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Your Town: 2014 Waltham Real Estate Market Report

Want to know how the Waltham, Massachusetts real estate market is doing?  Today we’re going to talk about home sales in Waltham in 2014 versus 2013, along with how the towns along its borders did, as well as what’s currently on the market in town right now.

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2013 vs. 2014 in Waltham:

Overall, the housing market remained relatively strong in Waltham in 2014, with a total of 739 homes sold at an average sale price of $425,799.  (These numbers include single-family homes, condominiums, and multi-family homes.)  That meant a nice bump in the overall average home price, with homes selling for 3% more on average than in 2013 — and when you consider that 63 more homes sold in 2014 than in 2013, it shows that Waltham remains not only a desirable place to live, but a booming one, coming in at #3 on our 25 Hottest Towns of 2014 list.  That trend is likely to continue with such development projects as the commercial boom along Route 95, which includes popular chains such as Market Basket and more, attracting potential home buyers to the area.

Breaking down those numbers:

  • Single-Family Homes: 402 sold in 2014 versus 376 in 2013, for an average price of $460,369 which is a nice increase from the previous year’s average of $437,811.
  • Condominiums: 286 condos sold in 2014 versus 251 in 2013 at an average price of $350,360, a bump from the 2013’s average of $337,422.
  • Multi-Family: 51 homes sold in 2014, as opposed to 49 in 2013. The average sale price in 2014 was $466,669, up nicely from the previous year’s average of $464,341.

Next, looking at the towns that Waltham shares a border with, we see that the town’s single-family homes remain affordable compared to Weston, Watertown, Lincoln, Lexington, and Newton, where a single-family home can cost up to $1,150,325 more when you look at average sale prices (see graphic above for a breakdown by town).  Condos in Waltham run slightly higher than those in Lincoln, with an average sale price 5% higher during 2014.

Waltham, Right Now

As of today, February 19, 2015, there are 28 single-family homes on the market in Waltham, with an average listed price of $614,927.  11 condominiums join them, with an average asking price of $502,945, and there are currently 2 multi-family homes on the market, whose owners are looking for an average of $1,084,950.  That is a total of 41 homes now on the market, as compared with 47 on the market one year ago today.

Overall, these numbers show that Waltham retains its reputation as a desirable location to purchase a home in. With interest rates in the 3.5% range right now, and very few houses on the market in Waltham, there are positives for both buyers and sellers — buyers can take advantage of the lower interest rates, and sellers benefit from there being a lower supply, which has resulted in higher prices in many cases.

With inventory sure to rise after the current winter storms subside, now is the time to list your home if you are considering doing so, especially since housing inventories are at their lowest levels in 11 years.

Town Profile

Waltham is a city located in Middlesex County, with a population of 60,636 as of the 2010 US Census.  Originally incorporated as a town in 1738, Waltham became a city in 1884, and served as one of the seats of the Industrial Revolution in the United States, as it was home to the Waltham Watch Company, the first company to make watches using an assembly line.  Waltham also served as the location for the Boston Manufacturing Company, which was the first integrated textile mill in the U.S.  Currently, the city offers a wide variety of amenities, including open park lands and a city center with plenty of dining and shopping opportunities, and serves as the home for two major universities, Bentley and Brandeis.  With so much to offer, and proximity to Boston via Routes 95 and the Mass Pike for commuters, along with a Commuter Rail stop, it’s no wonder that Waltham remains a desirable place to live and own a home.

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