If you’re looking to buy a house or condo in the not-too-distant future, The Boston Globe recently highlighted 13 Massachusetts towns and cities that are experiencing a real estate boom.
The Globe looked at data from The Warren Group and found the communities of Hamilton, Ipswich, Kingston, Lawrence, Lincoln, Lynn, Newburyport, Roslindale, Pepperell, Salem, Somerville, Tyngsboro, and West Bridgewater saw the biggest price increase of single-family homes between 2012 and 2013. Three of those communities – Newburyport, Roslindale, and Somerville – saw median home prices rise higher than previous market high levels of 2005.
According to Warren Group CEO Timothy Warren, would-be buyers are tired of waiting on the sidelines and are eager to buy a home before interest rates go up.
“These people are having babies now and are still in apartments,” he says. “They’re eager to get out and move on with their lives.”
Warren also mentioned interest rates, while still low at around 4.5 percent, are slowly inching upwards, which might make homebuyers more eager than before.