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.
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.