Would you believe that at least in some towns surrounding Boston, the median house prices achieved are close to the 2005 levels? Apparently, there is data that supports how in 2011 compared to 2010, there was a minuscule 0.1% increase in home prices. However in addition the estimated 1.4% increase from 2011 to 2012, still rather diminutive, is still a positive sign nonetheless.
As we discussed in several blog posts earlier, a very causative reason for this improvement can be linked to the growing assortment of biotech and high-tech firms that are aiding in the economys recovery in the Greater Boston area. They have provided jobs, established Boston as a destination for growth in their fields, built up our infrastructure and have impacted the real estate market as these highly-skilled people obviously need comparable places to live.
Some of the towns worth mentioning that have shown hints of stability regarding their median house prices from 2010-2011 are the following:
- Needham - +$20,000 to $650,000, just short of $663,750 median price from 2005
- Lexington - +$10,000 to $704,500, basically matching the $705,000 median price from 2005
- Wellesley - +$15,000 to $881,500, however still $90,000 short of the median price numbers from 2005
- Newton - +$17,000 to $752,000, close to the $760,000 median price seen from 2005
Not all towns have of course succeeded in increasing the median price rates as those listed above. Some of these include Medford, Braintree, Quincy, Weymouth, and Franklin. On the other hand, there is still evidence pointing to the fact that even some of these areas are still stabilizing and that drastic increases or decreases in home values are starting to level off.
On the whole, this is an uplifting way to bring in the new year with regards to the future outlook of our real estate climate. We can only hope that these positive trends continue!
More Information: Boston.com