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Massachusetts real estate

Massachusetts – There’s Nothing Common about the Housing Market in this Commonwealth!

By the end of 2012, the names of the game in the Massachusetts housing market were more sales and higher prices. Specifically, the number of sales was up 25%, and selling prices were back to their pre-recession levels!

So, can the Commonwealth keep up the momentum?

The realtors in Massachusetts sure think so!

Take prices, for example. Many places around the country are seeing increases in selling prices, but you’ll be hard-pressed to find a state that will come right out and say that their homes are selling for what they did back in 2005.

But that’s exactly what Massachusetts is saying – and doing!

So, what’s their secret?

Part of it is simply how this state is built. Massachusetts has very little available land left. And, there are very few subdivisions here – meaning there aren’t many “cookie cutter” neighborhoods. So, if you miss out on a great house, there won’t be another similar one down the street. That’s led to reports of bidding wars, which have driven up prices.

Another reason for the price increase is the jobs market. Some realtors in Massachusetts are touting the area as a mini-Silicon Valley, thanks to a rapidly-growing tech industry. In fact, the state’s digital sector has grown 30% since 2010 – meaning there has been an influx of newly-employed people looking for homes for sale around Massachusetts.

In Boston, the Commonwealth’s capital and hub for development, the housing trends have totally changed. Now, buyers are looking for homes that are smaller, which is why Governor Deval Patrick wants to build 10,000 new multi-family units every year, until 2020. The plan actually fits two needs – smaller homes and homes that take up less space. (After all, if you can’t build out, build up!)

Beantown buyers are also looking for housing that’s more affordable. In fact, if you want to live in Boston, you’re basically forced into buying!

That’s because the apartments for rent in Boston are virtually-unaffordable. Landlords have raised rent prices all over the country, but they have really outdone themselves in Boston. By the end of 2012, the average apartment in Boston cost more than $2,300 per month!

But what if you want to live in a city other than Boston?

Realtors in Springfield have the perfect combination – the number of home sales is up, and the number of foreclosures is down. As long as that trend continues, homeowners here will continue to see their home values go up.

In Peabody, the city is doing everything it can to help the homes for sale succeed. In fact, the Mayor is turning to Massaschusetts’ Attorney General for help in dealing with distressed homes around the city that have become an eyesore – and are dragging down nearby home values.

Living in Massachusetts

If you’re in search of a state that provides a good mix of rural areas along with the excitement and business opportunities of city life, then Massachusetts may be perfect for you!

Located in the New England region, Massachusetts is conveniently bordered by New York to the west, Rhode Island and Connecticut to the south, and Vermont and New Hampshire to the north. It features two distinct metropolitan areas – Boston in the east and Springfield in the west. An estimated two-thirds of Massachusetts’ population is located in the Greater Boston area.

While Massachusetts was once dependent on trade, fishing and agriculture, the Industrial Revolution shifted the economy more toward services. Massachusetts is considered top in health care, financial services, technology, as well as higher-education.

Massachusetts summers are typically warm with high temperatures above 80 degrees through most of the state. The winters are cold, averaging above freezing on the coast, with cooler temperatures inland. If you love snow, you will enjoy the typical 100 inches of snowfall per year!

Before you get your winter coat ready, let’s go over some of Massachusetts’ fast facts:

  • What is the population of Massachusetts?
  • The population of Massachusetts is 6,646,144
  • What is the capital of Massachusetts?
  • The capital of Massachusetts is Boston
  • What is the largest city in Massachusetts?
  • The largest city in Massachusetts is Boston

Founded in the 17th century when passengers from the legendary “Mayflower” landed in Plymouth, Massachusetts offers centuries of American history and art. From the Boston Museum of Fine Arts and the DeCordova contemporary art and sculpture museum to the Institute of Contemporary Art to and the “living museum” known as Old Sturbridge Village, this state is steeped in culture and history.

If orchestral music is your family’s favorite, the Boston Pops Orchestra and the Boston Symphony Orchestra are both based in Massachusetts.

Massachusetts is also home to more than 120 institutions of higher-education, including top universities Harvard University, Massachusetts Institute of Technology, Boston College, Williams College, Wellesley College, and Tufts University.

If you love the beach, then a visit to Cape Cod, Martha's Vineyard, and Nantucket Islands will be a treat. Massachusetts beaches are chock full of both tourists and residents during the summer months. Besides being beautiful, there are plenty of outdoor activities here to help you take full advantage of the warm season!

This is the Census data for Massachusetts

Population

Total population estimate for Massachusetts (July 1) 2012
6,646,144
Total population change for Massachusetts- April 1, 2010 to July 1, 2012
1.5%

Age

Percentage of the population that's under 5 years old in Massachusetts, 2011
5.6%
Percentage of the population that's under 18 years years old in Massachusetts, 2011
21.3%
Percentage of the population that's 65 years and over Massachusetts, 2011
14.0%

Gender

Percentage of the population that are females in Massachusetts, 2011
51.6%

Race breakdown for Massachusetts in percentages

White alone, 2011
84.1%
Black alone, 2011
7.8%
American Indian and Alaska Native alone,2011
0.5%
Asian alone, percent, 2011
5.6%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
2.0%
Hispanic or Latino Origin, 2011
9.9%
Not Hispanic, White alone, 2011
76.4%

A little more about the residents of Massachusetts

Percentage of residents who lived in the same house 1 year ago, 2007-2011
86.5%
Percent of residents who are foreign born 2007-2011
14.7%
Percent speaking a language other than English at home, 2007-2011
21.4%

Education

Percent high school graduates or higher for residents 25 years old and over in Massachusetts, 2007-2011
88.9%
Percent with a bachelor's degree or higher for residents 25 years old and over in Massachusetts, 2007-2011
38.7%

Veterans

Total number of Veterans living in Massachusetts 2007-2011
412,617

Communting

The average travel time to work for workers in Massachusetts (16 years and over not working at home), 2007-2011
27.5 mins

Real estate stats in Massachusetts

Housing unit estimates, 2011
2,818,940
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
63.6%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
41.8%
Median value of specified owner-occupied housing units, 2007-2011
$343,500.00
Households, 2007-2011
2,522,409
Average household size, 2007-2011
2.49

Income

Per capita income for Massachusetts in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$35,051.00
Median household income in Massachusetts, 2007-2011
$65,981.00
Percentage of people living in poverty in Massachusetts 2007-2011
10.7%

Business and commerce info for Massachusetts

Private nonfarm establishments, 2010
169,790
Private nonfarm employment for pay period including March 12, 2010
2,928,545
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-5.1%
Total number of businesses in Massachusetts, 2007
596,790
Percentage of Black-owned businesses in Massachusetts, 2007
3.4%
Percentage of American Indian- and Alaska Native-owned businesses in Massachusetts , 2007
0.4%
Percentage of Asian-owned businesses in Massachusetts, 2007
4.5%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Massachusetts, 2007
NA
Percentage of Hispanic-owned businesses in Massachusetts, 2007
3.3%
Percentage of Women-owned businesses in Massachusetts, 2007
29.8%

Land size and population

Size of Massachusetts in Square Miles, 2010
7,800.06 mi²
Population per square mile in Massachusetts, 2010
839.4

Massachusetts real estate

[Not Specified]

Abington

Acushnet

Aquinnah

Attleboro

Bernardston

Blackstone

Bournedale

Brant Point

Buckland

Carlisle

Chappaquiddick

Charlemont

Chatham Port

Chelsea

Chilmark

Cummington

Davisville

Douglas

East Brewster

East Bridgewater

East Harwich

East Wareham

Falmouth Heights

Framingham

Gardner

Gay Head

Grafton

Granville

Gray Gables

Groveland

Hatchville

Hopkinton

Hummock Pond

Huntington

Lunenburg

Lynnfield

Madaket

Madequecham

Malden

Maravista

Marion Center

Megansett

Melrose

Middleboro

Middleborough

Middlefield

Milford

Millbury

Monomoy

Montgomery

Monument Beach

Mt Washington

Needham

New Ashford

North Andover

North Egremont

North Harwich

North Westport

Northampton

Northbridge

Northfield

OAK BLUFFS

Other City - Not In The State Of Florida

Other City Value - Out Of Area

Outside Area (Inside Ca)

Outside Area (Outside Ca)

Peabody

Pepperell

Plainfield

Plainville

Popponesset

Popponesset Island

Quidnet

Quissett

Randolph

Rehoboth

Shawkemo

Shelburne Falls

Shirley

Silver Beach

Sippewissett

Somerset

Somerville

South Harwich

South Lee

South of Town

South Orleans

South Plymouth

South Wellfleet

Sudbury

Sunderland

Teaticket

The Cliff

Town of Aquinnah

Town of Chilmark

Town of Dennis

Town of Eastham

Town of Falmouth

Town of Harwich

Town of Mashpee

Town of Vineyard Haven

Town of West Tisbury

Tuckernuck

Vineyard Haven

Warwick

Webster

West of Town

West Tisbury

West Wareham

Westford

Westhampton

Westminster

Weymouth

Winchendon

Worthington

Yarmouth