By Aglaia Pikounis

 

My husband and I bought a modest single-family home in Boston’s Jamaica Plain neighborhood back in 2002, so I’m always interested in what’s happening with home values in Boston.

It looks like there are six city neighborhoods where the median home price slipped below $300,000 in 2008, and JP isn’t one of them.

Median home prices in nearly all of the Boston neighborhoods peaked in 2005, and at that point the median wasn’t below $300,000 in any of them.

Which Boston neighborhood had the biggest decline in home prices since 2005? If you guessed Dorchester or Mattapan, areas that have been hard hit by the foreclosure crisis, you’re wrong.

It’s Allston. Allston’s median home price peaked at $471,500 in 2005, according to data from The Warren Group. Last year, the median plunged to $270,000. That’s a 43 percent decrease! Mattapan, East Boston and Dorchester have also had double-digit percentage declines from 2005 through 2008.

As for Jamaica Plain, an area dominated by condo sales, single-family home prices have held pretty steady.

JP’s median home price peaked at $520,000 in 2006. In 2008, the median home price was $506,000, or 2.7 percent lower than 2006. But unlike most of the other Hub neighborhoods, JP’s price appears to be climbing again. Last year, the median climbed 4 percent from 2007.

 

 

Home Prices in Some Boston Neighborhoods Under $300,000

by Banker & Tradesman time to read: 1 min
0