Thanks to a soaring increase in prices for single-family homes.
Brookline usually claims the title as the most expensive place to buy a home in Massachusetts, but this year, there’s a new pricey town on top.
Our neighbor across the Charles now has the honor of the highest home prices in the state. Indeed, Cambridge single-family homes went for a median price of $1,675,000 during the beginning of 2016. A Boston.com report cites these findings by the Warren Group, publisher of Banker & Tradesman.
These prices signal a 28 percent jump over last year, according to the report. Brookline’s median home prices, on the other hand, fell 4 percent. However, the runner-up is still claiming a median price of $1,615,000.
Cambridge rose to the top of the list by beating out a few other upscale areas like Lincoln and Nantucket, both with median prices around $1.4 million. Other towns include Weston and Newton.
Why did Cambridge take the number one spot? The report cites increasing demand from people like biotech executives and college professors. Plus, the number of homes on the market in Cambridge has dropped, boosting price tags even more.
You can read the full report here.