Newton, Massachusetts, Real Estate Overview
Are you looking for real estate in Newton, MA? With its close proximity to the city of Boston and its vibrant rental and real estate markets, Newton is a terrific option for renters, buyers and investors alike. As with all areas around Boston, however, properties in this city come and go at the speed of light. To avoid being disappointed again and again, it pays to arm yourself with the best and most timely information possible. Boston City Properties' real estate listings and talented agents give you everything you need to navigate the market and to acquire real estate that suits your needs and budget.
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Like many people, you probably don't have time to intensively research the real estate and rental markets of Newton and surrounding areas. Without doing so, however, finding the right home, condo, apartment, loft, commercial property or other piece of real estate will be an uphill battle. Our Newton real estate professionals offer an excellent compromise. They're located directly in Newton and know the area well. With their assistance, your search for top-notch real estate in this vibrant city should go off without a hitch. They can answers questions about properties in the city, help you negotiate with sellers and arrange tours of properties that interest you.
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Incredibly, properties that are available for rent or purchase in Newton now may be snapped up by the time tomorrow rolls around. As with all of metro Boston, real estate in Newton is in high demand. Fortunately, our real estate database is the largest and most exhaustive around. Newton real estate listings are refreshed constantly, ensuring that you're always presented with the best and latest information. You can start browsing for homes, condos, commercial properties, apartments in Natick right now, or you can conduct a search for this or other areas in Boston. In an instant, you'll know exactly what's available and can effectively move forward in your search for real estate in Natick.
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Newton is placed close to the city of Boston, which makes it an ideal location for commuters. This vibrant city has a thriving real estate market. Renters, buyers and investors have numerous options available. Like other areas of Boston, properties tend to get snapped up right away. Prospective buyers must move quickly if they want to grab some of the best deals in the area. It also pays to do your research beforehand. Talented agents and the right listings can help you learn about the market. With the right information and support, you can find the property that suits your budget.
Like metro Boston, real estate in this area is in high demand. Whether you are looking for a commercial property, condo, home or apartment in the area, you can expect it to be snapped up quickly. Investors can enjoy having a median list price that has fallen by 15 percent during the last year. Meanwhile, the median list price per square foot in Newton was at $452.
Living in the Area
Long ago, this Boston suburb was actually a part of Cambridge. Over the years, it has grown to become one of the most desirable places to live in the country and an independent town. This area is full of historic homes and boasts of a low crime rate. It is a popular choice for residents because of its easy access to Boston and highly-rated public schools.
While there are many benefits to this suburb, living in Newton is not cheap. The median list price has increased by over 50 percent over the last five years. While most of the properties are single-family homes, there are a number of condominiums as well. Townhouses also dot the area and are a popular option.
Residents can enjoy being just a train ride away from downtown Boston. By bus or train, it takes just 45 minutes to create downtown. Meanwhile, shopping malls, walking paths and top schools are in the surrounding neighborhood. Top employers in the area include Newton-Wellesley Hospital, Boston College and Trip Advisor. Each year, the Boston Marathon runs through the suburb.
The Real Estate Market
While there is a high demand for these properties, there are not enough units for sale on the marketplace. The low inventory of properties has caused prices to increase. If you are looking to sell your home, you can enjoy having a seller's market. Even a starter home could cost you at least $500,000 if it is within the city's limits. Very few of the listed houses show price reductions, and the number of new listings is fairly low. If you are a buyer and find a good deal on a home, snatch it up right away.
There are a number of different types of homes on the marketplace. You can find stately English manor homes as well as Spanish-inspired colonial revivals. Newer properties include town homes and condominiums. At one of the properties, you can buy a condo placed within a historic church. Whether you want a single-family home or an elegant mansion, you can probably find what you are looking for within the town. If you want a lot of green space, there are a number of homes that are built on larger lots. Additionally, multi-unit homes tend to be a better deal than single-family homes.
While the future is never easy to predict, it looks fairly stable for investors in the area. Newton's home prices will most likely continue to grow at a steady pace over the next few years. As for the inventory, it is hard to determine how the market will react. New developers may take it as an opportunity to build, or sellers may be swayed by higher prices. Either way, the low inventory issue will most likely sort itself out. The bottom line for buyers is that Newton's homes will retain their value fairly well. As long as the marketplace continues at this pace, finding a buyer will never be a problem.
Prices
Currently, the median home sells for $1,025,000. This is up 16.5 percent from the previous year's selling price of $880,000. A one-bedroom home can be found for a median price of $350,000. Meanwhile, a two-bedroom unit fetches $690,000 on the marketplace. Over the last year, the average price per square foot has advanced from $461 to $521.
About 52.2 percent of properties sell for less than $200,000 in Newton. Interestingly, the next largest segment of the marketplace is for luxury properties. In the last year, an impressive 37.1 percent of homes sold for more than $1 million. The remaining 10.7 percent sold for values between these two prices.
Examples of properties in the area include the two-level condo at 74 Ober Road. Recently placed on the market, this two-bedroom unit has an asking price of $850,000. This works out to about $424.36 per square foot. The property spans 2,003 square feet and boasts of features like cathedral ceilings. It is designed with gorgeous, exposed wood beams and a wood-burning fireplace. In the kitchen, residents will discover an island and a door that leads onto the deck. Outfitted with landscaped grounds, this home boasts of en-suite bathrooms in both bedrooms and plenty of closet space. In addition, residents can enjoy having a garage parking space and extra parking options outside.
One interesting home on the marketplace has been dubbed the fairy-tale cottage. Situated at 2 Fuller Street, this property has an asking price of $930,000. Designed by the MIT-educated architect, William E. Roesner, the two-bedroom cottage was once a worker's cottage that was constructed in 1914. It has western red cedar siding, sharp peaks and diamond windows. From the covered porch, visitors enter the open living room. The white oak flooring is covered in a marine varnish to reflect natural light. The home is outfitted with a wood-burning stove, crown molding and a green palette. It includes windowed wood doors, cathedral ceilings and high-end appliances.
At the higher end, residents can find properties like 20 Exeter Street. This home recently sold for $3,400,0000. It spans 7,360 square feet and five bedrooms. The Victorian mansion features bay windows and three levels. The master suite is outfitted with a balcony, a fireplace and a dressing room. Meanwhile, the finished third floor includes a guest room, kitchenette, sitting area and full bathroom. On the lower level, visitors will find a media room, playroom, office, full bathroom and a bar with a humidor. The entire mansion is located on a 0.34-acre lot.
Recent Home Sales
In recent months, homes have sold for prices ranging from $460, 000 to $13,900,000. The highest price was for a building at 29 Crafts Street. Constructed in 1986, it spans 68,490 square feet and is placed on a 48,732-square-foot lot. The lowest price was for a two-family condominium at 7 Jackson Ter #7. Constructed in 1925, the property spans six bedrooms and 1,212 square feet.
Meanwhile, a one-family Cape Cod at 161 Newtown Road fetched a sale price of $800,000. This property was constructed in 1955 and spans five bedrooms. At 194 Winchester Street, a single-family Colonial was sold for a price of $910,000. This property includes three bedrooms and 1,942 square feet. Built in 1936, it sits on a 8,739-square-foot lot.
Real Estate News
In the last year, the mayor of Newton proposed a new program for lowering the cost of housing in the city. In 2017, the median single-family home cost $1.1 million. The new housing strategy will focus on seven priority locations for new housing developments. Another ordinance passed by the Newton City Council will allow internal accessory apartments. This new ordinance was the first time that single-family and two-family homes would be allowed to have accessory apartments.
The goal of the ordinance was to create more moderately priced units and to diversify the housing stock. It helps families and seniors have access to the city's housing stocks. An accessory apartment is basically a separate unit on a single- or two-family property that is fully contained. It includes its own kitchen, entrance and living space. Often, these units are found in converted garages, mother-in-law houses or carriage houses. To qualify, the owner of the household must live on the site and apply for a special permit.
Developments in the Area
The goals of the city's development program are to provide equal opportunity to housing and affordable options. Each year, the city receives $1.4 million from federal HOME and CDBG funds. The city is known as the leader in the WestMetro HOME Consortium. Funds from these programs have been used to create 457 affordable units over the last 31 years.
Starting in 2005, the city allocated $520,585 from these programs to create three development programs. Two of these projects were located at Jackson Road and Falmouth Road. Both properties are two-family homes that were renovated into rental units. Meanwhile, the Cambria Road project was a two-family home that was transformed into a two-unit rental property. Through the development programs, the Barry L. Price Rehabilitation Center was given $178,050 to buy two homes and create nine units.
The Community Living Network used some of the federal funds to create the Pelham Housing project at 45 Pelham Street. This new purchase was redesigned to create 10 affordable units for low-income elders. Meanwhile, the Community Preservation Committee allocated $1.9 million to fund 11-13 Cambria Road, Covenant Residences and the Accessory Apartment Incentive Program. The three projects created 20 new units. In total, the Community Preservation Act has created or is in the process of creating more than 100 units.
Currently, the Newton Housing Authority manages 35 projects that include 481 units of affordable housing options. The Housing Authority has created projects like the Crescent Street development for first-time buyers and domestic abuse survivors.
Overview of the Housing Market
It total, there are 31,077 apartments or houses within this area. Instead of consisting of a single city center, this town includes 13 villages. These villages include Newton Centre, Auburndale, Nonantum, Newton Upper Falls, Chestnut Hill, Waban, Oak Hill, West Newton, Thompsonville, Newton Lower Falls, Newton Corner, Newton Highlands and Newtonville. Out of these villages, Nonantum, Auburndale and Oak Hill have some of the most expensive properties.
The most common housing stock in the neighborhood consists of single-family, detached homes. These units account for 54.72 percent of the homes in the area. Small apartments, duplexes and homes converted to apartments make up 21.92 percent of the housing stock. Meanwhile, high-rise apartments and large complexes are 15.94 percent of the market. The remaining 7.34 percent are row houses and attached homes.
Out of the single-family homes, the most common size available is three-bedroom and four-bedroom dwellings. Most of the housing stock was constructed before 1939. An estimated 52.65 percent of homes were made during this time, which makes the housing stock one of the oldest in the country. The next group of homes were constructed between 1940 and 1969. This group makes up 26.76 percent of the marketplace. An estimated 14.04 percent of the homes were made between 1970 and 1999. Meanwhile, 6.56 percent of the housing stock was constructed after 2000.
The entire area enjoys a blend of owners and renters within the real estate properties. Within this neighborhood, 36.58 percent of homes are occupied by renters. A total of 63.42 percent of properties are occupied by the owners.
Over the last decade, the area has enjoyed one of the highest home appreciation rates in the country. In just the last 10 years, the real estate market has appreciated by 43.15 percent. This averages out to a 4.65 appreciation rate every year. Because of this quick appreciation, Newton is ranked in the top 10 percent of communities across the country for home appreciation. In the last 12 months, Newton has enjoyed an appreciation rate that is higher than 83.25 percent of other communities in the country. Even in Massachusetts, the city's appreciation rate is higher than 80 percent of other towns. Individual neighborhoods within the city can vary, but the overall trajectory is strong for the coming decade.
Investing in real estate is not always easy. To help you navigate the real estate market, you need an agent that you can trust. We have experts in the Newton area that can help you find the best possible property.
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