Earlier this year, Niche released a list of 25 best places to live in Massachusetts, with several Boston suburbs like Brookline, Cambridge and Newton topping the list based on crime, public schools, costs of living, job opportunities and local amenities.
With nine of Cambridge’s neighborhoods secured a spot in the elite-top-10 best places to live, trailing only behind Brookline in first place, followed by Newton in third — Bay Staters may be left asking themselves:
“How affordable is living in one of Massachusetts ‘top 10′ neighborhoods?”
Well, according to the City of Cambridge in 2022 the median market rate sale price of a single family home was $1,925,000, and $1,630,000 for a two family.
The city reports the median market rate sale price for a single family home in 2002 was $649,5000, and $619,750 for a two family home — reflecting over a $1,000,000 increase in market rate costs over the past two decades.
In an email to MassLive, Dan Meservey, a real estate agent representing Mathieu Newton Sotheby’s International Realty, said the lack of housing inventory plays a major role in the rise of housing prices and rent in Massachusetts.
While a house may be listed at a certain price, buyers may end up paying more, depending on how many buyers are interested.
“Although we do see more homes coming up for sale, the pent up buyer demand devours that inventory within days of hitting the market”, Meservey said.
“You have multiple buyers competing and bidding up prices on these homes and in most cases the winning offers being well over the asking price.”
A view of Harvard Square near the entrance to Harvard University in Cambridge, Mass. (MassLive photo by John L. Micek).John L. Micek
In Newton, Chestnut Hill home prices were up 54.3% in April 2024, than in 2023 — selling at a median price of $1.7 million, according to Redfin.
The realty company reports that homes in Chestnut Hill typically sell after 13 days on the market compared to 28 days on the market last year.
On average, homes in Chestnut Hill sell after 13 days on the market compared to 28 days last year. There were 7 homes sold in April this year, up from 6 last year.
Similarly, the median listing price of a home in Brookline in 2024, is $1.6 million, according to realtor.com.
On average, homes in Brookline sell after 21 days on the market, realtor.com reports.
While $500,000 is not nearly enough to cover the purchase of an entire house in these Boston suburbs in 2024, it could get you a condominium.
Home listings in Newton, Brookline and Cambridge for less than $500,000
A Brookline condo listed for under $500,000.Google Maps
15-17 University Road, Brookline
For those looking for a home in Brookline, this one bedroom condominium in Washington Square is listed at $479,000.
It is 490-square-feet.
According to its Zillow posting, this property is within walking distance of restaurants and public transportation.
Some highlights include a renovated kitchen with a dishwasher and garbage disposal, a built-in microwave and a “spacious tile bath.”
This unit features hard wood floors, recessed lighting and high ceilings. Heat and hot water are included, and is in proximity to the C line and D line. The property also has an elevator and laundry in complex.
It is a one bed, one bath condo with an extra room that can be used as an office or storage area.
This one bedroom, one bathroom condo in Cambridge is going for $474,900 on Zillow.Google Maps
37 Lee St., Cambridge
According to Zillow, this one bed room, one bathroom condominium is listed at $474,900. It is 648 square feet.
Some of highlights including in its listing are its location, recently updates and large closet.
It is described as a “prime location in Cambridge,” being centrally located near Harvard and Inman Squares, as well as in proximity to several restaurants, shops, public transportation and Whole Foods.
The Zillow post calls all first time buyers, down-sizers and investors to see this one bed, one bath condo. It features a bonus room, a newly update ticket, a large closet, and is situated on a treelined street inside a “classic brick building.”
Heat and hot water are included, and the space is pet friendly.
This condo near Harvard Square is listed for less than $500,000.Google Maps
42 Linnaean St., Cambridge
This studio condominium is described as a “newly renovated apartment in beautiful, historic Harlow, Avon Hill building,” according to its Zillow listing.
Asking price for this one bath, 350-square-foot studio is $450,000.
This home is within minutes of Harvard and Porter Squares, featuring hard wood floors, a basement, insulated windows and a laundry room, according to Zillow.
Amenities included are heat and hot water.
This two-bedroom condo in Chestnut Hill in Newton is listed at $410,000.Google Maps
46 Bryon Road, Chestnut Hill, Newton
For those interested in living in one of Massachusetts’ “best places to live,” for under $500,000, this 780-square-foot two bedroom apartment has your name on it.
This condominium is listed at $410,000.
Some of the property’s highlights include lamented floors, granite counter tops and recessed lighting.
Its Zillow listing encourages home buyers to “discover the charm of Chestnut Hill Village,” as the property is within proximity of the Shops at Chestnut Hill.
This property features 2-deeded parking spaces, laundry facilities, complex tennis courts and indoor, and outdoor pool access.
