Boston Area Home Prices Retreat to ‘03 Levels

November 13, 2008 by Administrator

Boston has its own virtual time machine, and it is in the form of real estate prices. Because of the rotten real estate market, home prices in the Boston-metro area have fallen to their lowest levels since 2003.

The Boston Business Journal reports:

The average home was worth $405,849 in the second quarter of 2005. Now the average price has dropped to $338,538 — a level not seen since the second quarter of 2003. In the past year, 85.1 percent of Boston-area homes lost value and 29 percent of homeowners selling their homes did so at a loss.

The figures came from real estate analysis firm Zillow.