The Boston area's reign as one of the hottest real estate markets in the country has maintained for another month. The area that includes Boston, Newton, and Cambridge, showed out in May as the largest city in the top 20. The area earned the number four ranking in May, following its first place finish in April and its second place finish in March.
While this marked a slight dip in ranking compared to other months, Boston investors will be consoled by the absurd selling speed and average price tag of the month's housing sales. The median number of days a Boston listing spent on the market in May is a blinding 30 days, beating out the three markets above it (and the next ten below it). As for average cost, Boston towered above the competition with a far higher average cost per sale than any other market in the top ten.
Boston's sustained success is particularly impressive when compared to the other larger, more expensive cities in the rankings. While the 40 largest markets experienced an average drop of 22 places, Boston maintained its spot in the top five, despite its large population and average cost.
Number one on this months list is Rochester, NY, followed by Fort Wayne, IN, and Lafayette, IN in third.
Two other Massachusetts markets coexisted with Boston in the top 20, rounding out the state's dominance. At number 11 is Worcester MA, and at number 13 is Springfield MA, representing the Western side of the state. No other state had three seperate markets on the list.
Click here to see Boston's results in April.