Lowell Real Estate Market Overview

Real estate Lowell MA investments represent an everyday more attractive perspective, due to the rising trend in property prices, the predominantly young population and the specific of the region. Here is a brief overview of the features that many buyers find irresistible.

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Demographics

Located in the state of Massachusetts, Middlesex County, Lowell has a population of 106,739 inhabitants, 49 % of which are homeowners. With a 14.5 square mile surface area, the city has a population density of 7,361 inhabitants per square mile.

The median age is situated at 33.6 years, the city boasting a predominantly young population. With so many young inhabitants, it’s no wonder Lowell is not very family-centric. Only 30% of households are inhabited by married families with children, the county average being of 34%.

In terms of education, 27 % of the population is college educated. The median household income within the city limits is $51,714, while the surrounding area boasts a much larger $81,420 median household income, well over the $53,046 national average.

When it comes to commuting, the majority of 94% uses personal vehicles, 3 % commute by public transportation, and the remaining 3% prefer travelling on foot. Commute times are generally short, most inhabitants spending less than 15 minutes travelling to work.

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Real Estate Lowell MA Market Context

The Lowell real estate market has been following a consistent positive trend over the last few years. Since 2015, the average price per square foot has risen from $136 to $157.

 

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Median sales prices for July 2016 in Lowell are as follows:

·         1 Bedroom: $172,500;

·         2 Bedrooms: $305,000;

·         3 Bedrooms: $226,000;

·         4 Bedrooms: $194,000;

·         All Properties: $226,000.

Compared to July 2015, data shows that single and four bedroom houses have dropped in market value, while 2 and 3 bedroom homes have followed an ascending trend. Two bedroom houses have more than doubled in price since compared to the same period of the previous year, while three bedroom homes have added a 26% increase in price. Overall, property prices have risen with 43 percent in Lowell since 2015. In fact, price trends have been predominantly on the rise ever since 2011.

 

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Rented properties in Lowell seem to follow the same ascending path as sales. A single negative peak has been recorded during the last 12 months, in December of 2015, when the median rent fell to $1,250. However, it has been on the rise ever since.

Median Lowell rents for July 2016 were as follows:

·         1 Bedroom: $1,250;

·         2 Bedrooms: $1,362;

·         3 Bedrooms: $1,650;

·         4 Bedrooms: $2,200;

·         All Properties: $1,800.

Lowell Crime Rate

Before moving to a new town, people generally look up information about the criminal activity in the area. A high risk of crime can negatively affect property value in any given area. Lowell poses a lower crime risk than the national average, with only 8 counts of assault, 6 counts of shooting and 4 robberies in 2015.

For all these reasons and more, real estate Lowell MA investments are a safe bet.