Home Buying

Bucking the trend, home prices in these Greater Boston towns are falling

Newbury's median homes price has fallen 10 percent in 2016. Jonathan Wiggs for The Boston Globe

July 14, 2016

2 minutes to read

Home prices are falling in some towns and suburbs, even as the median cost of buying your own place continues to relentlessly rise in Greater Boston.

While zip codes where prices are falling instead of rising are in the minority amid a years-long real estate run up, they are hardly rare and might even provide buyers with some hard-to-come-by opportunities.

Towns where prices have fallen during the first five months of 2016 can be found across Greater Boston, from the Merrimack Valley to the affluent western suburbs down to the South Shore, show stats gathered by The Warren Group, publisher of Banker & Tradesman.

“Generally, certain suburbs can represent opportunity for certain buyers,” noted David Crowley, a strategic real estate advisor at One Boston Real Estate. “Looking at the over-all Boston market, prices tend to modulate the further you move away from the Boston Public Garden, which is the heart of downtown Boston.”

Coastal bargains?

Beachfront communities have taken some of the biggest hits in prices so far this year, particularly along the North Shore.

Newbury’s median price has fallen 10 percent so far this year, to $420,000, while in Rowley, home prices have plunged 19 percent, to $383,750.

Nearby but not quite on the coast, upscale Wenham has seen prices fall 13 percent, to $552,000, while much larger Newburyport has fared a bit better, with a more modest 2 percent decline, to $486,000.

Closer to Boston, Nahant’s median home price is now $430,000 after a 9 percent drop.

While South Shore communities have held up better, on the Cape, Harwich ($330,000), Dennis ($325,000) and Orleans ($564,638) have seen prices fall by 9, 7 and 6 percent, respectively.

Longer commutes, better deals?

Prices are also falling in some towns in the outer suburbs as we head into the second half of 2016.

On the far northeastern fringes of Interstate 495, Amesbury has seen an 8 percent decline in its median price, to $290,000.

Out on the western fringes of I-495, Boxboro, long a haven for tech workers, has seen its median drop to $509,000 after a 7 percent hit, while Littleton has experienced a 7 percent decline, to $402,500. Prices have plunged 11 percent in nearby Westford, to $425,054.

Well to the south of Boston, Raynham’s median price is down 11 percent, to $320,000. Other nearby towns like Easton ($365,500) and West Bridgewater ($290,000) have also seen a drop off, by 11 and 9 percent, respectively.

Still, even more upscale communities closer to Boston aren’t immune from price fluctuations.

Carlisle has seen a 21 percent drop-off in its median price, from over $1 million down to $850,000, while Concord is down 18 percent, to $749,750, according to Warren Group stats.