Condos are extremely popular in Boston right now and while some neighborhoods, such as Cambridge and Davis Square are expectedly quite popular, some other areas nearby are gaining quite a bit of attention from potential condo buyers.
Towns such as Lexington, Plymouth and Everett all scored double-digit condo price increases.
Plymouth saw the largest increase in condo prices with more than a 50% increase in 2014 by the end of July—according to The Warren Group.
Home of the Pilgrims and a growing number of upscale condos, Plymouth is the condo price leader by a mile so far this year, with a more than 50 percent leap through the end of July, according to The Warren Group. The median price hit over $358,000 and 100 condos had sold by the end of July.
Everett is another town that saw large condo price increases, which may only continue with the possibility of the $1.6 billion casino that may be built in the city by Steve Wynn. The median condo price has increased over 34%, hitting $236,500 by the end of July.
Lexington has also seen some significant condo price increases with the median price hitting $575,000 as a result of a 32.6% increase. While this is certainly less expensive than the towns median single-family price of $950,000, it’s still a decent investment.
Here are a few additional towns that saw significant condo price increases this year:
- Melrose saw a 32.4% increase, hitting a median condo price of $290,000.
- Allston saw a 28% increase, hitting a median condo price of $357,000.
- Arlington saw a 22% increase, hitting a median condo price of $433,750.
While most of these towns may not compare in price with Cambridge’s median condo price of $566,500 or Somerville’s median condo price of $475,750, the increases are certainly significant within the markets of the individual towns.
Hoping to purchase a luxury condo this fall or winter? Contact a Boston real estate firm that specializes in high-end properties.