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Million-dollar deals done in a day: Inside Needham s hot real estate market
Wicked Local
With a listed price of $949,000, the property on Arch Street went on the market just after 1:30 p.m. on the first Wednesday in April.
By 7 p.m., the owners had received an offer for the four-bed, two-bath single-family home that was way over the asking price, according to the real estate agent who represented the sellers.
Adriano Varano, the principal-agent and owner of Needham-based Varano Realty, said the quick sale reflects an already competitive real estate market in Needham “amplified” by the effects of the pandemic.
Wicked Local
Looking to buy a single-family home in Brookline? You’ll likely need a few things: A good realtor, quick instincts and at least $1 million lined up in financing.
In 2020, 136 single-family property sales closed in town, according to data provided by the Massachusetts Association of Realtors. Only 11 of those homes sold for under $1 million, per the MLS Property Information Network for Massachusetts. The average sale price for homes listed under $1 million was $942,518 – about $50,000 above average listing price.
Recently, greater Boston has seen a cutthroat seller’s market emerge as the result of low housing inventory and high buyer demand. But for already competitive markets like Brookline, those trends have only underscored existing market conditions.