If Youre Living In These Towns Your Home Is Your Best Investment Right Now

If Youre Living In These Towns Your Home Is Your Best Investment Right Now

The best investment around right now just may be your home.

Home prices and sales in the Boston area and across the state are hitting new heights, even as global stock markets go on a nauseating roller coaster ride.

Home sales across the state shot up 24 percent in July compared to the same month the year before, the best showing in a decade, reports The Warren Group, the Boston-based real estate data firm and publisher.

The median price of a home in Massachusetts came in at just under $360,000, or a 1.38 percent increase over last year, with a number of towns and neighborhoods in the Boston area posting double-digit increases.

Driving forces

Some of the big winners locally include Dover, Cambridge, Somerville, Watertown, Revere, Manchester-by-the-Sea, Rockport, Belmont and Weston.

An ongoing shortage of homes for sale has been a key factor driving prices up, industry experts say, with the number of single-family listings on the market down 25 percent from last year.

“July’s numbers are the result of a very strong spring season and are an improvement over the sluggish start to the year,’’ said Cassidy Murphy, editorial director of The Warren Group, in a press release.

Boston suburbs with the best nature access:

Hot markets

Cambridge, Somerville and Watertown posted big gains in July.

Cambridge’s median home price rose 7.8 percent, to nearly $1.4 million, while Somerville and Watertown posted 38 and 27 percent increases, to $735,000 and $641,000 respectively, the Massachusetts Association of Realtors reports.

Condo prices rose by double digits as well in July in both Cambridge and Somerville. Cambridge condo prices hit $668,000 after a 16 percent rise, while Somerville saw condo prices soar 20 percent, to $583,000.

The western suburbs were hot once again, with big double digit increases in a number of towns.

Dover’s median price hit $1.2 million after a 64 percent increase in July, while Belmont’s median price weighed in at $1,115,000 after a 27 percent rise, according to MAR.

Bedford’s median price rose 24 percent, to $670,000, while Weston saw a 33 percent jump, to more than $1.8 million.

The North Shore saw big gains as well.

Manchester-by-the-Sea saw its median price leap 41 percent, to $842,000, while Essex saw a nearly 40 percent increase, to just under $559,000, the real estate trade group reports.

Rockport saw a 34 percent increase, to $525,000, while on Boston’s northern flank, Revere saw prices go on a 31 percent price tear, reaching a median of more than $341,000.

On the South Shore, Cohasset saw stratospheric price growth in July, with the median price reaching $1,165,000 after a 71 percent increase.

“While prices are moderating, they continue to be high because the demand is there and the inventory continues to remain low– an issue that has been going on for several years now,’’ said 2015 MAR President Corinne Fitzgerald, broker-owner of FITZGERALD Real Estate in Greenfield, in press release.

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Phone: 339-440-1748
Dated: January 19th 2018
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