The median price of a single-family home has risen to about $1 million in some cities and towns across the Boston area during the first half of the year 2015, according to a Boston real estate site. Nine communities have seen their median home prices go up to seven figures as demand for brand-name location couples with a shortage of homes drive up the sales value in the median housing market.
According to the website, the Massachusetts Association of Realtors reports that Concord saw one of the biggest increases. The median-home price of this historic town has shot up to $1,050,000 after a 24 percent leap this June as compared to the same month last year. Furthermore, median prices in Winchester and Newton both rose by more than 20 percent, hitting $1,090,000 and nearly $1.2 million, respectively.
Highest median price of any community in the state is seen in Brookline where the median home price has become $1.6 million, followed by Cambridge, Weston and Lincoln, all at $1.4 million, according to MAR. Moreover, Wellesley followed at $1.2 million and Belmont at an even $1 million, with Lexington just under the $1 million mark, down at $965,000. The nearby cities and town have seen impressive gains as well.
Moving on to Somerville, the single-family prices shoot up in June by over 50 percent, to $855,000. according to the real estate group reports, Somerville prices weighed in at a still $621,600 through the first six months of the year. Lastly, Bedford saw home prices rise 20 percent, to $785,000 in June, according to MAR
Overall, sales and prices were up markedly across the state in June, making it the best month since August 2005, according to Tim Warren, chief executive of real estate market tracker and publisher, The Warren Group.
"We are seeing the early results from a strong spring market," Warren said in a press release. "It is a remarkable showing after a prolonged slump and a sluggish recovery extending over the past 10 years.
