overall.
Neighborhood Specialists
We believe when real estate consumers are presented with a complete and robust spread of data, in conjunction with their personal preferences, decisions can be reached with the most confidence.
To learn more about changing market dynamics moving into 2025 check out our Perspective on the Boston Luxury Housing Market>
