Haverhill, MA Real Estate Market

Set 25 miles north of Boston, this quaint and historic Massachusetts town is a popular and attractive place to live. Quick access to Boston, quiet neighborhoods, and a combination of historic and modern buildings make it an appealing place to live and conduct business. The residential real estate market, which has been taking off in the past few years and continues to accelerate, is certainly proof of that. A 2010 population count of about 61,000 people, as captured by the 2010 census, continues to grow, which in turn piques the interest of investors and developers. Along with single family homes, multi-family housing arrangements like condos and apartments, are becoming increasingly popular for both tenants and investors. Similarly, the commercial market is also one to watch, and businesses of the traditional kind as well as emerging businesses are looking to move to Haverhill to fill the Greater Boston area's rising need for products and services.

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Single Family Homes for Sale

Home values and home sales have increased significantly in this town since 2016, and the market forecast calls for home values to continue rising through the next year. The median value of a single family home is $298,500 now, which is a 7.6 increase in value from the same time last year. Industry experts expect the median home value to rise by another 3.4 percent by the end of 2018. Broken down into square footage, the average home price is $183, which is substantially lower than the rate of $283 per SF found in the Greater Boston metro area.

The current housing market is certainly comprised of some traditional buyer-seller sales, but there are also a number of homes on the market due to foreclosure. This town's foreclosure rate is six percent on single family homes, which is higher than the national average of 1.6 percent. Homes are also coming on the market in the state of pre-foreclosure, which means that the current homeowner still has time to avoid a full foreclosure if he or she can come up with the requisite funds to finance the home prior to the closing date. Mortgage delinquency, which is the first step in foreclosure, is 1.9 percent, which exceeds the national average of 1.6 percent. This rate has in turn affected the home values in town by keeping them relatively low compared to other towns in the Boston metro area. The percentage of residents in town who are behind on their mortgages is estimated to be about 8.8 percent, which exceeds the 6.3 percent found in the Greater Boston region. Despite the high rates of mortgage delinquencies, people are still moving into the area, in part because of its convenient access to Boston. The good news for both buyers and sellers is that average home values have been steadily rising since their lowest point in 2012, especially in the past two years, when the median home value was just $209,000.

While buying a home in a state of pre-foreclosure or foreclosure carries some risk for the buyer, it can also be a great way to get a new home for a good deal. An example of a single family home for sale in the foreclosure auction is a two-bedroom house located on 59 Hillcrest Ave. The home is set on a beautiful, quiet piece of land with a yard and mature shade trees. It provides 1,152 SF of living space, and it was built in 2004. The structure is located on a pleasant side street not far from the scenic Merrimack River, and it is also within easy reach of Route 495. Another house for sale on the foreclosure market is a historic colonial that dates back to 1850. This home has three bedrooms and one bathroom. It covers 1,666 SF and is offered for $229,900. It sits on 0.38 acres of land and has off-street parking. Some highlights of the home are a formal dining room, wooden floors, a three-season screened porch, and an attached oversize garage with top-floor storage space. Along with its interior amenities, the house offers a beautiful piece of land with established shrubs. It is also close to public transportation, schools, and highways. Buyers looking for a traditional home sale arrangement might consider a house like the charming three-bedroom, three-bathroom Cape located at 27 Rosewood Dr. This home, which has an asking price of $405,000, covers 2,418 SF. It was built in 1995 and features an entertainment-oriented open floor plan, a renovated kitchen, and a luxurious master bedroom with a walk-in closet and spa-like soaking tub.

Condos and Townhouses for Sale

Ranging from converted former single family homes to modern mid-rise and high-rise buildings, there are a number of multi-family homes on the market to choose from. Like single family homes, the town's multi-family condominiums and townhouses are rising in demand. In the current market, they're considered to be a promising purchase for owners who want extra income from renting out space to tenants. These multi-family housing types are also attractive to investors, as they have greater financial security against foreclosure and vacancy than single-family homes. This is due to the fact that in a single family home, there is only one occupant responsible for making the requisite payment to live there. In a multi-family unit, multiple tenants share the responsibility of paying to live under the same roof. This means that even if just one tenant falls behind on a monthly payment, the other tenants will prevent the building from going into foreclosure if they can still make their requisite payments. Additionally, these types of homes are at a lower risk of vacancy if one tenant moves out because they'll still be occupied by other residents. The prospect of diversifying financial risk is especially attractive to landlords and investors in this town given its relatively high rate of foreclosures and delinquent mortgage payments.

The market for townhouses and condos is quite active, which gives both landlords and residents a diverse portfolio of housing options to choose from. An example of an older historic condo on the market is a beautiful Victorian mansion built in 1895. The home, formerly a single family residence, has been transformed to a condominium with multiple units, including one with two bedrooms and one bathroom that covers 800 SF of space. The building is located in a quiet neighborhood on a picturesque parcel. The exterior features ornate Victorian architectural details, newer windows and vinyl siding. Inside, the condos also have a nice blend of old and new features. Each condo has classic architectural touches and hardwood floors, along with modern amenities like renovated kitchens with stainless steel appliances. Granite counters are in the kitchen and bathroom, and there is an in-unit laundry machine. The condo is listed for sale at $229,900, which breaks down to about $287 per SF. There is also a monthly homeowner's association fee of $200. Prospective owners and renters wanting something a bit more modern can look at a property like the multi-story condo unit at 70 Washington Street. This building was constructed in 2006. It has multiple options of condos available, such as a two-bedroom and two-bathroom unit with 1,080 SF of space. This condo is on the market for $269,900, which is about $250 per SF. Along with the total cost of the condo, there is an additional monthly homeowner's association fee of $314 each month. Incoming condo owners will get a suite of desirable features like a chef's kitchen with polished granite counters and shiny stainless steel appliances. Along with the apartment-specific amenities, there are also community amenities like a rooftop deck, an elevator, a fitness center, and extra storage space. Each condo owner also gets a parking space in the building's private covered garage. Adding to the building's appeal is the fact that it is located right on the Merrimack River, which provides peaceful and inspiring water views.

Apartments

Apartments are another option for multi-family living in Haverhill. Currently, the average monthly rental price for an apartment here is $1,750. On the lower end of the price spectrum, an apartment costs about $1,500 to rent each month, while the most expensive apartments can go for $3,000 or more each month. The apartment's size, age, location, and amenities are a few factors that influence the rental rate. The median rental rate in this town is slightly higher than the average monthly rental rate nationwide, which is $1,446 per month, but it falls below the average monthly rental rate in the Boston Metro area, which is $2,406 a month. Average rental rates dipped slightly in 2017 after seeing a steady incline from 2015. Rates were at their lowest point in 2012, when it cost about $1,418 per month to rent an apartment. The increase in rental prices is due to the fact that more people are looking to live outside of Boston but in a place where they can reach the city quickly and easily. The fact that the apartment market is in demand is good for investors and future apartment building owners who want assurance that they are investing in an area with a promising residential real estate future.

As with other areas, there are a variety of apartment types to choose from, beginning with smaller studios and moving up to apartments with multiple bedrooms. There are some modern apartment buildings in town, but there are also quite a few older homes, including former single family mansions and Victorian homes, that have been converted into multi-family homes. Each type of apartment has a distinct character and appeal, which makes it easy for apartment hunters to find a place that suits their budget, needs, and personal tastes. Those wanting a modern and luxurious apartment can check out a place like the Hamel Mill Lofts located at 40 Locke St. This apartment building contains one-bedroom and two-bedroom apartments that have between one and two full bathrooms. The cost to rent an apartment here is about $1,399 to $2,028 a month. The luxurious loft-style apartments at Hamel Mill are designed for the discerning modern urban lifestyle. Constructed and designed with comfort, style, and convenience in mind, they are finished with popular amenities like gourmet kitchens with top appliances, custom cabinets and granite counters, spacious walk-in closets, designer lighting fixtures, and industrial windows that bathe the units in daytime light. Fourteen-foot wood beam ceilings and exposed brick walls are other highlights of the Hamel Hill apartments. Shared benefits for users include controlled access, garage parking, a bicycle storage area, and proximity to busy roadways including Route 495, I-93, and I-95.

For people who prefer to live in a historic setting, an apartment at a building like 37 Woodmont Ave. might be ideal. This building was constructed in 1920, and it has a combination of one-bedroom and two-bedroom apartments. Like many older buildings in the area, it has been renovated and restored to meet the demands of modern living. It costs about $1,600/MO to rent a two-bedroom apartment with a full bathroom at this complex. The two-bedroom unit has a total size of about 960 SF. This apartment has a refreshed kitchen with new brand name appliances, corian counters and custom cabinets. The apartment's floors are all hardwood, and residents have access to their own private three-season porch. There is a fenced-in lawn on the property, and pets may be allowed depending on the breed and type of animal. The building is located in a quaint residential neighborhood that is close to the town center and its many amenities.

Commercial Market

Like the residential market, the commercial and industrial market is rife with activity. There is a mixture of well-priced buildings that are designed to suit a variety of business needs, which makes the town appealing for both businesses and investors. Properties in the commercial market range from traditional office spaces and professional use buildings to larger scale warehousing, industrial, and manufacturing buildings. Retail space is part of the commercial landscape in this town, and there are also vacant lots and sites in existing or future strip malls and shopping plazas.

For a price of about $0.75/SF a month, retailers can find an opportunity like the general retail storefront at 40 Emerson St. There are multiple spaces listed for rent in this multi-story building, which has a prime location right in the downtown area. The building is sited less than a half mile from key destinations, including the MBTA station and the city's town hall. Occupants moving in to the building have a choice to rent anywhere from one to all three units. While smaller retailers will be fine renting one, the option to rent two or three is ideal for businesses looking to expand in the next few years, or for those who need extra storage space. The building was constructed in 1900. It is located in a neighborhood with a walking score of 88 out of 100, which means that it is a popular place for pedestrians and close to the town's amenities. While the space is listed as ideal for retailers, it can also be used as a mixed-use space with room for a residence on the upper level. A bar and serving area makes the site ideal for a restaurant, bar, or cafe, and it also has over-sized bathrooms and newer carpeting.

Opportunity is there for industrial-scale entities too, who may seek out a property like the industrial/manufacturing building at 144 Hilldale Avenue. This building covers just under 50,000 SF. It is located on 4.53 acres of land, and it is only a quarter mile to Route 97, one mile to Route 125, and 1.5 miles away from Route 495. The building is a Class C commercial building, which means that it is suitable for general manufacturing use. It may need some upgrades like heat and air conditioning to be used for office space too. The property is designed for shipping and manufacturing with loading docks and covered bays. The building was completed in 1962. It is designed for a single tenant, and it has a 15 FT. clear ceiling height. The parking ratio is 1.81 for every 1,000 SF.

Office space, such as three spaces in an office building at 356 Main St., is another possibility. This building has three separate, private offices that share common areas including a conference room, lunch room, and client waiting area. The building has a distinct wooden facade and tall windows. Its size is 4,624 SF. The communal areas are located on the first floor, while the second level has the offices. The site was constructed in 1952, and it is an area that is accessible by both pedestrians and vehicular traffic. Tenants moving in will enjoy a visible location that is near the downtown area, which itself brings a constant stream of traffic. There are a number of other businesses in the vicinity, and the property is just 1.5 miles away from Route 495. The building lies at the crossroads of several busy roadways, and it is less than a mile away from several forms of public transit, including the commuter rail. From this location, it takes about 45 minutes to reach the Boston Logan International Airport, which is one of the largest airports on the East Coast, and the Manchester-Boston Regional Airport.

Haverhill Condo Developments

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