Overall, home prices continue to rise in the Boston metro area. While condos are surpassing single-family homes in terms of speed of increase, both the single-family home and the condo markets are experiencing an increase in average price. Some parts of Boston, however, are going against the trend and are actually experiencing a decline in price. Surprisingly, some of the areas that are seeing a reduction in price are among those that have long been considered to be quite desirable.
Among those Boston-area markets that are experiencing a downturn in prices is Edgartown on Martha’s Vineyard. When compared to 2013, the area has seen a 22.5 percent drop in price, with the median price for a home falling to $619,250 during the first half of the year. Charlestown, which has long been considered to be one of the hottest neighborhoods in Boston, has also experienced a decline in prices. With a median home price of $658,000, the historic neighborhood has seen its home prices fall by 15.6 percent.
Along the South Shore, the town of Cohasset has also experienced a drop in housing prices, with a 14.5 percent compared to last year. Here, the median price of a home has fallen to $714,000. The Cape Cod town of Orleans has also seen a drop in its housing prices, with the median home price falling to $525,000. This represents a 17 percent drop when compared to last year’s prices.
Other areas that have seen a drop in their prices include the rural town of Newburyport and Berlin on I-495. Newburyport’s prices fell by 19 percent to $425,000. Meanwhile, Berlin’s prices fell by more than 20 percent to a median price of $325,000.
So, for those who are looking for a great deal in a beautiful area, each of these hotspots offers a good opportunity to save a few dollars.