Needham edges toward the millionaires’ club
A stream of multi-million dollar home sales is pushing up the median price of this once middle-class town.
Once solidly middle class Needham has seen an explosion in multimillion-dollar sales as even affluent home buyers look for more affordable alternatives to some of Greater Boston’s most exclusive and expensive suburbs, a new report finds.
Needham saw 12 homes fetch more than $2 million through the end of July, including a pair of sales that crossed the $3 million threshold, finds the latest Pinnacle Report, put out by Wellesley-based Pinnacle Residential Properties.
That’s compared to just one home sold over $2 million during the same period in 2014.
There was also a bump up in homes selling between $1.5 million and $2 million, with 13 through the first seven months of 2015 year compared to 11 last year, according to the Pinnacle Report.
Story continues after gallery.
11 towns where homes are selling the fastest:
Sales in the $1 million to $1.5 million price range stayed about the same.
The least expensive home sold in town went for a none-too-shabby $330,000. There were just two sales under $400,000 in Needham, the report states.
“The luxury market (over $2M) became firmly established in Needham,’’ finds the report, written by Elaine Bannigan and Elyse Marsh of Pinnacle.“The luxury market (over $2M) became firmly established in Needham,’’ finds the report, written by Elaine Bannigan and Elyse Marsh of Pinnacle.
What’s hot?
In a twist, the majority of homes that fetched over $2 million weren’t new construction.
Rather, these multimillion-dollar homes are a mix of grand, newer homes built in the last five years with an “estate-like setting (land, privacy, pool) or older, stately homes that have major renovations,’’ the Pinnacle Report notes.
The buyers typically aren’t from Needham or even Greater Boston, but instead are moving to the area for the first time, the result mainly of corporate relocations.
And many of these buyers had looked at homes in other even more expensive zip codes – which include, among others, Wellesley, Weston, Newton and Brookline – but instead opted for Needham because they can get more “value’’ for their dollar in Needham, according to the Pinnacle Report.
While Needham’s median price rose to $875,000, Newton, Wellesley, Weston and Brookline are all among the nine Greater Boston towns where median prices are either at or well above the $1 million mark.
Looking ahead, Needham has entered the fall with about 30 percent fewer homes on the market compared to last year after a strong spring sales market that extended into the summer.
But more multimillion-dollar home sales are likely ahead as the real estate market gets its traditional second wind in the autumn, the report predicts.
“Fall can be a good time for the luxury market as year-end bonuses are announced and local families may opt to trade up,’’ the report notes. “It would not be surprising for the high end of the Needham market to remain active.’’
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