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You Know the Hype about the Massachusetts Real Estate Market, Now Here's the Facts

By Eleanor Boschert

The word's out that real estate in Boston and many of Massachusetts cities and towns is on fire. Everyone is talking about high rents, low interest rates, simmering prices, and what little inventory on the market snatched up with multiple offers and above asking price. To help you in your home buying search, check out what Mass Realty has found out about today's hot real estate market.

Touting that "the boom is back,"Boston Magazine is showcasing its "Boston's Best Places to Live 2013," featuring market snapshots of condo and single-family home prices in Greater Boston and details on communities for all types of buyers.

First-time homebuyers can find their best bets in cities such as Salem, Medford, Boxford and Western Southie. Those trading up will do well to check out Duxbury, Andover, Milton, and Needham. And, for those looking for swank, Manchester-by-the-Sea, Weston, Beacon Hill, and Hingham are for you. To get a feel for the markets and the numbers, check out the article here.

To top it off, The Boston Business Journal has released their 2012 fourth quarter housing sales data, proclaiming that real estate values are surging and outstripping the available homes for sale throughout the city. As a compass for the economic activity in Boston and beyond, the BBJ goes on to say that home values are up double-digits in neighborhoods from Dorchester to Jamaica Plain to Kenmore Square and East Boston. Back Bay tops the list with a $1.38 million median list price and a 15% year-over-year leap in median home values.

Here are some of the markets:

  1. Boston - Back Bay (Zip Code 02116)
    Median home value: $746,600
    Percent of homes with a 1-year value decrease: 3.4%
    1-qtr. value change: 5.3%
    1-year value change: 15.0%
    5-year value change: 4.3%
  2. Wellesley (Zip code 02482)
    Median home value: $794,500
    Percent homes with a 1-year value decrease: 4.7%
    1-qtr. value change: 3.9%
    1-year value change: 9.5%
    5-year value change: 1.9%
  3. Boston - West End (Zip code 02114)
    Median home value: $482,800
    Percent homes with a 1-year value decrease: 2.4%
    1-qtr. value change: 3.6%
    1-year value change: 18.0%
    5-year value change: 2.9%
  4. Brookline (Zip code 02445)
    Median home value: $552,500
    Percent homes with a 1-year value decrease: 13.2%
    1-qtr. value change: 5.4%
    1-year value change: 11.6%
    5-year value change: 2.7%
  5. Newton - Newton Center (Zip code 02459)
    Median home value: $824,800
    Percent homes with a 1-year value decrease: 4.5%
    1-qtr. value change: 3.6%
    1-year value change: 12.4%
    5-year value change: 1.7%
  6. Cambridge (Zip code 02141)
    Median home value: $427,700
    % homes with a 1-year value decrease: 3.1%
    1-qtr. value change: 3.8%
    1-year value change: 16.7%
    5-year value change: 2.4%
  7. Lexington (Zip code 02420)
    Median home value: $685,200
    Percent homes with a 1-year value decrease: 2.3%
    1-qtr. value change: 4.3%
    1-year value change: 9.6%
    5-year value change: 1.6%

(Data courtesy of Boston Magazine and Boston Business Journal.)

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