When it comes to the New England region, Massachusetts is the most populous state. Home to prestigious schools, many historic sites, and booming businesses, this coastal state has become the sixth-most popular destination for foreign travelers. The Bay State is bordered by the Atlantic Ocean, and the states of Connecticut, Rhode Island, New Hampshire, Vermont, and New York. Great for urbanites and nature lovers alike, Massachusetts has a variety of different communities and regions.
Housing Trends in Massachusetts
Since Massachusetts is a popular state, you’ll want to get on board with home scouting quickly. One of the most prominent housing trends in Massachusetts is the lack of supply. This shortage has created a surge on home prices according to a recent statement by the Eric Berman, director at the Massachusetts Association of Realtors. In fact, there were fewer than 10,000 single-family homes for sale in December and January in Massachusetts, compared to 38,000 in September 2006.
A Seller’s Market
Yes, it’s a seller’s market in Massachusetts. Here’s the lowdown. Although single-family home sales in January were slightly down — 1.2 percent — compared with the same period last year, the median price jumped 4 percent to $369,000, per the Massachusetts Association of Realtors. For condominiums, the median price increased more than 6 percent to $355,000 for the month of January, though sales fell by about 7 percent.
Why the price hikes? It’s due in part to the lack of available land for new construction. Also, in some of the more affluent areas, people seem to be staying put in favor of remodeling or adding extra space. Together, these decisions may limit housing supply – at least in some areas – for first-time buyers and moderate budgets.
Renting in and Around Massachusetts
Should you rent instead? If the idea of buying appeals to you but you just can’t pull it off, renting may be an option. The average rent for an apartment in Boston is $3,001, a 3% increase compared to $2,925 in 2017. For this price, you may get – on average – 815 to 986 square feet.
But other cities may be more reasonable. As of May 2018, the average rent for an apartment in Springfield was $1,061 which is a 0.94% increase from last year when the average rent was $1051, and a 1.23% increase from April 2018 when the average rent was $1048. Naturally, you need to factor in your location needs and maximum tolerance for commuting.
Primary Housing Styles in Massachusetts
With a history of settlement since the Pilgrims in 1620, New England boasts a spectrum of architectural styles that are older and more varied than in any other part of the country. One of these, not surprisingly, is the Cape Cod. It is one of America’s oldest home styles and has a very cozy feel. Other popular styles include an easy-living ranch and a country-style with a wrap-around porch.
Massachusetts has something to offer whether you prefer the beach or big city bustle. Here are a few places to keep in mind when you are ready to put down some roots. What is your neighborhood style?
- The Quainter Side of MA: To experience the quainter side of Massachusetts, you may want to head about an hour’s drive north of Boston to the seaside town of Rockport for, yes, rocky beaches, seagulls, and probably a lobster roll. Marblehead, a town of about 20,000 people, is less than an hour north of Boston and is often called the birthplace of the American Navy. Its known for its yachting, sailing, kayaking, etc.
- Mountain Hip: Great Barrington has a Railroad Street, the Guthrie Center, eateries and folk music with some skiing close by if you like winter sports.
- Outdoor Adventure: 90 miles of the Appalachian Trail runs through Massachusetts, so get your hiking boots and head out for a long-distance or day hike. Or walk the Freedom Trail, a 2.5-mile, brick-lined route that leads you to 16 historically significant sites in Boston.
- Way Cool: Three of Boston’s neighborhoods get high marks for cool and are cited by the Boston Globe: (1) Jamaica Plain as “edgy cool,” (2) Allston – Brighton as well-educated and “up-and-coming,” and (3) Davis Square for trendy, walkable, and “prime hipness.”
- Charmed I’m Sure: Massachusetts really turns up the charm in Cambridge. A classic university town, here you can find cobblestone streets, musicians busking, street vendor artists and small cafes. Harvard Square in the center is always action filled and great for people watching.
- Great Day for a Swim: Woods Hole in southern Cape Cod could make for a perfect day at the beach. This area shows off a great bike path along the coast leading to Falmouth, golden beaches, aquariums devoted to marine biology, shops, and the ferry to Martha’s Vineyard. Provincetown, aka P-town, is another Cape Cod city that attracts events like the International Film Festival, a strong LGBTQ community, art galleries, and craft stores.
- High Crime: North Adams, Fall River, and Brockton are areas to watch for. You can also check current FBI stats to help you determine whether to pass through or put down roots.
- Tech-Savvy: Cambridge is home to MIT – Massachusetts Institute of Technology so there’s potential recruiter heaven. According to Built in Boston, there are 50 start-ups to watch over the next year, as Boston’s tech sector flourishes and venture capital firms pour money into edtech, fintech, and healthtech.
It seems that modern Massachusetts is also somewhat of a global leader in biotech, engineering, higher education, finance, and maritime trade. Perhaps this is why Forbes ranks Boston #30 in its list of Best Places for Business and Careers and #77 in job growth.
Find Your Perfect Home in Massachusetts
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