Towns where a million-dollar home now seems like a bargain
The big gains come as prices continue to rise across Massachusetts, shattering price records in many towns and neighborhoods last set during the bubbly market of the mid-2000s.
The cost of buying a home in Brookline is headed towards the $2 million mark, making it the most expensive town in Massachusetts, new stats show.
Brookline’s median home price hit $1,980,000 in August, a jump of over 20 percent over last year, the Massachusetts Association of Realtors reports.
Cambridge, in turn, now has the second most expensive home prices in the state, with the median hitting $1.2 million after a 19 percent jump in August.
The big gains come as prices continue to rise across Massachusetts, shattering price records in many towns and neighborhoods last set during the bubbly market of the mid-2000s.
The median price of a home in Massachusetts hit $365,000 in August after a 4.3 percent increase, while sales were up more than 9 percent.
Rising prices, in turn, may be encouraging more homeowners to test the market, with an 11 percent jump in new listings in August – an increase that bodes well for the future, said MAR President Corinne Fitzgerald, broker-owner of FITZGERALD Real Estate in Greenfield, in a press release.
“With all these new listings added to the market this month, it suggests to me that we can keep this momentum going into the fall,’’ she said in the release.
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Neighborhoods where homes sellers get more money than they asked for:
Trailing the top two for a change were perennial favorites Wellesley and Weston, with median prices of $1,332,000 and $1,305,000, respectively, in year-to-date numbers, according to MAR.
Lexington was not far behind, at nearly $1.2 million after a price increase of 23 percent, while Winchester weighed in at just over a million dollars, following a 6 percent rise in prices.
Inner suburbs like Somerville saw big price gains as well, with a 34 percent jump pushing the median to $726,000.
Meanwhile, suburbs and towns that have long been a draw for middle income buyers are seeing prices soar, MAR reports.
The median price in Foxborough hit $527,500 after a 41 percent jump, while Natick hit $620,000 after an 18 percent increase.
The median price in Medford hit $464,000 after a 3 percent rise, with Dedham hitting $420,000 and Norwood hitting $410,000 after similar increases.
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