Read as much as you want on BostonGlobe.com, anywhere and anytime, for just 99¢.

Boston condo prices hit new highs

Condos in neighborhoods like Boston’s Back Bay are fetching record prices.

Wendy Maeda/Globe Staff/File

Condos in neighborhoods like Boston’s Back Bay are fetching record prices.

Downtown Boston condo prices are hitting new highs as demand for homes in the city continues to rise, according to new data.

The average price of Boston condos in the second quarter of 2014 soared to an all-time high of almost $728 per square foot, an increase of nearly 12 percent from the same period a year ago, the real estate tracking firm LINK said. Luxury units also hiked up, to $1,188 per square foot, almost 15 percent higher than last year

Continue reading below

Many new condo units are under construction, but tight supply and high demand are still pushing up prices, said Debra Taylor Blair, president of LINK.

“We’re experiencing this unprecedented level of demand for condominium living in Boston,” Blair said. “It’s this lifestyle trend -- people want to live in the city, walk to work, and play where they work and live.”

And they’re willing to pay. Nearly half of condo listings sold for more than asking price, according to LINK.

The average price of a Boston condo last quarter was $851,199, up about 17 percent from last year. Luxury home prices jumped more than 18 percent, to an average of $2,077,292.

LINK tracks condo sales in a dozen sections of the city, from Charlestown to South Boston.

Priyanka Dayal McCluskey can be reached at priyanka.mccluskey@globe.com. Follow her on Twitter @priyanka_dayal.
Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com