Boston’s median price per square foot has surged by 72.9% since 2019, marking one of the highest increases in the nation, according to Realtor.com’s May Housing Report. 

This significant rise is second only to New York, at 84.7%, and tops Nashville, which has seen a 68.6% increase.

The report found “staggering” increases when looking at the median price per square foot across the nation, as nearly half of the 50 metros in the report had increases of at least 50% since 2019. 

Danielle Hale, Realtor.com chief economist, said the numbers suggest typical home values have also grown – up more than 20% since before the start of the pandemic.

“In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median price-per-square foot suggests that the typical home on the market today is worth 52.7% more than before the pandemic, more than double the roughly 23% increase in consumer price inflation in this period,” Hale said in a press release. “The specifics will vary from market to market, but the data suggest ongoing opportunity for many sellers. 

In Boston, the median list price of a home in May was $900,000, a 3.8% increase from last year, with a 10.2% year-over-year increase in price per square foot. That marks a 49.4% increase in the median list price from May 2019.