In 2015, the average price of a single family home in Newton soared over $1.2 million!
Last year Newton, Massachusetts experienced another year of major gains in the residential real estate market. The number of homes sold slightly increased over last year's inventory. In addition, home sale prices rose significantly! 2015 marks the sixth consecutive year of single family home price increases in the city.
Enticed by the still low interest rates, buyers continued the momentum built in 2012, 2013, and 2014, coming out in force despite the still low number of homes on the market. This resulted in numerous multiple offers, quick sales, and increases in prices. Sale inventory remains extremely low, so the seller's market is continuing here in Newton.
Review our full report including residential market data from 2006 through 2015.
Newton’s single family homes produced the highest average sales price in history. The average price is up another 11.6%, from $1,142,354 in 2014 to $1,275,399 in 2015. The number of homes sold increased from 580 in 2014 to 601 in 2015 and the time they spent on the market went up only slightly to only 63 days on average.
Condominium prices are up another 5.6% to an average of $678,313, the highest price ever seen. Once an affordable way into the Newton market, condos and townhouses continue to be in short supply these days, being snapped up after spending only 45 days on the market.
In 2015 multifamily homes continued to attract attention, causing prices to increase by an impressive 13.1% to an average of $935,701; the highest price ever reached. The number of homes sold increased to 75, and the number of days spent on the market decreased to 41. 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 2016, 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.