While Cambridge and Davis Square use to be the only condo hotspots in Greater Boston, towns including Plymouth, Lexington and Everett are moving in with double-digit increases in condo prices recently
All numbers in this article come from The Warren Group, publisher of Banker & Tradesman, from the end of July and represent towns where condo prices rose by more than 20 percent and sales either went up or were at least basically flat.
Currently, Plymouth, an area with a growing number of upscale condos, is the condo price leader by a mile with a more than 50 percent leap through the end of July. Plymouth’s median price is now over $358,000, with 100 condos sold so far this year.
Coming in behind Plymouth is Everett, an old industrial city on the Mystic River, with a median condo price that has jumped more than 34 percent, to $236,500.
Lexington, just 12 miles to the west, is one of Boston’s most historic communities along with being one of its most affluent suburbs. The median condo price in Lexington is now $575,000, after a 32.6 percent increase. Another town that saw a 32 percent increase is Melrose, a middling suburb just north of Boston, where the median condo price is now $290,000 after a 32.4 percent increase.
Now to turn focus to Allston, one of Boston’s most diverse and vibrant neighborhoods, as well as the Hub’s college-student capital. Allston’s median condo price just hit $357,000 after a 28 percent increase so far in 2014.
Hopkinton and Hudson are also price leaders in the condo market. The median price of a condo in Hopkinton, where the starting line for the Boston Marathon can be found, rose to $422,510. Hudson, once the stomping grounds of the old Digital, saw its median condo price increase by just a shade below 27 percent to a still affordable $201,000.
Lastly, Arlington, which has gone from blue collar to hipster over the past few decades thanks to being just down Mass Ave from booming Cambridge, has a median condo price of $433,750, after a 22 percent increase this year.
While a number of these condo prices may seem outrageous, it’s a bargain compared to Cambridge with a median condo price of $566,500 and even Somerville at $475,750.