When thinking of the most expensive places to live in Massachusetts, mostly Boston and some surrounding suburbs come to mind. Brookline is normally the top of this list, but this year it has finally been beaten.
Cambridge single-family homes now have a median price of $1,675,000 throughout the beginning of this year, according to a report by the Warren Group.
This is a 28% increase from last year, while Brookline's median price has dropped by 4%, to $1,615,000.
Cambridge did have some competition with Lincoln, Nantucket and a few others, but they fell short with around $1.4 million as a median price.
This spike in Cambridge housing prices isn't necessarily surprising, with its prime location and convenient transportation links.
Part of this increase can be attributed to the number of homes on the market in the area, which has dropped and caused prices to increase.
According to the report there has also been an increased demand from college professors and biotech executives in the area.
Despite the price increase, home sales have decreased 19%, largely due to the lack of homes on the market.
Looking for your new home in Cambridge or Boston? Contact us at leasing@advisorsliving.com.
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