The Boston, MA metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.9% year-over-year, settling at $705,000. In contrast, the Median List Price has risen by 6.7% to $799,000, indicating a potential gap between seller expectations and buyer willingness.

Price Per Square Foot metrics show a positive trend, with the median Price Per Square Foot increasing by 3.9% to $411.68, and the Median List Price per square foot rising by 7.4% to $453.41. This suggests that while overall sales prices have dipped, the value attributed to each square foot of property has appreciated.

Sales activity has seen a slight decline, with 1,790 Homes Sold, representing a 0.9% decrease year-over-year. Pending Sales have experienced a more significant drop of 13.2%, totaling 2,376. New Listings have also decreased by 8.6%, amounting to 2,884, which may contribute to the limited inventory, down by 0.2% to 4,271 homes.

The Months of Supply remain unchanged at 2.4 months, indicating a stable but tight market. The Median Days on Market have increased by 1.0% to 24 days, suggesting that homes are taking slightly longer to sell compared to the previous year.

The average sale to list ratio has seen a marginal increase of 0.1%, reaching 100.8%, indicating that homes are generally selling at or slightly above their list prices. However, the percentage of Homes Sold above list price has decreased by 1.3% to 45.6%, reflecting a potential cooling in competitive bidding.

Price Drops have increased by 1.3% to 15.1%, suggesting that sellers may be adjusting their expectations in response to market conditions. The percentage of homes going off the market within two weeks has slightly decreased by 0.6% to 60.7%, indicating a minor slowdown in the speed of transactions.

Overall, the Boston housing market in February 2025 is characterized by a decrease in sales prices and activity, alongside an increase in list prices and Price Per Square Foot metrics. This suggests a market in transition, with sellers adjusting to changing buyer dynamics and economic conditions.