Home values increased in January, well above the national average, according to Zillow.
Thomas Grillo
Real Estate Editor- Boston Business Journal
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There’s more good news for Bay State homeowners: Home values increased in January, well above the national average, according to the Zillow Home Value Index.
Greater Boston home values rose by 8 percent year-over-year in January to $351,600, and 10.7 percent in the city of Boston to $418,300, faster than the national increase of 6.3 percent over the same period.
Home values in Arlington ($553,000), Brookline $591,500), Cambridge ($541,800), Newton ($793,100), Somerville ($435,800 and Waltham ($428,800) surpassed their prior peaks, Zillow found. In short, home values in these communities are as expensive as they’ve ever been.
The biggest problem facing Massachusetts buyers is the lack of inventory which appears to driving up prices.
Among the country’s 35 largest metro regions, Boston was one of just 13 where inventory fell year-over-year. This continued tightness in the number of homes for sale is likely helping to keep home value appreciation at a boil in the area, relative to the national pace. The number of homes listed for sale on Zillow in the Boston metro was down 11.2 percent annually in January, the 27th straight month in which inventory in the area has fallen year-over-year.
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