The median price of a single-family home has shot past the $1 million mark in several cities and towns across the Boston area during the first half of 2015, the latest real estate stats show.
Nine communities, from urban Cambridge to bucolic Lincoln, have seen their median home prices hit seven figures as demand for brand-name location combines with a shortage of homes for sale to drive up values.
Concord saw one of the biggest gains, with the median home prices in the historic town hitting $1,050,000 after a 24 percent leap this June compared to the same month a year before, the Massachusetts Association of Realtors reports.
Other cities and towns posted impressive gains as well.
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See how the priciest towns compare to our list of the safest towns in Massachusetts:
Somerville saw single-family prices skyrocket in June by over 50 percent, to $855,000. Through the first six months of the year, Somerville prices weighed in at a still lofty $621,600, the real estate group reports.
Condo prices in Somerville rose 12 percent through the first half of the year, hitting $552,500.
Bedford saw home prices rise 20 percent, to $785,000 in June, according to MAR.
Overall, sales and prices were up markedly across the state in June, making it the best month since August 2005, back during the last real estate boom, noted Tim Warren, chief executive of real estate market tracker and publisher, The Warren Group.
“We are seeing the early results from a strong spring market,’’ Warren said in a press release. “It is a remarkable showing after a prolonged slump and a sluggish recovery extending over the past 10 years.’’