Gloucester, MA Real Estate

Are you looking to buy or rent a home in Gloucester, MA? For up-to-the-second information regarding real estate for sale and for rent in this bustling North Shore city, Boston City Properties has you covered. On this page, you can get up to speed regarding the local property market of this mid-sized city, which will help you to make more informed and strategic decisions. More importantly, you can sign up for instant access to our constantly updated database of searchable Massachusetts property listings to quickly zero in on options that suit your budget, lifestyle and other needs.

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At Boston City Properties, we believe that an educated house hunter is a successful house hunter. Throughout our website, then, you will find articles, interactive tools and other resources that arm you with the information that you need to find the perfect property to buy or rent in no time. Gain insights into the local property market, and learn the basics of what to expect when buying or renting in the local area. Most importantly of all, sign up using the simple form for immediate, free, unlimited access to our up-to-the-second MA residential property listings.

Once you’ve gained access to our listings, which are populated with data from reputable sources like the MLS, your search will kick into overdrive. Navigate to the powerful search feature to begin. Select this city from the list of locations to limit your search to within its borders. Note that you may select multiple towns, cities or Boston neighborhoods if you’d like to perform a broader search. Adjust filters for things like total square footage and price range to refine your results even more. Before you know it, you’ll have a list of properties to explore in this exciting city.

City Overview

Located as it is roughly 40 miles north-northeast of downtown Boston, this bustling Essex County city is far enough away not to be influenced by the big city’s hectic property market. That doesn’t really matter, though, because this city has a crazy enough market of its own. Covered by the 01930 zip code, this North Shore city had a population of just under 28,800 people at the time of the 2010 U.S. Census. It is therefore large enough to support a fairly eclectic and robust local property market.

This mid-sized city is bordered by many charming communities, including Ipswich, Essex and Rockport. Residential properties here are found in many of its neighborhoods, subdivisions and other districts, including Folly Cove, Bay View and Lanesville. Home prices tend to be reasonable, and the cost of living of this town is fairly in line with that of the state average. On the U.S. cost of living index, where 100 equals the national average cost of living, MA has a score of 137.7 while this city has a score of 137.6. Therefore, you won’t find goods and services to cost noticeably more than they do elsewhere in the state.

Market Overview

Establishing that you want to make this city home is one thing; being able to afford something in its local residential property market is another. Be a more informed buyer by brushing up on the basics of this city’s property market, which is large enough to get pretty complicated at times. Boston City Properties can refer you to a local agent when you’re ready to proceed, and this professional will possess insider knowledge of the market that’s sure to make a huge difference.

According to property records, there are around 12,300 residential properties in this city. That is a reasonable number given the population, so the market is pretty balanced. Of course, there is no way to predict how many of these properties will be available to rent or buy at any given time; this is one of those unknown variables that can really throw buyers and renters for a loop. You can always turn to the experts at Boston City Properties if you struggle to find whatever you need in the local market.

Compared with many communities around the state, this city actually has fairly balanced offerings in terms of residential property. Of the more than 12,000 residential properties that are found here, 54 percent are classified as single-family homes. Around 42 percent of residential properties are classified as apartments, so the offerings are fairly split. Approximately 4 percent of properties are condos or townhouses, which is fairly typical for a city of this size. It stands to reason that townhomes and condos are the hardest to come by. If you need to buy or rent one, it’s especially important to let Boston City Properties refer you to an experienced local agent.

Home prices change constantly, but it never hurts to get a ballpark idea for how much properties are currently selling for on the local property market. If you want something that is affordable, you will be glad to know that home prices here tend to fall within close range of state averages. Of the many price ranges that are available, the majority of residential properties here—28 percent—cost between $363,000 and $483,000. There are plenty of more affordable options and lots of more expensive ones too, so there’s something for virtually anyone.

Single-Family Homes

Unlike many MA communities, this one’s residential property market isn’t entirely dominated by single-family homes. Despite the fact that it’s so far from Boston, this city has a strong rental market and plenty of options in that department. Still, detached single-family homes make up more than half of the market, and they vary widely in terms of size, price, location, age, style and other characteristics. Get up to speed regarding the local single-family home property market to more easily find what you need.

The first thing to consider when investigating single-family homes in a market like this is how much they are listing and selling for. Homes here have been listing on the market for around $385,000, which is far lower than the median list price for MA, which is $419,000. They have been selling for a median price of $375,000, however, which is actually a bit higher than the state median sale price of $356,000. The median price per square foot for residential property here, $268, is a bit higher than that of the state, which is $242 per square foot.

You most likely have at least some preferences regarding the style and design of your ideal home. One way to determine whether a local market is likely to have what you need is by considering the average age of the homes on its market. In this city, 49 percent of residential properties were built in 1939 or earlier, so the vast majority of whatever’s available is likely to be older. Then again, 7 percent of properties here were built in the year 2000 or later, so some construction has been occurring here more recently. Your agent can help point you toward neighborhoods with the types of homes that you prefer.

Single-family homes here are large as they offer an average of 2,400 square feet of space. At any given time, there are usually around 80 homes for sale on the local market. Lately, properties have been sitting on the market for an average of 72 days, or about two months. This isn’t terribly excessive, but it’s not lightning fast, either. Sellers may get anxious when their homes linger on the market for too long; when that happens, buyers can often get price cuts and other concessions.

Regardless of what your long-term plans are for the property that you buy, you’d probably like for it to gain value over time. You can look at a few aspects of the local market to get a feel for how well property values hold up. In this city, for example, 13 percent of residential properties are listed as being vacant; this isn’t a very good sign. However, only 5.2 percent have negative equity versus 10.7 percent for the U.S. as a whole. Over the last year, properties appreciated by an average rate of 7.1 percent. The rate is expected to level out to 3.4 percent for the next 12 months, which is still fairly strong.

You probably have your reasons for wanting to buy or rent a place in this city. However, it may turn out that your needs and budget simply don’t align with the available offerings. Fortunately, this city is close to many other communities that have their own unique property markets. We can refer you to a real estate agent in Gloucester who can help you find options in neighboring towns and cities. For example, homes currently sell for around $777,000 in nearby Manchester while they sell for closer to $398,000 in neighboring Beverly.

Condos and Townhouses

As is the case across virtually all communities in the Bay State, this city doesn’t have a lot to offer when it comes to townhouses and condos. Unlike in major urban areas like Boston, multifamily buildings just aren’t as widespread. Even so, with around 4 percent of all residential properties falling into this category, there should be roughly 450 of them within its borders. While it may be trickier to secure a townhouse or condo here, it’s not impossible. With help from Boston City Properties, you’re sure to find something suitable in no time.

Townhouses and condos in this city are much roomier than what you’ll find in more competitive markets like Boston’s. On average, they offer around 1,600 square feet of space, which is more than most single-family homes in many markets offer. Luxury units haven’t become a thing here yet, so you’re unlikely to find something along those lines. However, because so many people rent in this community, it may be easier to find a condo or townhome to rent here than in many other cities and towns.

People typically lean toward condos and townhomes because they don’t want to deal with the upkeep that goes along with owning single-family homes. Another big reason is often savings as prices for these types of properties tend to be lower. This city is unique, however, because condos here tend to sell for a bit more than single-family homes. Given how much space you get, however, it’s safe to say that it’s a fair tradeoff.

If you want to buy a condo or townhouse in this bustling North Shore city, sign up to search Boston City Properties’ listings. You can search for townhouses and condos just as easily as you can single-family homes—and it works the same way. Start by selecting this city from the list; select more than one community to perform a broader search. From there, adjust filters for things like total square footage and price range to narrow things down more. Before you know it, you will have a list of promising townhomes and condos to explore. Get a referral from us to a local agent who can take you to look at properties in person.

Apartments

Boston City Properties isn’t just here to help you find houses to buy across the state. Our database also includes up-to-the-second listings for apartments and other properties for rent in communities across Massachusetts. If you’d like to rent an apartment in this Essex County city, then, you’ve come to the right place. With 42 percent of residential properties here classified as apartments, there should be approximately 5,100 apartments within its borders—and the easiest way to find the perfect one for you is by connecting with us.

Some important things to keep in mind about the local apartment and rental market include the following:

Affordability – Just as home prices here tend to be reasonable, rent prices are well below state averages. In fact, it may be that you’ve discovered that you can’t afford to buy here but can easily afford to rent. The average rental price lately in Massachusetts has hovered around $2,500 per month. In this city, rent averages around $1,550 per month. While rent prices are far lower than in places like Boston, the available options tend to be more limited and less impressive.
Rental Market Size – Apartments are by far the most popular rental properties in this city, which is the case across virtually all markets. However, single-family homes, townhouses and condos are occasionally offered for rent too. In this city, 62 percent of properties are owned; 38 percent are rented. You will therefore be in good company if you need to rent rather than buy, and you shouldn’t be limited to just apartments. Even if you are, you’ll find plenty of variety.
Options and Features – In a major rental market like Boston’s, competition for tenants prompts landlords to offer as many amenities and features as possible. Of course, local rent prices reflect this. While a significant percentage of the population here rents, the market isn’t too fast-paced or competitive. Apartments tend to be found not in soaring towers but in low- and mid-rise developments. Most buildings offer at least a few different layouts and configurations, and some offer more in terms of amenities than others. The agent that you’re referred to by Boston City Properties can point you toward apartment communities that align with your needs and budget.

Searching for apartments for rent in this city is easy to do with Boston City Properties. Once you’ve gained access to our searchable listings, you can use the search tool to find apartments for rent as quickly and easily as you can to find homes for sale. Select this city and others, if desired, from the list of locations to set your search boundaries. Input your preferences for things like size and price to get more useful and relevant results. The resulting list will display all currently available apartments that meet your basic requirements in the desired area.

How Boston City Properties Can Help

Although it is easy to get frustrated when trying to buy or rent a home anywhere in Massachusetts, it doesn’t have to be that way. The biggest problem is accessing timely, accurate information on demand. You can cross that problem off of your list by connecting with Boston City Properties. Sign up this second for free, immediate access to our constantly updated MA property listings to get your search underway.

With access to our considerable online resources, you will be on your way to finding suitable real estate in Gloucester, MA in no time. Once you have narrowed things down to a reasonable list, get in touch with us for a referral to a local agent. They can arrange visits to properties on your list, help you get the most during negotiations and remain by your side through closing or lease signing. For more info, please call Boston City Properties today.

Gloucester Condo Developments

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