Brookline MA has one of the hottest Massachusetts real estate markets. This has put the pressure on prices on both condominiums and house and a fast-paced market. Houses, though, don’t sell as fast as condos. Most of the single family homes are considered luxury, with on-market time of six to nine month common. In fact, one Brookline house has it’s three year anniversary this month!
Currently there are 32 single family homes on market in Brookline, with a median price of $2.36 million. This time in 2012 there were 51 houses on market with a median price of $1.79 million.
This day seven year ago (2007), there were 60 single family homes on market with a median list price of $1.7 million.
House Prices in Brookline MA
In the table below you will find the four quartiles of home prices in Brookline MA. This table represents only zip codes 02446 and 02445, and excludes Chestnut Hill. (Quartiles are a way to group the homes into four categories of prices so we can analyze changes).
The median price of the bottom quartile of houses in North Brookline is almost $1.8 million, while the median price of the top quartile is almost $5 million.
Looking at the differences in these house, the most expensive houses are substantially bigger, at 8900 square feet. This is nearly double the size of the bottom least expensive houses. They also have double the number of bathrooms, but only one extra bedroom, on average.
What accounts most heavily for the difference in prices of Brookline MA houses is land. Look at the column of average square feet of land. The least expensive homes average about 10,000 sf lot size. But the most expensive homes average nearly two acres! This is nearly EIGHT TIMES as much land, or 778% more.
House Prices in Chestnut Hill MA
Houses in Chestnut Hill MA, (which is part Brookline plus a part of Newton and a small slice of Boston), have a similar trend to those in North Brookline. The disparity between house prices is about $3.13 million.
The least expensive houses are a bit smaller than half of the size of the top quartile, and have half the number of baths. But the difference in average lot sizes is substantial. The largest homes have a parcel which is on average 546% bigger than the smallest homes.
The trend of days on market is predictable: cheaper houses sell faster – there is more demand. Yet even though it takes a long time to find a buyer for the luxury homes, their prices are still on the rise.
The scarcity of land in Brookline is well known. Land values are driven by two things. First, our love and appreciation for a private yard. Many buyers for a single family house in Brookline are upgrading from a condo, and thus the yard is highly coveted. (Yours truly can relate).
The second reason is the potential for subdivision or building new houses. Building houses in Brookline is a lucrative business, if one can get it. Some lots can be subdivided which currently may have one small home on them. With house prices in Brookline high and rising, it is no wonder land is so highly valued.
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