Buying a house

The average price per square foot has increased by 11.2 percent to $985, but there are more properties on the market.

Prices in the Boston condo market are rising, but there are also more properties for sale, according to a report from Berkshire Hathaway HomeServices Warren Residential.

The report, which examines the market for the second quarter of 2024, found a 13.5 percent increase in the number of listings. A balanced market offers at least five months of inventory. Inventory in the Boston condo market was 3.76 months in the second quarter, a 37.2 percent increase from the second quarter of 2023.

What does this mean for the condo buyer? Leverage. The more properties on the market, the more competition sellers have. The average number of days on the market has increased from 43 to 45. This leverage is a glimmer of hope when mortgage rates are high, prices are rising, and supply is still far below what it should be.

At the same time, the average price per square meter rose 11.2 percent to $985 and the average sales price climbed 5.3 percent to $1,070,699.

The report also divides the market by districts:

The jump in price per square foot in Roxbury is particularly notable and is likely the result of an increase in new construction in the neighborhood, such as 118 Marcella. Unit 4 in this new eco-friendly building in Fort Hill offers three bedrooms, two full baths and is listed for $849,900, according to the Multiple Listing Service, which works out to $545.51 per square foot.