Hingham’s Condo Market Gives Boston’s a Run For Its Money
Hingham has long been a bastion of upscale, single-family homes. And suddenly, the picturesque South Shore town is giving the downtown Boston condo market a run for its money.
Hingham has long been a bastion of upscale, single-family homes. And suddenly, the picturesque South Shore town is giving the downtown Boston condo market a run for its money.
The median price for a condo in Hingham hit $664,100 in 2014, notes Midge Durgin, an agent in the Coldwell Banker Residential Brokerage office in Hingham.
By comparison, the median price for a single-family home in town came in at a still lofty, but somewhat lower, $655,000.
“It was our biggest year for condo sales in 26 years,’’ Durgin said.
Behind the trend has been a condo construction boom in Hingham over the past decade or so, with now at least 10 condo communities across town, she said.
After a slow start amid the recession, the first of two planned luxury condo buildings at the redeveloped Hingham Shipyard, the Moorings, has sold out. Pre-sales for units in a second planned condo building, Hewitts Landing, are now underway.
The shipyard itself is now a major waterfront attraction called The Launch, which includes more than 40 stores and restaurants.
The Residences at Black Rock, ¬launched a decade ago¬, is the heavyweight in town, though. It features 138 townhome residences around the sprawling acreage of the Black Rock Country Club, with prices having ranged from $930,000 to more than $3 million, Durgin said.
Back River, which features luxury townhomes, is also pricey, with some units selling in the $1.3 million range.
The newest condo development in town is Damon Farms, which straddles the line with Norwell. The first two units are on the market, with 32 in total planned for the development. Prices range from $649,000 to $749,000, according to Durgin.
The biggest buyers of all these pricey condos are aging homeowners from Hingham and other towns looking to downsize or move closer to where the kids or grandkids are living now.
Ferry service to Boston and a commuter rail stop are also big attractions.
“Many of these people might be empty nesters, but they still are working,’’ she said.
While single-family homes haven’t seen the explosive growth of the condo market, there is still strong demand.
Most buyers are looking in the $650,000 to $850,000 price range, hoping to land a four-bedroom colonial or something similar, Durgin said.
The lower end of the range will get a house in need of a little work and updating.
In contrast with the condo buyers, the typical Hingham home buyer is 35 to 45 years old, with children.
“We have definitely seen a huge surge in young families,’’ Durgin said.
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