Cambridge is currently thriving in home sales. According to a recent analysis on median home sale prices in Massachusetts, the price of a single-family home in Cambridge hassignificantlyincreased since 2005. The median sale price of a single-family home in Cambridge is now $1.2 million which sets a new peak to prices demonstrating an 80 percent increase.
Out of 46 Massachusetts communities where home prices were higher last year than in 2005, Cambridge led the pack. Today, the average Cambridge single-family home sells for nearly double the price of the average seen nine years ago. The average Cambridge single-family home sold for $667,500 in 2006.
What sets these top communities apart from others? According to Timothy Warren Jr., CEO of the Warren group, Proximity to good jobs seems to be the common thread among the top communities. Location matters in real estate, and here we see these key communities adding even more in terms of their home values.
The Warren group analyzed communities that sold at least 50 homes in 2014 and saw that many Boston, Cambridge and other communities haveseen positive gains inmedian homeprices over the past nine years.
Some parts of the state have yet to approach their pre-recession prices unlike theseneighborhoods in the thriving Cambridge and Boston markets.
More Information: Boston Globe
