Home Prices Soar in Massachusetts: Fastest Growth Seen Outside Greater Boston
It’s no secret that home prices have soared to new heights in Greater Boston. However, a closer look at the data reveals an interesting trend: the most significant increases in home prices over the past five years have occurred in towns outside Route 128, beyond the immediate Greater Boston area.
Rising Prices Beyond Greater Boston
Town-by-town median home sale price data indicate that the most dramatic increases in home prices have been in towns located outside Greater Boston. These areas have seen an influx of buyers, likely attracted by relatively more affordable housing options compared to the metropolitan core.
Significant Growth in Worcester County
Just west of Worcester, the town of Spencer stands out with a striking increase in its median home sale price. In 2018, the median price was $225,000. By 2023, this figure had soared to $407,500 — marking an impressive 81 percent increase. This surge reflects a growing demand for housing in the area, coupled with perhaps a limited supply of available homes.
Nearby Charlton has also experienced substantial growth. The median home sale price in Charlton jumped from $284,900 in 2018 to $499,950 in 2023, which represents an increase of about 75 percent. Like Spencer, Charlton's rising home prices suggest that more buyers are exploring opportunities outside the crowded Greater Boston market, seeking out towns that offer a blend of suburban and rural living.
Implications for Homebuyers and the Market
For potential homebuyers, these trends highlight the importance of considering a broader geographic area when searching for a new home. Towns outside of Greater Boston are not only experiencing rapid price increases but are also becoming increasingly desirable due to their relatively lower prices and less congested environments compared to the city.
For the market as a whole, these rising prices in outlying towns suggest a shift in where demand is strongest. As more buyers move away from the Greater Boston area, these towns may need to address the growing demand by increasing housing supply, improving infrastructure, and expanding local amenities to accommodate new residents.
Conclusion
The rapid rise in home prices in towns outside of Greater Boston underscores a significant shift in the Massachusetts housing market. As more buyers seek affordability and space, towns like Spencer and Charlton are seeing some of the fastest price growth in the state. This trend not only reshapes the real estate landscape but also presents new opportunities and challenges for homebuyers, sellers, and policymakers alike.
If you're looking for your dream home, eyeing multifamily rental properties, or just want some friendly expert advice, Ben Hicks is a highly knowledgeable real estate agent and here for you! He's your go-to pro, ready to lend a hand. Email him at Ben@BridgemontRealty.com or give him a ring at 617-529-0751. For more details, don't forget to swing by our website at www.BridgemontRealty.com. We're excited to help you out!
