Greater Boston’s housing market just reached a milestone: the median price for a single-family home has officially topped $1 million. According to New Hampshire Public Radio, prices rose more than 4% over the past year, with limited inventory and high demand keeping the market tight.
Why Prices Are Rising
The surge comes down to a few familiar factors — not enough homes for sale, increasing construction costs, and strong buyer competition. Even as interest rates stay high, well-priced homes in desirable neighborhoods are still selling quickly.
Condos, on the other hand, are cooling slightly, with the median price dipping to $725,000. That gap between single-family homes and condos may push more homeowners to renovate instead of move.
For contractors like Theodore Labonte, this shift is already visible. Many homeowners are investing in upgrades to add space, modernize older properties, and increase comfort without taking on a new mortgage.
Renovate or Relocate?
When homes are this expensive, remodeling becomes a smarter alternative. Adding a new kitchen, finishing a basement, or building an outdoor living area can all improve livability and boost resale value.
Theodore Labonte often sees clients who choose to remodel as a way to get “new home” benefits without the stress of moving. In a market where even modest homes approach seven figures, renovations can be both practical and profitable.
What Homeowners Should Expect
With costs of labor and materials still high, remodeling isn’t cheap — but it’s often more attainable than buying a new property. Homeowners who plan carefully, get multiple quotes, and work with reliable contractors can make smart improvements that add long-term value.
As Boston’s housing market continues to evolve, staying put and improving what you already own may be the most sensible move of all.
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