Boston’s distant suburbs are getting more expensive, especially these I-495 towns
Some outer suburbs are finally starting to see home prices accelerate, even as Cambridge and other hot urban areas set new records year after year.
Some outer suburbs are finally starting to see home prices accelerate, even as Cambridge and other hot urban areas set new records year after year.
Out on the I-495 beltway, Foxborough, Milford, Littleton, Bellingham and Marlborough have all seen either high single-digit or double-digit price increases during the first nine months of 2015 compared to the same period last year, Massachusetts Association of Realtor stats show.
The price increases are significantly higher than what the state as a whole is seeing, with the median price of a home in Massachusetts rising just under 3 percent through the end of September, to $349,000.
The strong showing out on 1-495 comes after years of a relatively sluggish real estate recovery in some of the Boston area’s more distant suburbs, with median prices in many towns and neighborhoods inside the 128 beltway having long since blown past their previous peaks set a decade ago.
As prices have risen, this fall has seen a surge of new homes hit the market across the suburbs, from 128 out to 495, as owners to take advantage of a hot market, said Scott Driscoll, a Redfin agent who works with buyers in several suburban communities.
“I have been seeing a lot of inventory coming on,’’ Driscoll said. “People want to get them on the market before the holidays and take a last stab at selling their house.’’
Story continues after gallery.
The 50 safest towns in Massachusetts:
On opposite ends of the 495 beltway, both Littleton, up north near Route 2, and Foxborough, down towards the Rhode Island border, have seen double digit price growth so far this year.
Littleton’s median home price has jumped 13.5 percent in 2015, to $505,000, while Foxborough saw a 12.1 percent gain, to $403,750, MAR stats show.
Milford, Bellingham and Marlborough have also seen significant price increases, though in the high single, rather than double, digits.
Milford’s median price has risen 8.4 percent to $296,450. Bellingham has seen a nearly 9 percent jump to $288,500, while Marlborough isn’t far behind, with a 7.7 percent increase that has raised its median home price to $322,000.
Real estate values are starting to rise in the outer suburbs, in turn, as prices go through the roof in many suburbs closer to Boston and Cambridge, pushing buyers further west.
The median price of a home is hovering in the million-dollar range in Newton, Wellesley, Weston, Cambridge, Concord, Lincoln, Brookline, Winchester and Cohasset.
In a separate survey, Cambridge made the top 20 for having some of the most expensive, four-bedroom, two-bath homes of any community in the country, with the median price hitting $1.1 million, Coldwell Banker Real Estate reports.
In a separate survey, Cambridge made the top 20 for having some of the most expensive, four-bedroom, two-bath homes of any community in the country, with the median price hitting $1.1 million, Coldwell Banker Real Estate reports.
To comment, please create a screen name in your profile
To comment, please verify your email address
Conversation
This discussion has ended. Please join elsewhere on Boston.com