Home Prices in Greater Boston Soared in the First Months of 2015
Courtesy of Scott Van Voorhis and Boston.com Correspondent
The spring market has kicked off with a bang, with big hikes in home and condo prices in some of the hottest markets across Greater Boston.
Double-digit increases in prices have pushed real estate values deep into record territory in Cambridge, Somerville, Brookline and a number of suburban towns as well.
The median price of the homes sold in Cambridge during the first three months of 2015 hit $1.3 million, up 34 percent from last spring, while in Somerville it reached $590,000 after an 18 percent jump, according to The Warren Group, which tracks sales and home and condo prices statewide.
At $1.3 million, Cambridge’s median home price is more than double what it was back during the first three months of 2005, when it was $667,500.
The median price of a home in Brookline reached a stunning $1.7 million after a 16 percent jump during the first quarter, making it the most expensive place in the state to buy a single-family, barring the occasional sale of a Back Bay or Beacon Hill mansion.
And Needham’s median price ($980,000) is closing in on the $1 million mark after a 16 percent increase, Warren Group numbers show.

By contrast, the median price of homes across the state rose during the first quarter by a more modest 4 percent, to $317,500, while home sales rose by 1.3 percent. Statewide, the median condo price rose 2.4 percent during the same period, to $297,000, even as sales fell 6 percent, The Warren Group reports.
“The spring market is in full swing,” said Elaine Bannigan, owner of Pinnacle Residential Properties in Wellesley. “There are homes to look at and buyers are out there in force.”
Other towns where median prices rose by double digits included:

Nor was it just wealthy or relatively affluent zip codes that have seen big price increases so far this year:

In Boston, Dorchester’s median price soared 30 percent to $375,000 while Hyde Park’s jumped by about 14 percent, to $319,000, Warren Group stats show.
Everett, where Steve Wynn is laying plans for a $1.7 billion casino, saw its median home price rise 17 percent, to $316,500.
Median condo prices also surged in a number of local neighborhoods.
The median price in Charlestown rose 36 percent to $575,000, while East Boston, which is seeing a wave of new waterfront condos and apartment under construction, saw a nearly 30 percent gain, to $352,000.
The median condo price in Jamaica Plain rose 13 percent, to $414,000, while Cambridge saw an 8 percent jump, to $575,000.
Meanwhile, a number of towns and neighborhoods have blown past home price highs set back in 2005, the peak of the last boom.
At $1.3 million, Cambridge’s median home price is more than double what it was back during the first three months of 2005, when it was $667,500, while the median price of a home in Somerville back in the spring of 2005 was $428,500, not $590,000, as it is today, Warren Group numbers show.
Needham’s median price of $980,000 represents a nearly 50 percent increase over a decade ago, when it was $663,750.

