Needham Real Estate: Tear Downs Make Way For New Construction

New construction and the associated tear down of older and smaller homes is alive and well in Needham.

For the eight month period from 1/1/2011 to 8/31/2011 twenty nine new construction single family homes were sold in Needham with an average sale price of $1,312,956. The 29 homes represented 14.3% of the total number of homes sold.

For the same eight month period in 2012 the number of new construction single family home sales increased by 20.7% to 35 homes. The total number of homes also increased proportionally so that new construction represented 14.8% of sales.

The average sale price of new construction homes and the corresponding per square foot price remained stable in Needham for this period.

Fast forward 30 years and at this rate, Needham may not have any smaller/older homes left to tear down.

What do you think about this trend?

John Prescott, Vice President

508-523-9252

Century 21 Commonwealth

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2 Responses

  1. The redevelopment of older obsolete housing stock will be around long after we are all gone…………why recreate great established communities – they already exist :)

    The buyers end up dictating what type of housing they want – if they don’t like what they see and the economics make sense (land-value vs new construction value) – we’ll see new infill construction…forever.

    Thanks,

  2. nice post, thanks for your moderation

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