Sit down before hearing this news. It's official: Homes in Newton are expensive.
In fact, their average cost is the 11th most expensive in the state of Massachusetts and among the top 50 most expensive in the entire country.
In this year's edition of Coldwell Banker's national Home Listing Report, released Thursday, Nov. 29, the average price of a four bedroom, two bath home in the U.S. is listed at $292,152.
When it comes to Newton, however, that price jumps $761,738, which makes it the 11th most expensive home market in the Commonwealth and the 49th most expensive in the country.
This year’s report analyzes more than 72,000 home listings in more than 2,500 U.S. markets, comparing the listing prices of similar homes in markets across the country from January 2012 to June 2012, according to Coldwell Banker.
But Newton is hardly the most expensive home market in the Bay State. A four bedroom, two bath home in Weston has reached seven figures, now selling on average for $1,105,692. That places Weston as the country's 14th most costly single-family market.
Aside from Weston, there are nine other Massachusetts communities more pricey than Newton, including Wellesley, Dover, Lexington, Hingham, Marblehead, Needham, Concord, Winchester and Belmont.Looking for more real estate news from Newton Patch? Make sure to follow us on Twitter and Facebook, or sign up for our email newsletters.
During Monday night's tax classification hearing, Director of Assessment Administration Elizabeth Dromey said the median sale price of Newton homes in 2011 was $760,000 and $800,000 in 2012 (through Aug. 31, 2012). The average sale price in 2011 was $919,210.
In calendar year 2011, 94 percent of the homes sold in Newton went for $400,000 or more. Around 70 percent sold for $600,000 or more and 32 percent went for $1 million or more, Dromey said.