Known for its rows of meticulously planned—and preserved—Victorian brownstones, the streets of Upper Back Bay offer some of the finest examples of 19th-century urban planning in the country. This fashionable, upscale neighborhood offers a seamless marriage of residential charm and commercial appeal, with abundant dining and shopping options within walking distance of its neighborhood streets.

In 2024, 39 properties traded above $2M, adding $165,520,000 to the total sales volume in Back Bay. Upper Back Bay property owners can rest easy knowing the price per square foot in the sub-neighborhood rose to $1,634.97, which is 3% higher than 2023. There has been a consistent upward trajectory in price per square foot over the past 4 years in UBB. This has not been the case in most other neighborhoods.

The top sale in this neighborhood was at 279 Marlborough Street, a stunning single family home on the sunny side of this prestigious street. Originally listed at $21,000,000, the buyer of this home was able to close for a 21% discount, settling the deal at $16,500,000. Having a high number of days on market often relates to an inflated asking price, evident in this transaction as the property sat on the market for just about a year before accepting an offer well below asking. Two other properties in this sub-neighborhood recognized a discount of greater than 20%, and they were both at the same building: 222 Commonwealth Avenue. Both units, residence #2 and the penthouse, were newly constructed gut renovations. The penthouse traded for $10,200,000 at a discount of 27% of ask while Unit 2 traded for 22% under ask at $2,600,000. Both of these Commonwealth Avenue units were on the market for 100+ days prior to accepting an offer. Despite the buyers obtaining hefty “discounts,” the price per square foot of the condos traded nearly 40% above the average price per square foot of the Upper Back Bay $2M+ market in total! 279 Marlborough achieved $2,360.52/SF, which was 44.4% above the average and the penthouse of 222 Commonwealth Avenue achieved $2,247/SF,  which was 37.4% above the average.

On the ground, we often hear buyers say they “don’t want to be on this side of the Back Bay” due to concerns about value retention. Yet, being immersed in the market day in and day out, we know there’s real value to be found on this side of Dartmouth Street. The challenge, of course, is convincing buyers to see beyond their preconceived notions that they need to be closer to the Public Garden. But as always, the proof is in the pudding.

The price per square foot gap in the luxury market has narrowed between the Lower and Upper Back Bay. Just last year, the average price difference stood at $515.69 per square foot—$2,098.74 in Lower Back Bay versus $1,583.04 in Upper Back Bay. Fast forward to 2024, and that gap has dramatically tightened to just $155.17.

How did we get here? The Upper Back Bay saw steady appreciation of $51.92 per square foot year over year, while the more volatile Lower Back Bay experienced a surprising decline of $308.60 per square foot.