Massachusetts Home Buyer Guide

From January through November 2013, the price of a single-family home in Needham, Massachusetts increased compared to the same period in 2012, according to real estate data compiled by the Massachusetts Association of Realtors (MAR).

The median price of a single-family home through November 2013 increased 17.2 percent to $805,000 compared to $687,000 during the same eleven months in 2012; however, for the month of November 2013, the median price dropped to $687,500, a 4.5 percent decrease from $720,000 in November 2012.

The number of single-family homes sold in Needham, MA between January and November 2013 dropped 1.3 percent to 301 sales, a slight decrease from 305 sales during the same time period in 2012. There were 12 homes sold in November 2013, a 60 percent decrease from 30 homes sold in November 2012. A lack of inventory played a role in the decrease in November sales. 

The median price for a condominium in Needham also increased between January and November 2013. The median price of a condominium increased to $625,000, up 37.4 percent from $455,000 during the same eleven months in 2012. For the month of November, the median price of a condominium skyrocketed by 79.8 percent to $816,500, a significant increase from $454,000 in November 2012.

The number of condominiums sold in Needham, MA between January and November 2013 increased 22.4 percent to 60 sales, up from 49 sales during the same time period in 2012. There were just three condominiums sold in November 2013, a 40 percent decrease from five condominiums sold in November 2012.

According to MAR data, Needham saw a decline in real estate inventory in November 2013. The number of single-family homes on the market decreased by 38.5 percent. The number of condominiums on the market plummeted by 47.1 percent.