Home Prices Raise the Roof in Greater Boston
Home prices are rising across Boston, but Cambridge is in a league of its own.
Sure, home prices are rising across Greater Boston, but when it comes to really big gains, some suburbs and city neighborhoods are in a league of their own.
Everything Cambridge (and adjacent) is golden right now.
The median home in the center of the region’s biotech boom crossed the $1 million mark during the first eight months of the year, reaching $1.1 million, according to The Warren Group, publisher of Banker & Tradesman.
That represents a 33 percent jump, one of the highest of any city or town in Eastern Massachusetts.
To land a house in Cambridge, buyers can expect to battle multiple offers. In fact, they will also need to consider waiving financing and inspection contingencies, Steve Novak, a Redfin agent in Cambridge, notes on the brokerage’s website.
Novak recently helped a buyer land a two-bedroom condo in Central Square, navigating four rounds of bidding. The final sale price was $715,000, up from $600,000 before offers started pouring in.
“For the most part, everything that is good has multiple offers,’’ he said.
Next door, Arlington and Watertown have seen their median home prices jump 15 and 16 percent respectively, to $625,000 and $530,000. Belmont, another Cambridge neighbor, saw its median home hit $882,500 after a 12 percent increase, while Brookline saw a nearly 20 percent rise, to $1.5 million.
Boston prices are hot as well. Jamaica Plain ($680,000), East Boston ($333,000) and Dorchester ($348,000) have all notched double-digit gains this year. Meanwhile, farther out in the suburbs, some towns are seeing prices not merely increase, but skyrocket.
To the north of Boston, Middleton is hard to beat, with prices up nearly 50 percent, hovering around $637,000, the Warren Group finds. On the 128 belt, Lexington remains hot with a 16 percent price increase, pushing the median to $944,400. Carlisle saw a nearly 15 percent rise to $775,000.
On the 495 belt, a number of towns have also reaped substantial gains this year. Boxborough’s median price is now $640,000 after a 31 percent increase, while Southborough’s rose 21 percent to $590,000. Bolton and Franklin have both seen 16 percent increases this year, hitting $489,000 and $412,500, respectively.
Still, what goes up will come down at some point. There are signs sellers may be starting to overprice their homes, notes Matt Hanson, a Redfin agent who works with buyers in Woburn and other north of Boston areas.
“The listing agents are pricing the properties higher,’’ Hanson said. “It has gotten to the point where it is all the market can bear.’’
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