Boston has seen its share of ups and downs since the recession
There’s no shortage of discussion about the rising prices throughout Boston. However, when looking at the overall status of the market, the The Boston Globe reported some interesting findings on both a neighborhood and county level.
We looked at the five key trends from its findings.
1. The Hot Condo Market – With a median sales price increase of 128.2 percent since 2010, Dorchester is Boston’s hottest condo market, and its increase is double that of No. 2 East Boston’s 64.9 percent increase. Allston saw a 50.4 percent increase, South Boston saw a 50.3 percent increase and Chelsea saw a 42.4 percent increase.
2. Condo Prices, Now and Then – When comparing prices to those at the turn of the century, many areas in Boston have seen a massive increase. East Boston has seen a price increase of 281 percent, and Dorchester a 172 percent increase, followed by Brighton (141.3 percent), Jamaica Plain (117.5 percent) and Brookline (115.6 percent).
3. Suburban Rebounds – Many suburban areas in Boston saw rebounds in price when compared to 2005, with Newton leading the way with a 47.4 percent increase. Other notable increases included: Arlington (35.2 percent), Lexington (31.9 percent), Needham (28.1 percent) and Concord (26.9 percent). Many other suburban areas saw price increases between 15 and 25 percent.
Home sales are also up in Boston’s suburbs, with Everett on top with a 36.4 percent increase, followed by Lynn with 31.8 percent, Malden with 30.4 percent, Revere with 25.5 percent and Lowell with 20.8 percent.
4. Neighborhoods Below Pre-Recession Levels – Despite the strong recovery, many areas are still below their 2005 price levels. Fairhaven is down 26.3 percent comparatively, North Attleborough is down 25.3 percent, Brockton with 24.9 percent, Westport with 23.6 percent and New Bedford with 22.9 percent.
5. Localized Boom – At the county level, prices are still down compared to 2005 in three of the six Boston-area counties. Bristol County is down 20.4 percent, Plymouth County is down 10.4 percent and Essex County is down 5.2 percent. Suffolk County has seen a 10.7 percent increase in prices, and Middlesex County has seen a 4.6 percent increase. Norfolk County has remained at 2005 levels, at a 0.5 percent increase.