Special Report: Bay State boomtowns

You've heard the news: Real estate values are slumping - big time.

Timothy Warren, the Warren Group, CEO
"The market is slow. So the majority of the towns are posting declines in median sales, there's no question about that."

Timothy Warren crunched the numbers, and found prices for single family homes inside the 128 loop have dropped 7.5 percent so far this year. But we found some Bay State towns are booming!

Working with Warren's data - 7News analyzed changes in home sale prices over the past year:

We looked at median prices in communities in Eastern Massachusetts with at least 30 homes sold from January through September of 2008 - then compared them with figures from the same period last year.

According to the Warren group: The five Bay State communities with the biggest one year jump in median selling prices are: Southborough (up 13 percent), Weston (up 14 percent), Truro (up 16 percent) and Sherborn (up 18 percent). Topping the list is Hamilton (up 19 percent).

Mimi Pruett, realtor
"With the financial situation in the country... I think it's just great that we can hold our own here."

Hamilton is known for its equestrian trails and good schools. Some 70 homes are for sale now - ranging from a modest 3 bedroom for $250,000 - to a grand 7 million dollar estate.

The Domoracki's are selling their place and despite a hefty price tag, they're not worried about finding a buyer.

Gary Domoracki, Hamilton homeowner
"For families with kids that want good schools...They're willing to pay up for that."

Hamilton is a haven for horse lovers and, as it turns out, the number two town on our list has much the same feel, even though it's an hour away.

The llamas welcome you to Sherborn. Another small town with good schools, a lot of charm and a lot of horses. The median price for a home here went up more than $120,000.

Maryann Clancy, Century 21
"It surprises me a little bit to think the median price has gone up that much. I think Sherborn has held pretty steady and because of that our prices are still very competitive.

In general - the pricier towns are doing better in this difficult market. But not always, while three Boston neighborhoods posted increases in price; Brighton (up 5.5 percent), Jamaica Plain (up 3.5 percent), and Roslindale (up 3.3 percent)...Some more expensive communities dipped.

Wayland's median price dropped 20 percent this year. Other notable towns with sizable drops in median price; Ipswich (down 20.5 percent), Hanover (down 19 percent), Concord (down 13 percent), Medfield (down 13 percent), and Scituate (down 13 percent).

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