Boston-area home prices were up an astounding 14.3 percent year-over-year in September, according to the national brokerage Redfin — roughly in line with a nationwide real estate boom being driven by record-low mortgage rates and a shortage of homes for sale. But the downtown condo market has been marching — or stumbling — to the beat of a different drummer.
“The Boston condo market is a great example of what’s happening nationally,” said Kiernan Middleman, an agent with Berkshire Hathaway HomeServices Warren Residential in Boston, which just published its third-quarter report on the city’s condo market. “Buyers are simply leaving the city and heading to the suburbs.”
That shift away from the urban core is evident even within the city limits as condo prices plunged downtown but held their ground in some of Boston’s outlying neighborhoods, according to the report.