Earlier this year, Niche released a list of 25 best places to live in Massachusetts , with several Boston suburbs like Brookline , Cambridge and Newton topping the list based on crime, public schools, costs of living, job opportunities and local amenities. With nine of Cambridge ’s neighborhoods secured a spot in the elite-top-10 best places to live, trailing only behind Brookline in first place, followed by Newton in third — Bay Staters may be left asking themselves: “How affordable is living in one of Massachusetts ‘top 10′ neighborhoods?” Well, according to the City of Cambridge in 2022 the median market rate sale price of a single family home was $1,925,000, and $1,630,000 for a two family. The city reports the median market rate sale price for a single family home in 2002 was $649,5000, and $619,750 for a two family home — reflecting over a $1,000,000 increase in market rate costs over the past two decades.
In an email to MassLive , Dan Meservey, a real estate agent representing Mathieu Newton Sotheby’s International Realty , said the lack of housing inventory plays a major role in the rise of housing prices and rent in Massachusetts. While a house may be listed at a certain price, buyers may end up paying more, depending on how many buyers are interested. “Although we do see more homes coming up for sale, the pent up buyer demand devours that inventory within days of hitting the market”, Meservey said.
“You have multiple buyers competing and biddin.