Could Boston soon see a median home value of $700,000?
In the United States, new home sales rose 3.6 percent in July 2012 to match a two-year high reached in May 2012, according to The Boston Globe. The uptick in sales is another sign that the national housing market is in recovery mode, and homes in the country are being claimed more regularly.
The Commerce Department said that new-home sales reached a seasonally adjusted rate of 372,000. That rate is the same as in May 2012 and surpasses the previous peak in April 2010.
However, Globe contributor Scott Van Voorhis suggests real estate in Boston will only see its median home value rise, which could make the Hub a rather expensive place to live moving forward. Voorhis compares Boston with San Francisco, which has recently seen its home prices skyrocket relentlessly. Both cities feature boutique markets with thriving innovation sectors, and Boston excels in the life sciences and has an emerging tech center all of its own.
Several communities in Massachusetts have already seen median value reach far beyond $700,000, including Manchester, Belmont, Concord, Lexington, Cambridge, Newton, Lincoln, Wellesley, Weston, Winchester, Sherborn, Brookline, Dover, Needham, Westwood, Sudbury and Hingham. Voorhis believes Boston is the next area to see its home value reach the $700,000 mark.