Going Where the Bargains Are
By Aglaia Pikounis
Where can you find a home for less than $300,000?
Well, it looks like a home searcher can now look in a good number of communities to find a home in that price range. Earlier this week, I wrote about Boston neighborhoods where the median home price has dipped below $300,000.
But if you don’t want to live in Boston, there are at least 100 other communities you can go to where the single-family median home price was less than $300,000 in January, according to The Warren Group.
Take Salem, for example. The city’s median price fell to $285,000 in January from $360,000 during the same month in 2008. If that’s too far away from Boston, the suburb of Canton may be a good bet. The median home price was $250,000 compared to $333,000 a year earlier. In central Massachusetts, Shrewsbury might be a good choice. Not too long ago, developers were proudly marketing million-dollar mansions in the town’s new subdivisions. Now, the median price is down to $250,000 from $350,000 a year ago.
Of course, these prices are based on just a month’s worth of sales and those prices will adjust as the year goes and more transactions are recorded.
Still, there’s no doubt that buyers are getting to look in communities they never dreamed would be in their price range. This is especially true for first-time buyers, who get a tax credit, and don’t have to worry about selling a home in order to buy a new one.