Boston's Housing Market Hits $1M Median for Single-Family Homes

Greater Boston’s housing market reached a significant milestone in June, with the median price of a single-family home crossing the $1 million mark for the first time. While some see this as a sign of the region’s desirability, it also highlights growing concerns about affordability and access. As home prices continue to climb, advocates warn that homeownership is becoming increasingly out of reach for many residents.

The Greater Boston Association of Realtors (GBAR) confirmed the milestone last week, noting that prices have been trending toward seven figures since April. Despite a rise in inventory and homes staying on the market longer, prices haven’t cooled — defying expectations that more supply would lead to price drops. “If you needed more proof that Greater Boston is one of the most sought-after places to live, here it is,” said GBAR president Mark Triglione.

The cost of entering the market is steep. A typical buyer would need a $200,000 down payment to avoid private mortgage insurance — not including closing costs, HOA fees, and ongoing maintenance expenses. For many families, that’s simply unaffordable. Boston’s median household income in 2023 was just under $95,000, and more than half of renters spend over 30% of their income on housing. Some spend over half.

Housing advocates point to structural issues that continue to push prices up — including underbuilding, corporate investors buying up homes, and a lack of strong protections for renters and homeowners. A 2023 MAPC report found that investors purchased more than one-fifth of homes sold between 2004 and 2018. Groups like Homes for All Massachusetts and City Life/Vida Urbana are working to acquire properties through community land trusts to keep them permanently affordable.

While some, like agent Dino Confalone of Gibson Sotheby’s, say the answer lies in boosting supply across all price points, others argue that more aggressive policies are needed to address the deepening affordability crisis. “Boston is no longer for the people we serve,” said Symone Crawford of the Massachusetts Affordable Homeownership Alliance. “We’re being pushed out.”

The bottom line: Greater Boston remains firmly in a seller’s market — and with high demand and limited inventory, that dynamic isn’t expected to shift anytime soon. Buyers may need to adjust expectations, while sellers continue to hold the advantage.