Currently on the market for $1.7 million, this 10-room Victorian at 31 Sterling St. in Newton features new bathrooms, updated heating and cooling systems, a gourmet kitchen and a wine cellar.
In response to the city of Newton’s historically strong real estate market, due in part to large homes and a steadily growing population, an amalgamation of two age-old phrases may have to be forged to make one: bigger is better wins the race.
“Newton has always been a very active real estate market,” said Carol Ann Shea of Century 21 Garden City Homes in Newtonville. “The city brings in a variety of people and there’s such a wide variety of housing stock.”
The members of the population, although diverse, are similar in one very basic respect: They can all afford to live in Newton. While there is a wide spectrum of houses offered – everything from Victorians to split-levels to cottages, said Shea – even a lower-end home carries a hefty price tag.
“A starter home in Newton is really around $500,000, and some of the higher-end homes are in the millions,” said Shea.
Newton is one of the most expensive cities in Middlesex County; the median price of a single-family home through May of this year was $674,500, according to statistics compiled by The Warren Group, parent company of Banker & Tradesman. Winchester is the only community among the county’s 20 most active residential markets with a higher median.
Those prices are up from this time last year. “They’re much more aggressive now than they were last year,” said Shea. “People think they have one chance to cash out on their major investment and they’re trying to make the most of it.”
Recently more people have been putting their houses on the market, resulting in a bit of market saturation.
“There’s a fairly good inventory right now,” said Shea. “I think it’s a reflection of people thinking it might be time to cash out, that we might be on the top of the market.”
Those who are looking to move out of Newton usually don’t leave because they don’t like it, but rather because they are looking to downsize, according to Shea.
Simply building a smaller home is not necessarily an option within Newton’s city lines.
“There’s no land at all,” said Shea. “What’s being built these days are significant add-ons or tear-downs. There’s very little new construction.”
As people leave they are making room for others to move into Newton. New residents are attracted not only by the size and variety of the homes on the market, but also by the numerous amenities the city has to offer.
“People are drawn to Newton because of the school systems, the location, the public transportation and the quality of life,” said Shea.
Located only six miles west of Boston, the city offers the benefits of being close to the Hub, but has its own distinct feel. The community is comprised of 14 villages, among them Auburndale, Chestnut Hill, Four Corners, Oak Hill and Waban.
The neighborhoods are tied together by many components including Newton’s school system, which is one of the city’s main attractions, according to Shea.
“We see a lot of people looking to come here for school reasons,” said Shea.
Though the schools may be exemplary, due to the high prices of residential properties, not everyone can afford to move into city to reap the benefits. Just as most people are leaving Newton because they wish to downsize, most people coming in are faced with increasing the size of their home.
“Generally, people moving [to Newton] are moving from smaller to bigger,” said Shea, who added that “it’s an indicator of a good economy.”
Large price tags are indicative not only of a good economy, but of a desirable community.
“It’s a great place to live,” said Shea. “It’s full of great people. There’s something for everybody. It’s a well-run city that has a great quality of life.”
Just the Facts:
Year incorporated:
As a city: 1873
Total area:
18.22 square miles
Population:
83,829
Density:
4,642 per square mile
Tax Rates:
Residential: $10.20
Commercial: $19.37
Public school enrollment:
11,267
