Do you think a $500 budget for a one night in Aug stay in Boston is too much?

I’ve been trying to find a hotel for a stay over in Boston coming up in the middle of August and so far I’ve only found a few places for over $500. Most of them were booking.com, hotels.com, and some hotels’ websites and I just want to know based on your experiences if that’s a fair amount to pay for a one night stay.