WOW!!! Interesting post by Scott on BostonRealEstate.com
Posted by Scott Van Voorhis
OK, I guess the rich towns just keep getting richer.
Home values in Cambridge, Arlington and Brookline have all shot past their peaks reached during the bubble years, Zillow finds in its latest quarterly report.
The median home value in Cambridge (yes trolls, I know, it’s a city, was using “town” loosely) is now $463,000, a level last seen back in 2005, one of the bubbliest years on record. That’s compared to $453,000 in April, 2005.
Brookline last fall blew past its 2005 price peak of $502,000, with the median home value having skyrocketed over the past five months to just under $530,000, according to Zillow, whose home value index blends both prices of homes sold with assessed values of homes that are not on the market. (Basically, it’s a measurement of the value of all homes in the market, not just a compendium of sale prices.)
Arlington is back as well, with a median home value of $475,000 – higher than Cambridge.
That’s compared to Arlington’s bubble years’ peak of $463,000 reached back in October, 2005, Zillow reports.
Meanwhile, other local cities and towns are on target to equal and then pass their 2005 peaks over the next year.
Boston’s median home value is $372,900, a single percent below peak, while Newton, at $714,400, is just two percent off, Somerville, at $381,400, is within striking distance, at 5 percent below its last peak.
Ready to party? What’s the value of your home?