Median Home Prices Soar in Boston’s Evergrowing Real Estate Market
Median home prices in some of the neighborhoods in the Greater Boston area are fast approaching, and in many cases exceeding the $500,000 mark. According the Warren Group, a real estate market tracking firm, a long list of suburbs and neighborhoods surrounding Boston have marked considerable growth in real estate prices over the past two years.
While some of these neighborhoods that have marked significant growth are in higher end neighborhoods like Newton and Jamaica Plain, many large increases have been noted in neighborhoods traditionally seen as ‘less desirable’. Areas like Roslindale and West Roxbury have seen double digit increases in 2015, which has raised the median price over $500,000 in each.
As demand for units remains high and the inventory of homes for sale diminishes, conditions are perfect for soaring prices. This has led many buyers to search in areas further and further outside the city to find affordable housing. The neighborhoods of Medford and Waltham have seen big increases as many buyers have been priced out of neighborhoods like Cambridge and Somerville. Medford’s median price was $492,000 in 2015, and red hot Waltham is now at $511,000.
In Waltham, duplex style houses are getting as much as $600,000 per side, and in some cases above $700,000 each. As the real estate market in Boston continues to thrive, the ripple effect has sent prices skyrocketing in many suburban neighborhoods in the outskirts of Boston, a trend you can expect to see continue well into 2017 and beyond.