If you think housing prices across Greater Boston are sky-high now, mosey over to Newton.
More than one out of every four single-family homes sold this year in Newton has gone for more than $2 million, according to the city’s mayor.
And more than 80 percent of the city’s single-family homes sold so far this year have gone for over $1 million, said Mayor Ruthanne Fuller, up from 70 percent over the course of last year.
“Newton’s real estate market is red hot, with both the number of homes sold and the prices continuing to rise,” Fuller said in a statement.
In Newton, the median single-family home price from January to July 2021 was $1.5 million, according to data released by the city. That is up more than $200,000 from the 2020 median sales price of $1.296 million, that data showed.
Those are the highest median sales prices in Newton’s history, Fuller said.
So far, 479 single-family homes have sold in Newton in 2021. A total of 664 homes were sold last year, according to the city.
Of those sold this year, 127 homes have sold for more than $2 million in Newton. That figure already eclipses 2020′s total for homes sold for more than $2 million — 115 sales, according to Fuller’s statement.
By comparison, only nine single-family homes in Newton sold for less than $700,000 so far this year, according to Fuller, who cited data collected from the city assessor’s office. That’s down from 31 homes sold in 2020 within that price range.
“The good news is that people want to live here. The bad news is that you have to have really deep pockets to buy into Newton,” Fuller said in her statement.
Across the region, median prices for single-family homes dropped 10 percent from the all-time record high set in June of $812,000, according to the Greater Boston Association of Realtors. The median price for condos — $640,000 — remained unchanged from June.
John Hilliard can be reached at firstname.lastname@example.org.