2017 MA Towns Median Home Prices - Boston Magazine (Lowell, Cambridge: 2013, renting)

[massnative71]

Originally Posted by tysmith95

Rhode island has not done as well as the Boston area economically over the past 10 years.

Doesn't explain why it's lagged behind even other communities on the RI border. Attleboro now has a higher median value than NA. Whoever would have thought?

[massnative71]

Originally Posted by MrLinderman

Inland does seem to be growing slower, but that doesn't surprise me considering that some people think Abington is a godless den of death and destruction.

Yet Brockton is a lone bastion of peace and prosperity south of Boston. Although to it's credit, it seems to be an OK investment at least for now.

[CaseyB]

Originally Posted by massnative71

Doesn't explain why it's lagged behind even other communities on the RI border. Attleboro now has a higher median value than NA. Whoever would have thought?

I noticed that, too.

[massnative71]

Originally Posted by gf2020

Rates are ticking up, that tells me that people will be in a frenzy to buy before they go higher. My wife and I bought our first home in the early '90s with mortgage interest rates approaching 8%. It would take a lot of increases before I ever thought interest rates were "high".

Saying that, I wonder if now is the time to sell? Does anybody see values actually falling with a series of big rate increases?

[bugelrex]

Originally Posted by massnative71

Saying that, I wonder if now is the time to sell? Does anybody see values actually falling with a series of big rate increases?

Depends if buyers choose to use ARM loans such as 5 or 7 years fixed to make up the difference.

Definitely there is point such as 7% 30 year fixed where the current prices are unworkable....

[Dm84]

Originally Posted by bugelrex

Depends if buyers choose to use ARM loans such as 5 or 7 years fixed to make up the difference.

Definitely there is point such as 7% 30 year fixed where the current prices are unworkable....

Current prices are already unworkable in a lot of the top tier towns. The capping of the SALT deduction will probably accelerate the collapse in home values (on a relative scale, even though someone buying such an expensive house shouldn't be relying on that tax break).

On a broader scale, I think the cost of living and cost of home ownership in particular will drive prices down. Even a relatively inexpensive house costs a ton of money and time to maintain and the math on owning a house isn't as favorable as it used to be.

[gf2020]

Originally Posted by Dm84

Current prices are already unworkable in a lot of the top tier towns. The capping of the SALT deduction will probably accelerate the collapse in home values...

I disagree, the wealthy are not overly concerned about the $10,000 cap on state and local income, sales, real estate, or property taxes. It's middle class chumps like the rest of us that are impacted the most. Further, I suspect most people buying homes for $1.5 million+ are paying cash or have large amounts of equity so they are not impacted by the limit on deducting interest from mortgages over $750,000 anyways.

[Dm84]

Originally Posted by gf2020

I disagree, the wealthy are not overly concerned about the $10,000 cap on state and local income, sales, real estate, or property taxes. It's middle class chumps like the rest of us that are impacted the most. Further, I suspect most people buying homes for $1.5 million+ are paying cash or have large amounts of equity so they are not impacted by the limit on deducting interest from mortgages over $750,000 anyways.

A lot of people around here stretch real hard to buy the $1 million house. It's totally stupid but that doesn't really stop people.

[masssachoicetts]

Notice Randolph increased a lot, I project that in 2018 to increase a further 10% to maybe 380,000

I think by 2018

1. Brookline 2.10 mil
2. Cambridge 1.50 mil (Restarts Growth)
3. Wellesley 1.45 mil
4. Weston 1.42 mil
5. Newton 1.28 mil
6. Lexington 1.24 mil
7. Dover 1.22 mil
8. Winchester 1.20 mil
9. Belmont 1.1 mil
10. Lexington 1.07 mil

I also think Needham, Concord, Belmont, and possibly Cohasset will be above the 1 million threshold.

Cities like Randolph, Chelsea, Lowell, Brockton and Malden will grow in value. Newburyport and Nahant will as well.

Watertown/Somerville/Medford/Cambridge will continue to flourish i think.


Looking into the far future; will Somerville and Arlington pass 1 mil?
Will Weston fall Newton?
South Shore seems to be booming, will it continue? (Bridgewater, Canton, Hingham, etc)
Thats the question I gather.

[tysmith95]

^You're making it sound like a bubble.