Has the Real Estate Market Recovered In Lowell, Massachusetts?
According to real estate agents, the market has fully recovered from housing crash of 2008, and the real estate market has once again begun to thrive in Lowell, MA. Not 
only is there a renewed interest in open houses, but buyer activity has increased as well, with some properties ending up in bidding wars between multiple interested buyers.
“The real estate market began to decline in 2006 and 2007, and then we saw the crash in 2008,” said one real estate Lowell MA agent in the area. “It was still reeling all the way through 2012, and seemed like it was continuing to hit new lows each year. But in 2013, things started to perk up a bit. We saw consumer confidence returning, job growth in the area, and more and more people were once again purchasing homes in Lowell.”
Lowell, like the majority of American cities, saw rapid declines in housing investment during the housing bubble recession, alongside a decline in employment rates, and consumer confidence. “These three key factors are always going to be tied to one another.”
One area of concern however is foreclosures. While the number of foreclosures in Lowell today is less than the number of foreclosures during that period between 2008-2012, the number remains high, and foreclosures can cause a dip in property value in the area.
“It’s true foreclosures cause drag on the property values of a given area, but we’re still seeing increasing sales, and better job growth, and everything seems to be moving in 
the right direction, ” he continued. “There are more foreclosures now than you would typically associate with a healthy market, but the momentum has completely shifted in the last couple of years. More and more people are deciding to invest in the area, and that’s great news for Lowell.”
“By and large we’re seeing property values increase and we’ve been seeing them steadily increase since late 2012. The median family home in Lowell is about $309,000 
today which has shown a steady 3% increase over last year. We’re seeing less movement in the area of condominiums however, where the market there continues to decline.”
While the Lowell housing market continues to gain steady momentum, other areas across America are still trying to recover from the slumping economy. “Lowell has fared better than a lot of regions across the country. And I think one of the reasons for that is there’s a lot of inventory in terms of homes. A lot of the baby boomers are selling off their homes because they no longer need single family houses when they can invest in a condominium and turn a surplus on the house itself.”