Lower Back Bay

All but one Back Bay sub-neighborhood saw a year-over-year decline in price per square foot. Want to guess which one didn’t? Lower Back Bay, of course. The Public Garden Premium—Widening, Not Softening Time and again, Lower Back Bay proves it commands a pricing premium over the neighborhood’s other historic brownstone enclaves, particularly outside of the luxury high-rise market. This year, pricing in Upper Back Bay came in 15.07% lower per square foot compared to Lower Back Bay, while St. Botolph trailed even further behind at 24.78% lower. Is this simply the “Public Garden premium” that agents love to talk about? What stands out is how much that gap widened. Last year, the spread was far more modest: Upper Back Bay priced just 8.67% below Lower Back Bay, and St. Botolph sat 14.85% lower on a per square foot basis. The story this year is clear: buyers are willing to pay up, and they’re doing it decisively. That said, paying up doesn’t necessarily translate to overpaying. Even amid this demand, on-market Lower Back Bay sales closed at 92.83% of original asking price, proving buyers are still achieving meaningful leverage.