Some online travel sites (I'm thinking of Hotwire specifically, but the question applies more generally) offer low rates on high-quality hotels if you're willing to not specify exactly where you want to stay. As I understand it, these rates are possible because the hotels would rather have a room occupied than not, even if they're making a minimal profit off it. So I would think, if you're using one of these sites like Hotwire, the cheapest hotel rate they can offer should get lower as you get closer to the date of travel. Is that actually the case?
In my case specifically, I will be attending an event in Boston in about a month. The lowest hotel prices I'm seeing close to the location of the event are around $200-250 right now, but I'm wondering whether those are likely to get any lower in the few days prior to the event itself. (I'm aware that there are other ways to find accommodation on a budget, but I'm just researching my options for now.)