So I decided to do a little research and see what's available in Back Bay, and what you get for the money. According to MLS, there are 200 condos currently on the market in Back Bay. The least expensive condo is a 342 square foot unit at 464 Comm. Ave. priced at $209,000. The most expensive condo is a 5000 square foot resale unit at the Mandarin Oriental for $12.5 Million.
What does this mean to you? It means if you are looking for a place in Back Bay you better be willing to pay! Lets say you want a 1 bedroom with 600+ square feet........the least expensive unit is $399,000! I've been out with a few different clients and we've had a very difficult time finding a decent 2 bedroom for $600,000!
I can't comment on the national housing market, but it doesn't seem the prices are getting or will get any cheaper in Boston's most desirable neighborhoods.