Median Prices Newton MA 2015

Chart of the Week: Newton MA Outpacing the Bay State

It’s no secret Newton is one of the most desirable, and most expensive, community in Massachusetts.  But Greater Boston residents often forget the rest of the state has a very different real estate experience.  Just how different?

In the since 2013, Newton prices have gone from a median price of $826,000 to $1,186,000 in year-to-date calculations.  Massachusetts as a whole the numbers are very different.  From 2013’s median price of $295,000, a single family home is now at a median price of $325,000.

But forget the absolute values, and look at the percentage change.  As Newton single family home prices increased by 30% the past two years, while the Bay State has seen a tame 10% increase in median home prices.  Chart below is courtesy of Raveis.com.
Median Prices Newton MA 2015

There are two ways I can tell the story behind the chart: either Newton is a leading indicator of what will happen in the rest of the state, or this is evidence of a more permanent uneven economic recovery in Massachusetts.

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