Brookline Real Estate Market Report — August 2026

Market Overview

Brookline’s residential market cooled noticeably in August 2026, with 45 closed sales — down 10% from 50 a year ago and 13.5% below July’s 52 closings. The townwide median price rose 10.9% year-over-year to $1,156,000, but that headline number deserves an asterisk: average price per square foot actually slipped 1.5% to $802, suggesting the median gain is driven by a shift in the mix of what sold rather than broad-based appreciation. When the per-foot metric moves in the opposite direction of the median, it’s a signal to look deeper before drawing conclusions about value trends.

The most telling statistic this month is the 71.1% of sales that closed below asking price — the highest share since December 2025’s 78.4%. Paired with a 37.8% price-reduction rate and an average sale-to-list ratio of just 0.985, the data paints a clear picture: buyers have meaningful negotiating leverage right now. That said, 4.1 months of supply keeps the market in balanced territory (the 4–6 month range), not a full buyer’s market. The balance is uneven across segments, however — condos sit at 3.6 months (slight seller advantage), while single family homes have stretched to 6.4 months, firmly in buyer’s market territory.

It’s worth noting that the single-family sample this month was just 8 sales. While that clears the minimum threshold for directional analysis, the SF median price swing of -23.6% year-over-year is heavily influenced by the composition of individual transactions — last August included several ultra-high-end closings that inflated the baseline. Zero multifamily transactions closed in August (versus 5 a year ago), making that segment effectively dormant. As mortgage rates have hovered near one-year highs, the investment math for multi-unit properties has become increasingly difficult.

Sales Volume Trend

August’s 45 closings represent a clear step down from the spring and early-summer peak — May hit 63 sales and June posted 59. The seasonal deceleration is typical, but the 10% year-over-year decline suggests more than just calendar effects. Volume has now trailed the prior year in two of the last three months, a pattern worth watching as we move into fall.

Average Sale Price Trend

The townwide average sale price of $1,371,184 is the lowest reading since October 2025’s $1,194,580, and it marks the fourth consecutive monthly decline from March’s $1.94M peak. The downward trajectory reflects both seasonal patterns and a compositional shift: condos (averaging $1.13M) made up 82% of August closings, pulling the blended average lower. When fewer high-value single-family homes close, the average naturally compresses — this is mix effect, not necessarily depreciation.

Year-over-Year Comparison

The year-over-year comparison reveals a market that is remarkably similar in its fundamentals to August 2025, despite the headline noise. The sale-to-list ratio is virtually unchanged at 98.5% (vs. 98.4%), and average days on market improved slightly from 47 to 45. Active inventory dipped modestly from 187 to 180. The most significant divergence is in average sale price, which fell 13.0% — but as noted above, this is largely a function of fewer high-end single-family closings pulling the average down rather than a broad price correction.

The more reliable price-per-square-foot metric confirms this interpretation: at $802, it’s down just 1.5% from $814 a year ago. That’s essentially flat in real terms. What has changed is buyer behavior — the below-asking rate jumped from 68% to 71.1%, and price reductions ticked down slightly from 40% to 37.8%. Buyers are negotiating harder on final price, but sellers who price correctly from the start are still finding the market within a reasonable timeframe.

The Brookline Condo Market

Condos for sale in Brookline accounted for 37 of the 45 total closings in August — 82% of all residential activity. The median condo price rose 10.6% year-over-year to $940,000, and average price per square foot edged up 1.6% to $828, confirming that underlying condo values are holding steady. The average sale price of $1,133,714 was down 4.5% from last August’s $1,186,756, likely reflecting a mix shift toward smaller or more moderately priced units rather than depreciation.

Demand signals, however, showed clear softening. Only 21.6% of condos sold above asking (down from 25.6% a year ago), while 73% closed below list price. The price-reduction rate held at 37.8%, matching the townwide figure and suggesting that initial pricing remains too aggressive for many listings. The average sale-to-list ratio of 0.9876 means the typical condo buyer negotiated roughly 1.2% off the asking price — not dramatic, but a consistent pattern that sellers should factor into their pricing strategy.

On the positive side, median days on market improved to 29 from 38 a year ago, and the median condo fee dropped to $511 from $649 — though the fee decline likely reflects the types of units that traded rather than actual HOA reductions. With 130 active condo listings and 3.6 months of supply (up from 3.3 a year ago), the condo segment remains in slight seller’s market territory but is trending toward equilibrium. Sellers who price at or just below market are still moving units within a month; those who overshoot are sitting.

The Brookline Single Family Market

Eight single-family homes closed in August, down from 11 a year ago. With a sample this small, the headline metrics — median price of $2,197,450 (down 23.6% YoY), average price of $2,469,488 (down 16.5%), and average PPSF of $679 (down 16.1%) — should be interpreted cautiously. Last August’s cohort included several ultra-high-end transactions that inflated the baseline; this month’s mix skewed toward more moderately sized homes. The year-over-year declines are real in the data but likely overstate any actual depreciation in the single-family segment.

What is more telling is the structural supply picture. With 50 active listings and just 8 closings, months of supply has reached 6.4 — approaching the 7+ threshold that defines a clear buyer’s market. Active SF inventory did decline 19.4% from 62 listings a year ago, which has prevented supply from ballooning further, but absorption remains sluggish. The 37.5% price-reduction rate and 62.5% below-asking close rate confirm that SF buyers have significant leverage.

There are bright spots: 37.5% of single-family sales closed above asking (comparable to last year’s 36.4%), and median DOM improved to 28 days from 44. Half of all SF sales closed within 30 days, up sharply from July’s dismal 11.1%. This suggests a bifurcated market — well-priced homes in desirable locations still attract competitive interest, while overpriced listings languish. For buyers considering moving to Brookline MA, the single-family segment offers the most negotiating room we’ve seen in over a year.

Neighborhood Breakdown

* Median sale price shown. † Fewer than 5 sales — treat as anecdotal; too few sales to draw conclusions.

Brookline Village led all neighborhoods in volume with 17 sales but showed signs of stress: median DOM ballooned to 63 days (versus 36.5 a year ago), and the sale-to-list ratio slipped to 0.969. Only 17.6% of sales closed above asking. The median price of $780,000 was down 7.8% year-over-year, though average PPSF of $750 was up 1.2%, suggesting underlying values are stable even as headline prices dipped on mix. The recent public-space investments in Brookline Village may support long-term neighborhood appeal, but the current data shows a submarket absorbing inventory slowly.

Coolidge Corner was the standout performer among neighborhoods with adequate sample size. Its 13 sales posted a median of $1,353,400 (up 12.8% YoY), the fastest median DOM at 20 days (down from 46.5), and the highest PPSF in town at $940. Volume declined 35% from 20 sales a year ago, but that likely reflects limited supply rather than weakening demand — when well-priced units appear in Coolidge Corner, they move quickly. The ongoing development activity at 26 Pleasant Street could eventually add supply to this high-demand corridor.

Among school zones, the Runkle zone led with 10 sales at a median of $860,000, though only 10% sold over asking — a notable pullback from 28.6% a year ago. The Lawrence zone posted 7 sales with PPSF of $930, up 3.2% YoY — the strongest per-foot appreciation among zones with 5+ sales. The Ridley zone showed brisk demand with 6 sales at a median DOM of just 16.5 days and a sale-to-list ratio of 1.004, the highest among zones with adequate sample size. The Lincoln zone, however, showed the most distressed demand profile in Brookline: 7 sales at 74-day median DOM, 0% over asking, and the lowest sale-to-list ratio in town at 0.952. Despite a 20.2% median price increase to $691,000, PPSF fell 2.4% and every sale closed below asking — the price gain appears to be a unit-size mix shift rather than genuine appreciation.

The Driscoll zone recorded 7 sales at a $1,575,000 median with 26-day DOM and PPSF of $863, up 9.8% year-over-year. The Pierce zone (n=4), Baker zone (n=1), and Hayes zone (n=2) all fell below the 5-sale threshold — too few sales to draw conclusions in any of those areas.

Frequently Asked Questions for Buyers

Frequently Asked Questions for Sellers

Looking Ahead

Several dynamics bear watching as Brookline moves into fall. The 71.1% below-asking rate is the highest since December 2025 — if this persists into September, it would confirm a structural shift toward sustained buyer leverage rather than a one-month anomaly. The single-family segment at 6.4 months of supply is approaching the 7+ threshold that defines a clear buyer’s market; watch for price reductions to accelerate in the SF segment if inventory doesn’t contract. Meanwhile, the rental market’s September-cycle surge (141 leases, up 35.6% YoY) has been absorbed by a tripling of active rental inventory to 459 listings. If leasing velocity slows post-cycle, rental months of supply could spike and put downward pressure on rents — a development that would be relevant to Brookline landlords planning their leasing strategy.

The divergence between the townwide median price (+10.9% YoY) and average price per square foot (-1.5% YoY) needs resolution in coming months. If PPSF continues declining while the median rises, it confirms that price gains are mix-driven — meaning the types of homes selling are shifting upmarket, not that all homes are appreciating. This distinction matters enormously for individual buyers and sellers trying to gauge what their specific property is worth. Coolidge Corner’s $940 PPSF premium (17% above the townwide average of $802) is also worth monitoring — whether this spread widens or compresses as fall inventory arrives will signal whether premium neighborhoods are insulated from or participating in the broader softening.

On the affordability front, the 6.67% mortgage rate translates to an $11,309/month principal-and-interest burden for a median-priced single-family home ($2,197,450 with 20% down), underscoring why SF volume has contracted 27.3% and the segment is tilting firmly toward buyers with significant financial capacity. Condo buyers face a more manageable $5,349/month including the median condo fee, but that still represents a substantial commitment. Any meaningful rate relief would likely bring sidelined buyers back into the market quickly, potentially tightening conditions — particularly in the condo segment where supply is already relatively lean at 3.6 months. Forecasts are based on current data and trends; actual outcomes may vary.

Source: MLS PIN, Brookline real estate transactions through August 31, 2026.