At $1.2 million, the median sale price of a Cambridge single-family home is 80 percent higher than its pre-recession peak, according to a new analysis by a Boston real estate firm.
The Warren Group said Friday that Cambridge led the pack of 46 Massachusetts communities where home prices were higher last year than in 2005, when real estate values in Massachusetts peaked before the financial crisis. Nine years ago, the typical Cambridge single-family sold for $667,500. Many parts of Massachusetts still haven’t recovered, however.
According to the group’s analysis of communities where at least 50 homes were sold last year, sale prices in the Boston neighborhoods of Jamaica Plain and South Boston also beat their past peaks by 41 and 33 percent, respectively. In Jamaica Plain, the median sales price of a single-family home was $700,000 last year, while it was $545,000 in Southie.
“Proximity to good jobs seems to be the common thread among the top communities,” said Timothy Warren Jr., the company’s chief executive, in a statement. “Location matters in real estate, and here we see these key communities adding even more in terms of their home values.
Other communities to set new single-family price records included Lexington (35 percent higher than in 2005), Brookline (33 percent), Somerville (27 percent), Concord (26 percent), Belmont (25 percent), Newton (24 percent), and Winchester (23 percent).
Most parts of the state still haven’t approached their pre-recession prices, the Warren Group said. In Athol, the median home sold for $115,000, 39 percent lower than the pre-recessionary median of $180,000. Other central Massachusetts cities and towns, including Gardner and Fitchburg, are also a long way from seeing their housing prices recover.Jack Newsham can be reached at firstname.lastname@example.org. Follow him on Twitter @TheNewsHam.