It's a great time for Boston area real estate. We have seen great strides made by many Massachusetts neighborhoods in comparison to those nationwide. Bloomberg Businessweek recently posted a list of the top 25 housing markets in the country and an additional bottom 25 real estate markets during the time period from February of 2009 until August, 2011.
The data depicts the Greater Boston Area as one that has performed well after the recession. More so, there are tentative signs of a turnaround. As we proudly shared in previous blog posts, the rise in International interest to our communities, increasing condominium sales, and Bostons surge in commercial real estate, to name a few, all have set up our surrounding areas housing markets to succeed from now and into the future.
In the list of the top 25, Virginia had the most places mentioned with 9, while Massachusetts as a state had the second most with 4 neighborhoods making the list. No other state had more than one single area represented. For the list of the worst performing localities, Massachusetts did not have one neighborhood represented in the bottom 25, another great feat showing our consistency across the board. So which places made the cut?
- #2 - Arlington, Massachusetts was ranked as #2 on the list! It was found that from the previously mentioned time span of February 2009-August 2011 there was a +14.8% increase in median home values which was $475,800 this August with a median sales price of $468,200 as of the 31st of July.
- #3 - Brookline came in at the 3rd position with a +13.6% increase in median home values! This brought results of a median home value of $506,900 in August and a median sales price of $513,200 as of the 31st of July.
- #14 - Boston came in 14th with a median increase of +10.4% in home values! For August there was a median home value of $333,500 and as of September 30th the median sales price was $395,300.
- #18 - Finally, the last recognized portion of our state was Somerville. As #18 out of the top 25 with a +8.7% increase, the median home value was $357,400 for August of this year with the median sales price on September 30th being $380,300.
One would be hard-pressed to find more trustworthy, stable and recently increasing real estate markets than the ones we are living in today in and around Boston. It is evident that our neighborhoods complement, balance and strengthen one another and will continue to do so. There is no better time to contact a Gibson Sothebys International Realty.
For more information you can view the Bloomberg Businessweek article here.