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24/7 Wall St.: The Best Housing Markets for 2013

8. Peabody, Mass.

Job growth: 2.5%
Vacancy rate: 2.4%
Construction permits: 2.5 per 1,000 homes

The median asking price per square foot for homes in the Peabody area was $189.47 for the 12 months through November. While this was more than most major home markets, it was much less than in Boston itself, where the median asking price per square foot was more than $220. Unlike many of next year’s top markets, construction remained slow in Peabody. There were just 2.5 construction permits per 1,000 units between January and October, fewer than most markets. According to Trulia’s Kolko, in Peabody, “[they are] more reliant on higher end professional services and haven’t been held back by a lot of manufacturing. [They] had very little overbuilding during the bubble.” Last month, the Boston Globe reported that year-to-date single family home sales through October for the Commonwealth of Massachusetts were up almost 22% from the year before.
(AP Photo/Winslow Townson)

More From 24/7 Wall St.:
The 10 Most Expensive Cities To Buy A Home
American Cities Adding Or Losing The Most Jobs
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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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