In 2013, the average price of a single family home in Newton broke the $1 million mark!
Last year Newton, Massachusetts experienced another year of major gains in the real estate market. The number of homes sold continued to rise as values increased and the number of days that homes spent on the market dropped dramatically.
Enticed by the still low interest rates, buyers continued the momentum built in 2012, coming out in force after waiting several years until they felt confident we had reached the bottom. This resulted in numerous multiple offers, quick sales, and increases in prices, as our sale inventory remained low. Sale inventory remains extremely low, so we are still seeing quick sales, multiple offer situations, and increases in prices here in Newton.
Review our full report including residential market data from 2004 through 2013.
Newton’s single family homes showed the highest average sales price in the last ten years. The average price is up 11.6%, from $971,733 in 2012 to $1,084,518 in 2013. In addition, they spent 33% fewer days on the market.
Condominium prices are also up 9.1% to an average of $560,302. In 2013, 366 condos and townhomes were sold, an increase of 13.3% over 2012. An affordable way into the Newton market, these units sold 47% faster than they did in 2012, spending only 48 days on the market on average!
The average multifamily home sold for $732,392 in 2013, up 10.5%. The biggest change, however, was a 32% decrease in the days these properties spent on the market. Now is a great time to sell your multifamily home as inventory remains low in Newton.
The positive changes in the market will continue to be true in 2014, but will require sophisticated navigation to ensure success. Dwell360's real estate agents use an innovative and progressive marketing approach to connect with today’s buyer. We combine a positive attitude, state-of-the-art digital marketing, and time-tested marketing tools that create an impact. Contact us to navigate through this changing time in real estate with agents both progressive and experienced in today’s market.