Harvard, MA Real Estate

This picturesque town in the Greater Boston area is home to about 6,520 citizens, as documented by the 2010 Census. As a convenient place to live and conduct business in the Boston area, Harvard not surprisingly has a strong residential and commercial market, where single family home sales and multi-family home sales and rentals are a regular occurrence. In the commercial sector, vacancy rates have historically been high and prices have been low compared to other major metro areas around the country. This has made the Greater Boston area a very attractive place to conduct business, and this town is no exception.

Single Family Homes for Sale

In this town, the average price for a single-family home is $580,000. Per square foot, homeowners will pay an average of $214. Homes spend about 120 days on the market, and the sale to list price ratio is roughly 118.52 percent. People looking to rent a single family home will find an average monthly rental price of $2,400 across all sizes of homes. The home value forecast here is 2.8 percent, which means that median prices for single family homes throughout the town are expected to rise over the next year. In turn, that creates a promising market for both buyers and sellers, as incoming homeowners have the confidence that they are purchasing a new home in a desirable area.

While the average listing price gives prospective buyers a general idea of what homes in the town are worth, there are many factors that influence the fair asking price of the home. Location in town is one. Proximity to parks and recreational areas and desirable residential settings like quiet cul-de-sacs generally make for a more expensive home. A home's "walkability" to key destinations like transportation centers, schools, and the downtown area also affect price. Age is another influencing factor. Charming, historic older homes and homes built recently are the most attractive to buyers and therefore fetch the highest asking prices. Homes built in the mid-1900s, on the other hand, tend to be the least expensive, especially if the interior is outdated. Any recent renovations or home improvements, however, will raise their value. Given the town's history, which dates back to the 1700s, and its bucolic setting, the residential landscape contains a number of 18th century and 19th century homes and farms. However, there is a considerable amount of new construction too both in the town's center and in the outlying suburbs, which is adding many just-built homes to the single family market. Home size (neither too big nor too small)is also a factor in home prices in the area, as is the bedroom to bathroom ratio. Conformance with other buildings and homes in the neighborhood also impacts the home's value, as houses that are unlike others in the neighborhood are difficult to assess for pricing if there are no features and amenities to compare them to.

A house that has several major selling points, such as one listed for sale at 42 Oak Hill Rd., is likely to fetch a higher asking price. This home covers a total area of 4,420 SF. It has four bedrooms and 2.5 baths. The asking price for this house is $928,000, which breaks down to $210 per SF. The house was constructed in the early 1980s, and it has since had several notable and desirable upgrades, especially to the kitchen and bathrooms. Its recent improvements include beautiful custom cherry cabinets, french doors, dimmer-operated recessed lights, a lavish master bathroom with a glass-door shower and an oversize tub, and radiant heat floors in several rooms. The house sits back on a picturesque, landscaped lot on a quiet road. Adding to its good location is the fact that it is within walking distance to the town's center and several schools.

An example of a smaller and less expensive home on the town's single family market is a two-bedroom house with 1.5 baths on Littleton Rd that covers 1,587 SF and has an asking price of $498,000. The home was built in the late 1960s. It is a bright and cheerful one-story ranch house with large windows and an open concept layout. Spacious rooms and a peaceful setting on 1.9 acres make this house attractive to buyers. It has also been well cared for in the past, and its touch-ups over the years include the addition of cherry cabinets in the kitchen, hardwood floors, central air, and charming architectural details like wainscoting. Another perk of the house is the surrounding property, which includes a green lawn and gardens.

Townhouses and Condos For Sale

Along with single family homes, there are multi-family homes available for sale in this town as well. In the current real estate market, townhouses and condos account for just under a third of listings in the town's residential market. For a townhouse with two bedrooms and three to four bathrooms, the average asking price is about $450,000.Since Harvard is located close to Boston, multi-family dwellings are a popular option for those looking for living opportunities with an easy commute to the city. For that reason, they are considered to be an excellent opportunity for investors. This is especially true in the present market, as home values for both residential and multi-family dwellings are expected to rise by about three percent over the next year. Another reason why townhouses and condos are attractive to prospective investors is their lower risk for financiers compared to single family homes. While single family homes are dependent on the finances of just one family, multi-family homes have multiple tenants and therefore multiple sources of income. That means that unlike a single-family home, a multi-family home will likely be spared from foreclosure if one individual cannot make the requisite monthly payment. Vacancy rates will also be lower. Prospective tenants should note that investors may impose income requirements, as well as other restrictions, for applicants.

As with single family homes, there are factors that influence the price of a townhome or a condo. The age of the unit is influential in determining the price, as is its proximity to resources like transit centers, schools, and the downtown district. The size and age of the townhouse or condo is also important. In this town, the condo and townhouse market is dominated by new development, which includes many townhouses that have been constructed within the past five to ten years, and some that are currently undergoing construction. Newer buildings are usually more attractive to both buyers and incoming tenants, as they tend to be outfitted with stylish appliances and appealing architectural accents. Newly built townhouses and condos are also usually constructed with convenience and comfort and mind. They're more likely to be situated near major access points to public transit and highways. Unless the buildings are older ones that have been recently renovated, modern townhouses are also typically equipped with plenty of creature comforts like heat, central air, and even elevators.

Oftentimes, especially with newer structures, people will find townhouse or condo developments. On Trail Ridge Way, for example, there is a new townhouse development with multiple units for sale and rent. This property has the advantages of an excellent location and a numerous modern amenities that make it appealing for those wanting an easy, stress-free, and convenient lifestyle. One unit for sale in the complex is a two-bedroom, three-bathroom unit that covers 2,222 SF and costs $469,000. Highlights of this unit are two luxurious master suites, each with its own spa-worthy bathroom and walk-in closet. A fully equipped kitchen and upgraded appliances in the kitchen and bathrooms are other standout amenities of this unit. Hardwood floors in the living areas and tile flooring in the bathrooms are other notable amenities of this modern townhome, and it is also within range of several local schools and parks.

Apartments

The price for an apartment here varies based on primarily on the apartment's size. Pricing is also affected by the apartment's age, its amenities, and its location. The average monthly rental price for a studio apartment is $1,147. For a one bedroom apartment, the average price goes up to $1,546. The typical monthly rate increases to $1,751 for a two bedroom apartment, and the average asking price for a three-bedroom unit is $1,897/MO. The average prices for apartments are reasonable here in comparison to the Greater Boston area, which is one appeal of living here. Location is another. Since it is easy to reach Boston from here, it's a popular location for those who work in the city and want a place to live that's close to Boston but still outside of its borders.

A mix of re-purposed former residences and newly constructed buildings comprise the town's apartment landscape. Some apartments are found in traditional apartment buildings, while others are found in more residential layouts. One example of an apartment complex that might have a place to rent is Bowers Brook Apartments. This complex is conveniently close to Route 2. It has about 42 units that are equipped with desirable modern amenities, including communal services and private off-street parking. There is a combination of one-bedroom and two-bedroom apartments for rent at Bowers Brook. Independent of size, apartments share common features like stainless steel appliances in the kitchens, hardwood floors, heat, and central air. Furthermore, utilities are included in the monthly rental price, and there is an onsite laundry facility.

Along with the usual amenities found in modern or renovated apartments like renovated kitchens and wood floors, some apartments have more luxurious features like private balconies, patios, or fireplaces. For instance, there is a multi-family residence in the town that has been converted into two and three-bedroom apartments. The apartments start at a rate of $1,900 per month. Fireplaces are available in select units, and some also have lower-level storage areas with glass doors leading out to the lawn. Private parking is another commodity that residents enjoy. Pets are permitted in this apartment complex in accordance with the pet policy. Pet owners looking to move to town should note that some apartments do not allow pets, while others may permit them depending on the breed and type of pet. Renters should be prepared to face an additional fee for having pets live in the apartment with them. This apartment building's location just several minutes from Route 2 and Route 495 makes it a popular choice for people needing to get to Boston quickly. Public transportation is provided by a train station close by. Some other conveniences available at the property are extra storage space and an onsite emergency maintenance team that is on hand to fix plumbing, heating and electrical issues, as well as any other mechanical problems that surface. Water and sewage are included in the monthly rent, and the building is set back on a quiet lot with a grassy front lawn and a border of shade trees.

The Commercial Market

As with the residential sector, the town's commercial and industrial sectors are doing quite well. The trend here, as with other towns around Boston, has been the resurgence of value and interest in previously outdated warehouse and manufacturing buildings. Many older warehouse and commercial buildings here and in the Greater Boston area were used to manufacture and distribute products in the 1800s and through the mid-1900s. Although no longer valued for their original uses, their size and prime location makes them top choices for businesses in the anchor economic sectors, such as banking, pharmaceutical, education and life sciences, as well as emerging businesses like technology and ecommerce. Vacancy rates in the area have averaged about 9.7 percent in the past few years, but they continue to fall as companies move in and snatch up space. As vacancy rates fall, rental rates continue to rise, which makes the market one to watch for investors. For commercial space, rents average about $1.25 per SF/MO. They can range from under $1.00 per SF to over $2.75 per SF each month, depending on factors like age, location, and purpose of the building. Due to the availability of existing infrastructure that continues to meet clients' needs, there is little incentive for new development. However, vacant land and lots can still be found, and usually for a good price. An advantage of getting land, for many incoming businesses, is that they have a build-to-suit opportunity and the space for future expansion. Many commercial buildings are located along Route 2 and Route 495, which are prime locations for having quick access to Boston and throughout the region. The market contains a mix of single-use buildings and flexible use buildings, which are especially popular for companies looking for a place to conduct all aspects of business under one roof.

Availability is relatively high, under current market conditions, along the northern and southern portions of Route 495, and along Route 2 West. Research on the 2017 market shows that there was 28,588,910 SF open along the northern section of Route 495 in the latter part of the year. During that same time, there was about 33 million SF of commercial space open along the route's southern corridor. There was 615,045 SF of direct SF open along the northern part of Route 495 during that time, and 2.44 million direct SF along the southern corridor. There was 9.7 million SF of supply space open along Route 2, and about 916,000 SF of that was categorized as direct SF. At 11.8, vacancy rates were highest along the northern tier of Route 495. the lowest vacancy rates were on the southern half of Route 495 (8.1 percent), while vacancy rates totaled 10.3 percent along Route 2.

The commercial and industrial buildings available across town show a diverse portfolio. For a rate of $0.17 - $1.38 per SF/month, occupants can inhabit a flexible use building on Ayer Road. The two-story brick building is suitable for many different business endeavors, including medicine, manufacturing, retail, and office. It was constructed in the early 1950s and has some features that make it particularly well suited to be a doctor's or a dentist's office, including a reception area and a shielded X-ray room. There is also an onsite lab and a small kitchenette. There is also a high-bay loading dock attached to the building, and it has partitioned offices for companies needing corporate-friendly work space. The building contains full carpeting, and it has been updated with heat and central air.

Further down Ayer Road is a newer and more upscale building. It costs about $0.99 - $2.76 per SF/MO to rent here. The building is a picturesque three-story establishment currently used as professional building. A combination of doctor's offices, law offices, and small corporations are some current inhabitants. The building covers 12,000 SF of space, and it is appealing for its attractive facade, picturesque campus, and abundant private parking in an off-street lot. For the monthly fee, tenants have access to a general reception area, semi-private waiting rooms, private offices, and a shared conference room. Each separate unit has its own private bathrooms, and tenants are responsible for paying some utilities like heat and gas. The building sees a high volume of passing traffic, and it is very close to Route 2.

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