Lexington, MA Real Estate

An Overview of The Community

The historic enclave of Lexington today stands in Middlesex County within the Greater Boston Metropolitan Area. Located only 11 miles northwest of the city limits, denizens of this independent municipality of nearly 32,000 people remain acutely aware of their community's rich legacy from the Colonial and Revolutionary War Eras. The Minuteman National Historic Park adjoins this site. This town of slightly over 16 square miles has also designated four districts for architectural preservation efforts.

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Today, the area has become a center of tourism. Visitors come here to see the location of Lexington Green, where over 200 years ago Patriots first defied King George III's red-coated army. They also spend time visiting museums. A number of colorful bistros and specialty boutiques and shops in this distinctive area appeal to local residents and visitors alike.

Reportedly, today the community has witnessed an urban revival of sort; it enjoys one of the lowest crime rates within this Metropolitan Area. Prices of all types of real estate here have increased significantly during recent years, contributing to the affluence of the area. While pricey, properties in this unique locale continue to command top dollar.

The Interstate 95 beltway courses through the northwestern edge of the community. State Route 2 (also called the Cambridge Turnpike) crosses it on the west and runs along the southwestern border of the community, splitting to form the Concord Turnpike. These highways offer ready access to the Boston Area, with downtown centers and international transit facilities lying just a short commute away. This enclave offers ready access to several surrounding municipalities: Woburn, Arlington, Bedford, Belmont, Waltham, Winchester, Medford, and Cambridge. Commuters seeking to travel into the adjoining urban area or to New York City can access an Amtrak station in nearby Woburn.

Currently, an estimated 11,100 households reside within this dynamic enclave. Residents enjoy convenient access to both private and public school systems in Massachusetts. Several educational institutions in the vicinity maintain reputations for academic excellence.

Young people living in this location can attend local educational facilities from pre-school through high school. With its numerous academic, vocational and technical training resources, the surrounding urban area offers ample venues for students to receive additional training in virtually any field. The town possesses one of the most highly educated populations in Massachusetts; over 97% of residents over the age of 25 hold high school diplomas or GEDs, and many residents have attained advanced academic or professional degrees.

The community also benefits from an exceedingly well-developed medical infrastructure. Some of the most renowned medical institutions in the nation have chosen to locate facilities within the Greater Boston Area, so world class emergency and specialized medical care exists nearby. Additionally, several long term and senior care facilities serve the immediate area.

Single Family Houses For Sale or Lease

People considering relocating to this community will appreciate the presence of many large, older homes on generously sized lots with mature landscaping. Many reflect Victorian-style or Colonial Era architectural motifs. These residential properties often display charming exterior woodworking and gingerbread trim and lattices.

Yet modern building styles also occur frequently in the town, too. Some renowned contemporary architects have helped develop subdivisions in this location, including the late American Modernist architect Walter Pierce. People seeking to purchase or lease dwellings here will discover a trendy mixture of stately older and newer dwellings. The variety of available home styles ensures property seekers enjoy an impressive selection of lovely properties. A robust new construction marketplace has existed here during recent years, with 99 new house construction building permits issued during 2014 alone.

The community offers a number of distinctive neighborhoods. These locations tend to focus around specific geographic features of historic interest, or around newer subdivisions. For instance, house buyers may choose to focus on several unique areas: some examples include Pheasant Brook Estates, Loring Hill, Countryside, Liberty Heights, Peacock Farms, Woodhaven, Five Fields, Turning Mill, Four Corners, Great Meadows, Six Moon Hill, Meriam Hill, East Lexington, and Follen Heights. The majority of these residential developments lie within the southeastern quadrant of the community. If you've considered relocating to this beautiful area, Boston City Properties can help you research information about specific sites of most interest to you.

Many standalone detached dwellings in the community currently occupy lots which have appreciated significantly in value during recent years. This trend appears to have contributed to an interest in the development of permanent structures; home seekers may encounter difficulty locating trailer homes and modular homes in this market. Quite a few houses fall into the luxury category. Although prices vary based upon a number of factor, the marketplace includes many listings with prices in the high $700,000 to multi-million dollar range. Even modestly sized older homes frequently command sales prices of upwards of a quarter of a million dollars.

Condos And Townhouses For Sale or Lease

As you might expect, given the popularity of houses here, condo and townhome asking prices also frequently reflect the impact of property appreciation. Property values for this category of realty stand well above the average in Massachusetts. A modest 2,000 square foot attached dwelling in a residential community development may cost upwards of $700,000. High demand for units in some cases has resulted in waiting lists.

In general, prospective buyers should anticipate spending more to obtain large multi-bedroom and multi-bathroom units in locations supplying luxurious community amenities than for single bedroom or efficiency units in condo or townhome communities with few extra features and reduced space. Developments which maintain a skilled staff to provide specific management or nursing services will also usually charge higher sales prices. For instance, residential units in developments which include attended assisted living facilities for seniors may command premium prices, due to the higher operating costs associated with employing a trained 24/7 medical care staff.

The comparatively small size of this town, the recent significant appreciation in local land prices, and possibly stylistic restrictions upon the erection of multi-story towers appear to have limited the availability of condo and townhouse units to some extent. Condo and townhome sellers should anticipate median marketing times in excess of three months in some situations. Yet the marketing period may reflect the impact of rising prices rather than an absence of demand for this type of housing.

People seeking units in residential developments may find it helpful to prequalify with a lender in advance of initiating a property search. Taking this step may enable a prospective purchaser to act quickly upon locating a desired property. You may also find it useful to ask Boston City Properties to help expedite your search for a unit in the local area. If you share your requirements for your next condo or townhome with us, we can contact you when a property meeting your specifications comes to our attention on the marketplace.

Apartments

People seeking rental apartments in this location may need to search diligently to find properties meeting their goals. A very high demand appears to exist for affordable apartment rentals in the community. With median gross rental prices across every type of real estate category hovering in the $1,900 range during 2016, you'll discover luxury one to three bedroom apartments with asking prices of well over $2,000 available currently.

The general appreciation in land prices has likely contributed to this trend. Landlords furnishing rental units may face a high opportunity cost, compared with utilizing the realty for a residential condo or townhome development. Available online data suggests many rental apartments enjoy limited marketing times and high demand.

Tenants may encounter particular challenges locating two types of rental apartments here: (1) affordably priced pet friendly apartment units for rent and (2) spacious units with multiple bedrooms and baths. A strong demand evidently exists for both types of properties. Prices for rentals have trended steadily upwards during the past decade.

Some luxurious three bedroom two bathroom rental apartments in upscale developments command prices in the $5,000 per month range, well above the average in surrounding communities. Renters will find many apartment complexes offering attractive features, such as community pool and picnic areas, playgrounds, laundry and dryer facilities, and dedicated patios or balconies. Additionally, some owners of private homes have modified their houses to include basement apartments with separate entrances.

To locate a rental apartment in advance of a pending relocation, prospective renters should consider beginning a property search as early as possible. Adding your name to waiting lists for units in developments meeting your requirements may also prove helpful. You should except to complete a detailed application and make a security deposit.

A Dynamic Property Market

Today this community enjoys a buoyant realty marketplace. Ironically, it has likely benefited from remaining a largely undeveloped, rural community until the mid 1900s. While other towns surrounding the Boston Metro Area witnessed significant residential growth, this town reportedly remained a farming stronghold for decades.

The growth of the technology sector during the 1970s and 1980s contributed to a surge in population, resulting in some agricultural land owners deciding to utilize farmland for real estate development purposes. Yet the significant and unique history of the locale has resulted in the imposition of restrictions upon new construction in some parts of the community. Real estate owners have largely prospered as a result of rising appreciation which has outpaced increases many other locations in the state.

Property buyers must remain cognizant of restriction which may exist on building or modifying dwellings located within designated historic districts here. Making changes or improvements in these locations requires specific approval in advance from the Lexington Historical Commission. The history of the community has contributed significantly to the town's popularity as a residential and tourism destination during recent years. Regulators seek to ensure property owners will preserve important structures and distinctive local attractions that impact the town's historic neighborhoods. The limitations have likely contributed to the tourism industry by preserving important sites.

Data about recent property prices in this community varies considerably in online reports. The Zillow.com website recently estimated median home values in the locale at $875,500, apparently factoring in all property types. House listing prices during 2017 achieved an average listing price of $1,588,517, with appreciation evident in more recent asking prices. The price-per-square foot significantly exceeded the Massachusetts average. The community's history, its proximity to nearby urban centers, and its reduced crime rates may all contribute to this situation.

If you plan on listing a residence for sale or lease here, you may benefit by requesting experienced marketing assistance from Boston City Properties. Our company offers several services of interest to home sellers and landlords. For instance, we can prepare a marketing analysis report comparing recent home listings within specific locational parameters. While not a formal property appraisal, this service often holds great value. We'll evaluate similar properties, and compare the number of days these listings remained available on the market before a sale or removal from the market. Reviewing this type of information may help sellers in identifying a competitive price for selling or renting a residential property.

More Information

Our company uses the skills of experienced and knowledgeable industry professionals. We hope you'll think of Boston City Properties whenever you consider realty in the City of Lexington. We follow this marketplace with great interest. Call us at 617-247-1933 to request a free property marketing analysis, or to ask us for assistance in conducting your next home search. We also help investors seeking to develop an attractive portfolio of properties.

Lexington Condo Developments

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