Real Estate in Hopkinton, Massachusetts

Many recognize Hopkinton as the home of the starting line of the famous annual Boston Marathon. Every year, runners and fans come from across the country to this small town, and the residents open their town to these travelers with hospitality and support. Many people who come to town for the race remark that this lovely town seems to be an excellent place to live--and that is for good reason.

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Located in Middlesex County, this town is conveniently positioned about 26 miles west of the city of Boston--just the right distance for a marathon. This area is known as the MetroWest area of Massachusetts. This suburb is known to be friendly and welcoming with many community events, prospering local businesses, and historic traditions. Some of these community events include the Polyarts Festival, Fourth of July parade and festivities, and a summer concert series on the Town Common. The town's Board of Selectmen is even said to write a personal letter to new residents to welcome them into the area. These personal touches and these community events are some of the things that residents report enjoying most about their town. Residents also enjoy two state parks (Hopkinton State Park and Whitehall State Park), the beach at Lake Maspenock, the Upper Charles recreational trail, and other nature areas for outdoor activities like biking, hiking, and kayaking. The extensive green space and conservation areas make for plenty of room to explore and enjoy. The community also takes pride in its historic and newly renovated public library located downtown, as well as the many local businesses springing up in recent years.

Population is a key factor in understanding what a city or town is like. A relatively small town, it reports a population of just under 17,000 people, making it the 128th largest district in the state. The population density is approximately 659 people per mile. That being said, this suburban community is consistently growing in size and popularity. The town includes over 200 state registered Historic Places, many of which are in the Cedar Swamp Archaeological District or in the smaller village of Woodville. (Woodville was recognized as a village in 2005.) The United States Census Bureau records this charming town to cover a total area of 28.2 square miles, and it is bordered by the towns of Westborough, Southborough, Ashland, Upton, Milford, and Holliston. The Commuter Rail and the nearby highways make these neighboring towns, as well as the city of Boston, easily accessible to residents. Interstate 495 and Interstate 90 are the roads which are most commonly used to access these nearby destinations. Residents here enjoy the best of both worlds with access to lakes and wildlife along with access to city life, which is a major reason the Boston suburbs have become so desirable for homeowners.

Another important consideration when it comes to the housing market in any given town is the appreciation rate. Although it may be comparably small, the town's housing market is unquestionably thriving. Appreciation rates since the year 2000 have increased by over fifty percent, which is quite significant. In the past ten years, the cumulative appreciation rate has been over 13 percent. Therefore, the average annual appreciation rate is almost 1.3 percent, ranking the appreciation rate well above the national average. Home prices here are among the highest in Massachusetts, and in the United States as well. This correlates with the fact that the town's reported income is significantly higher than national averages as well. Home values are predicted to rise by about 3 percent in the coming year, which is a positive sign for the market.

Obviously, one of the most important indicators of the market is the average home price and value. The home prices and values here reflect this higher than average market. When searching the listings, one finds that the median list price for homes is about $595k, and the median value is over $600k, although plenty of homes reach well above a million dollars. These averages make the median price per square foot about $250. To put this in perspective, the national average for list price is reported to be under $200k, or about $125 per square foot. On average, homes in this town stay on the market for about 90 days, and buyers typically submit offers with 10 percent to 20 percent down payments. The property tax is $12.19, which is higher than the US tax rate of $11.80 For renters, the median rent is $2.4k. When surveyed, the majority of respondents said that they spend between $1500 and $3999 in total housing costs per month.

There is some variety in types and sizes of homes, but not much. The vast majority (about 85 percent) of homes in this town are single-family, detached homes. Of these, three-bedroom and four-bedroom homes are most common; about 25 percent of homes have three bedrooms, while about 45 percent of homes have four bedrooms. In fact, there is a higher proportion of four or more bedroom homes in this town than in 98 percent of the communities in the United States. This correlates with the higher than average square footage in most of these homes as well. Also, almost all of these single family homes (about 94 percent) are owner-occupied. While there are some homes in town that are more than one hundred years old, more than of the homes in town were built in the 1970's, 1980's, or 1990's when the population was beginning to rise dramatically. The average home age in this town is 30 years old. Only about 14 percent of homes were built since the year 2000. About 30 percent of homes were built before 1970.

When looking for a neighborhood in this town, potential buyers have many location options to consider, although many of these neighborhoods offer a similar look and feel to the next. Some of the most popular neighborhoods include Hearthstone Estates, Springwood Estates, and Highland Park. Hearthstone Estates is a 27-home development of upscale colonial-style houses built around the year 2000. Located close to downtown, this neighborhood appeals to many who enjoy walking to take advantage of the town's events, restaurants, and shops. Another development, Springwood Estates, is the largest subdivision, located close to both the schools and major highways. Homes in this development generally boast high-end upgrades including upscale interior finishes and custom landscaping and water features. Most homes in Springwood Estates are colonials built in the 1990's and are between 3000 square feet and 5000 square feet, if not more. The third development, Highland Park, borders a golf course and country club. It concentrates on more new construction homes, but these homes also typically offer those high-end upgrades throughout. It is also known for being an impressive, well-known neighborhood on the rise. In any subdivision, one is likely to find quite a few traditional colonial-style homes, some "Cape Cod" homes, and some more modern or eco-friendly homes as well. Of course, there are many more neighborhoods and communities for anyone looking to move to the area to explore. While locations, styles, and features vary, some things are consistent--the vast majority of homes in this town are relatively large homes valued at over $500k.

If one chooses to rent instead of buy, the options are a bit more limited. A rather small percentage of residents choose to rent homes instead of own homes. Renters make up a very small amount of the town's population, with only between 10 percent and 13 percent of homes being rented at any given time, as compared to a national average of over 30 percent of homes rented in the United States. Also, there is only about 1.25 percent of homes vacant for rent at any given time. This is well below the national average as well. However, the average rent for condos, townhomes, and apartments tends to be much higher than national averages. The average rent for a studio apartment is right around $1000. Of course, the rent increases by the number of bedrooms, with the rent for a three-bedroom home or apartment being about $2000. As mentioned previously, the majority of residents are homeowners living in their own single-family residences. Less than 7 percent of the town's homes are townhomes, and less than 10 percent are apartments. There are no reported mobile homes. For those looking to rent apartments, one popular option is the large, luxury-style apartment community of Woodview at Legacy Farms, where one-bedroom apartments start around $1600. As more housing development occurs, there are expected to be more and more apartment options as well over time.

While the cost of housing here may be above average, this town's residents seem to feel that the experience of living here is well worth it. The community has been recognized by many as a desirable place to live. In 2011, Boston Magazine highlighted the town in its "Best Places to Live" feature. Furthermore, the National Citizen Survey reports that 94 percent of residents rate the community an "excellent" or a "good" place to live, which is certainly a good sign. The fact that so many residents are happy with their standards of living in this town bodes well for the future of the housing market as well.

Because of a variety of factors, many families choose to live in this town. More than half of residents surveyed reported having children under age 18 living in their households. Many families enjoy the small town feel of safety and the proximity of the metro area of the city of Boston. According to US Census information, violent crime rates and property crime rates were both remarkably less than national averages. In fact, the National Council for Home Safety and Security named Massachusetts the fourth safest state in the country, and this town the sixth safest community in Massachusetts, based on the FBI Uniform Crime Report statistics. For many parents and families, safety and crime rates are among the most important factors when selecting a community in which to live. Additionally, families may be attracted to the high-quality public schools. According to the Great Schools ratings, both Hopkinton Middle School and Hopkinton High School score nine out of ten, or "above average" ratings, which is obviously appealing to parents of school-aged children. The high school has previously been named in both Newsweek's Best High Schools list and U.S. News and World Report's top public high schools lists.

This community remains very stable and comfortable for its occupants, both economically and socially. The corporate offices of the information technology company Dell EMC are located in town, which provides jobs for many of the town's residents. Many residents who prefer the suburbs to the city commute to work in Boston, which also provides many employment opportunities, or another neighboring town as well. In general, the stability of the job market boosts the town's economy, which obviously encourages professionals to stay in the area. The prevalence of owner-occupied single-family homes also reflects the stability of the community and lower turn-over rate of its residents, over 80 percent of whom report that they plan to remain living in the town for the next five years. The National Citizen Survey also reports that more than half of residents participate in a club or civic group in the community. All of these factors add to that friendly small town feel so many people are after.

Many different people call Hopkinton, Massachusetts home for a variety of different reasons. Whether they were born and raised in the area, brought to town for a job opportunity, or simply attracted to the New England landscape and small-town feel, residents seem to be very happy to have landed here. With many incredible homes and a well above average real estate market, it is no wonder that so many people are drawn to living here. As the population continues to grow, the market is expected to hold steady, making this town an excellent location for those looking to buy homes.

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