The greater Boston real estate market is red hot. That’s not a secret, but some communities
are scorching hot. There are many options available for home buyers from single family residences to condos and multi-families. However, the current climate is fostering a major boom in new construction. With interest rates remaining relatively low and a strong local economy, there is an ever increasing demand for housing in every suburb around the city. That demand coupled with tight inventory equates to a need for new housing units of every type.
The top end of the market is heavily focused on new construction and ground zero for that new
construction is Needham. The leafy suburb situated perfectly along the Rte 95 belt just west of Boston. The town boasts a well-run school system and quality of life that makes it a highly desirable place to call home. Along with being a commuters’ dream for residents that work in Boston, it also has a strong micro-economy of its own thanks to a major business district on the Newton border which many large companies call home. The latest arrival is TripAdvisor which build its world headquarters here and brought with it hundreds of high paying jobs. The state will soon complete its massive 128/95 expansion project that will reduce the traffic congestion by adding extra lanes, new bridges and new access ramps to the highway. Everything seems to be going Needham’s way.
Developers have flocked to Needham over the past few years because they are confident that
what they build will sell for big bucks, and so far they’ve been right on the money, literally. Gone are the days of modest home building. Take a ride through Needham and you’ll find new homes going up in every neighborhood and in some cases, several on one street at a time. Builders have focused their efforts on high-end construction. Grand homes with luxury finishes and amenities have become the standard. Large master suites, professional kitchens, and huge living areas. Many homes are featuring 5,000 – 6,000+ square feet of living space. As you can imagine that living space comes with a hefty price tag. There are currently 21 new construction single family homes on the market in Needham ranging from $1,049,000 for a 1600 sq. ft. expanded cape to $3,449,000 for an 8000 sq. ft. estate on over 1 acre of land. Condos as well are showing impressive growth with new construction listings topping out at $1,349,000. Many new homes are in the pipeline that will hit the market this summer and fall. And prices are expected to continue climbing.
There are many reasons for Needham’s growth but one of the most obvious to me is that it is
an affordable alternative to neighboring towns such as Wellesley and Newton where the same
properties would sell for much more. It’s all relative but that being said the demand and prices aren’t going down in the near future because even with the high prices it is still a good investment and people know that. It is advisable, however, if you are in the market to purchase a property like this, be ready to jump the second you find what you’re looking for. Many of these homes go under agreement the day of the open house. You need to have your financing set up, be ready to put up a depot and have a skilled agent that can advise you properly and negotiate a strong offer. Time is of the essence in this market.