Good Investment: Belmont Home Values Increased 25 Percent Since ’05

Photo: A renovated bungalow at 232 Trapelo Rd

While you may have made more money in equities since 2005 – the NASDAQ has grown at about eight percent annually – your Belmont house has been a good investment. And unlike stocks, you can sleep in it. 

The average Belmont residential property has appreciated by 25 percent since 2005, a time span which included a historic economic recession in 2008 and six years of a weak recovery, according to data compiled by the Warren Group, a Boston-based real estate analysis firm. 

“Statewide, the median home price in Massachusetts peaked in 2005 at $355,000. Since then, we have seen 46 communities rebound from the crash in real estate prices and record an increase in the median selling price of homes,” said Timothy Warren Jr., the Warren Group’s CEO.

Belmont is one of the top-ten municipalities to see double-digit increases in home values since 2005, according to the report, which included neighboring communities of Lexington (35 percent jump to $950,000) and Cambridge, which led the study with a red hot 80 percent increase in single-family home values, from $667,500 in 2005 to $1.2 million in 2014. 

The current median price for a single-family home in Belmont is $847,900.

Other towns on the list include Brookline, Concord, Newton, Somerville, Winchester and the Boston neighborhoods of South Boston and Jamaica Plain.

“Proximity to good jobs seems to be the common thread among the top communities. Location matters in real estate, and here we see these key communities adding even more in terms of their home values,” said Warren. 

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