Bay State home values continue to rise in 2012
When you look for a home for sale in Boston, Massachusetts, you want to make sure you're getting a great deal on property that will appreciate in value. Real estate in Boston has already begun to show renewed signs of life, with several towns hosting median home values around $300,000, The Boston Globe reports.
Neighborhoods outside of Boston offer first-time homebuyers unique opportunities to get a great deal on a new home. Worcester is one of the Bay State's largest cities and it offers a share of quality neighborhoods with a median price around $152,500. What's more, Worcester is only 40 miles from Boston, making the commute entirely bearable for many homeowners. However, you can get a home closer to the Hub for less than you would pay in Worcester. Brockton is only 25 miles out of the city and offers a median price of $150,000, the news source reports.
While you may be able to find affordable housing today, prices continue to rise with every new day. Home prices in the Hub and throughout Massachusetts are on the rise due to newfound demand and smaller inventory levels.
The median listing price for a single-family home or condo rose from $399,000 in April 2011 to approximately $429,000 in April 2012 - an uptick of nearly 6 percent, The Boston Herald reports. The rise in value may be directly related to the 22 percent drop in inventory on a year-over-year basis, and the resurgence of first-time home buyers into the marketplace.
If Boston is out of your price range, just outside of downtown is Somerville, a small community full of condos and single-family homes that are showing signs of life. Inventory has dropped 21 percent from 2011, but median price has increased 9 percent in April 2012. Today, the median value in Somerville is 414,000, up from $379,000 a year ago.
Buying a home in the Bay State may prove to be a wise decision in a few months, as values continue to rise tandem to various other economic forecasts. First-time homebuyers may want to consider which areas fit within their budgets and get their finances in order now before all of the properties are claimed. With several neighborhoods in close proximity to downtown Boston, people will be looking to invest in homes more regularly than in the past few months.