Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

BOSTON-Condominiums in three western Massachusetts counties experienced the largest median sales gains in the past year, surpassing even Boston where condo prices have risen sharply in the last few years, a study by the Warren Group found. “There’s been a dramatic increase in western Massachusetts that far exceeds what is happening in the eastern part of the state,” says Alan Pasnik, data analyst for group, which compiles real estate data on New England.

According to the report, which detailed condo prices gains for each Bay State county for the first 11 months of 2005, Franklin, Hampden, and Hampshire counties topped the list with median condo sales prices increasing by the highest percentages. In Franklin County, median condo prices rose 28.97% from $138,900 in 2004 to $178,000 in 2005. Median condo prices in Hampden County jumped 18.95%, rising from $105,000 to $124,000 while Hampshire’s median price increased 18.24% from $148,000 to $175,000, the study shows.

Suffolk County, which encompasses Boston, Chelsea, Revere and Winthrop, had a median price increase of just 1.84% in the last year while in Middlesex County, which includes Cambridge, the median sales price of condos jumped 16.26%. Overall, the median condo sales price statewide increased 9.39% from $215,854 in 2004 to $236,133 in 2005.

“As people move out west to find better housing deals, the market prices have heated up,” Pasnik notes, adding that the demand for more affordable units have also pushed first-time buyers further west in search of more affordable units. With rising interest rates cooling down the state’s condo market, the frantic buying pace has subsided. But with prices in Metropolitan Boston still high, the state’s western region could see more buyers looking for housing deals, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.