Cambridge is currently thriving in home sales. According to a
recent analysis on median home sale prices in Massachusetts, the
price of a single-family home in Cambridge
hassignificantlyincreased since 2005. The median sale price of a
single-family home in Cambridge is now $1.2 million which sets a
new peak to prices demonstrating an 80 percent increase.
Out of 46 Massachusetts communities where home prices were
higher last year than in 2005, Cambridge led the pack. Today, the
average Cambridge single-family home sells for nearly double the
price of the average seen nine years ago. The average Cambridge
single-family home sold for $667,500 in 2006.
What sets these top communities apart from others? According to
Timothy Warren Jr., CEO of the Warren group, Proximity to good jobs
seems to be the common thread among the top communities. Location
matters in real estate, and here we see these key communities
adding even more in terms of their home values.
The Warren group analyzed communities that sold at least 50
homes in 2014 and saw that many Boston, Cambridge and other
communities haveseen positive gains inmedian homeprices over the
past nine years.
Some parts of the state have yet to approach their pre-recession
prices unlike theseneighborhoods in the thriving Cambridge and
Boston markets.
More Information: Boston Globe