Competition Continues to Drive Home Values Up in Needham
The average price of a single family home in Needham, Massachusetts hit an all-time high of $1,449,994 in 2021!
Last year Needham experienced another year of strong gains in the residential real estate market. The average sale price rise accounts for a 6.5% gain over 2020, while a similar number of homes were sold, 297 houses. It was only 6 years ago that the average price passed the $1 million mark and is now quickly approaching $1.5 million. Needham homeowners have seen their average values increase by 79% over the past ten years, the same as the increase seen in nearby Newton. The homes sold quicker last year too, spending an average of only 28 days on the market from listing to closing, and the price per square foot now averages $464.
Meanwhile, condominium and townhouse prices cooled off a bit, decreasing by 0.2%, after making a big jump of 14.0% in 2020. Condos sold for an average of $852,900 in 2021, or $393 per square foot. But this slight dip isn’t even noticed when we look over last decade, during which Needham condo values rose by 85%!
This highly competitive market will continue in 2022 as the number of buyers looking to purchase a home in Needham is much more than the available inventory.
Navigating this fast-paced environment takes experience and skill. Since founding Dwell360 in 2010, our team of REALTORS® has been providing our clients with the strategic vision needed to sell their homes with confidence. As an independent boutique brokerage, we have perfected a comprehensive process for selling your home with less stress, fewer complications, and more money in your pocket. Please contact us to learn more.
Read our full Needham Massachusetts Real Estate Market Report including market data from 2012 through 2021. Browse our other local market reports on our Reports page, or by visiting our Neighborhood Living, City Living, and Coastal Living pages for the current statistics in many more of our favorite communities throughout the Greater Boston Area. From Belmont to Back Bay to Brewster, we’ve got you covered!
Market Data Source: MLSPIN, as of 1/31/2022.
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