Reading, MA Real Estate
Located 16 miles north of Boston, this quintessential New England town is home to approximately 25,000 people. With proximity to Boston, Reading is a popular place to live for those who commute to Boston. Its tranquil setting, green parks, and community feel also attract those who want to experience a slower pace of life but still have the city's amenities close at hand. The housing landscape includes single-family homes and multi-family buildings including townhouses and apartments. The same downtown area that appeals to residents and visitors is conducive to retail shops, cafes, and restaurants, which means that the retail market is quite active. The commercial market is also thriving, as companies are moving into the town's spacious warehouses and industrial buildings that fell out of use in the 1800s and 1900s.
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Single-Family Homes for Sale
In recent years, the single-family home market has been very strong. In 2017, the median home price increased by 10.4 percent from the previous year. The forecast calls for the average home value to rise by another 3.7 percent in 2018, and it is likely that average home prices will be even higher in 2019. The average single-family home price in early 2018 was $591,000. The median asking price for single-family homes in town is $579,900, while the average selling price for all types of homes is $560,400. Prices for single-family homes here are higher than the average price in the Greater Boston area. In square feet, the average single-family home price is $323, which is quite a bit higher than the average price of $263 per SF in Boston for a single-family house.
The price for single-family home is influenced by a number of factors, including the home's location in town, its proximity to schools, transit, and other community amenities. Homes located in highly desirable areas, such as quiet residential streets and cul-de-sacs, will also usually cost more than homes with a noisier surrounding environment. Historical rates are a factor in current home prices, and the health of the town's economy influences housing prices as well. The home's age, condition at the time of its listing, and any upgrades or renovations it has recently had are other factors that affect its listing price. In this town, homes on the market are a mix of historic colonial homes, cape-style homes, and newer homes that were constructed in the past several years. Considering all the factors that affect a home's value, prices vary considerably for each type of house. A four-bedroom, three-bathroom older colonial in a residential neighborhood might cost $499,900, for example, while a slightly larger home with fewer bathrooms but updates and amenities like an in-ground pool might cost more.
Another element that can affect home values is the town's foreclosure rate. Delinquent mortgage payments and home foreclosures are a factor in this town's average home prices, as evidenced by the fact that the foreclosure rate here is 3.3 out of every 10,000 homes. In comparison, the average foreclosure rate nationwide is 1.6 percent for every 10,000 homes. Although the foreclosure rate here is higher than the national average, the rates of mortgage delinquency are lower. Mortgage delinquency is the term used to describe a late or non-existent mortgage payment from a homeowner who makes monthly mortgage payments. Mortgage delinquency is the first part of foreclosure. In this town, the rates of delinquent mortgage payments are just 0.4 percent, which is much lower than the national average of 1.6 percent. At 3.6 percent, the percentage in this town is also lower for people who are underwater on their home mortgage payments than it is in the Boston metro area, where the average rate of homeowners unable to keep up with their mortgage payments is 6.3 percent. The underwater mortgage crisis began in 2007 when the market began a steady decline in conjunction with the nation's economic recession. The good news for prospective buyers in this town is that the majority of current homeowners are not underwater on their mortgage payments, which means they don't owe more than what their homes are worth.
Getting a home on the foreclosure market can be a good deal, but those interested in doing so should contact a local agent to determine whether or not the prospective investment carries any financial weight. A home in a state of foreclosure may come with complicated finances, which means it's best to identify any potential red flags before making a purchase.
Condos/Townhouses for Sale
In this town, the sale market for townhouses and condos is also promising. The town is located within easy reach of Boston, which makes it an attractive place to live for people seeking a convenient lifestyle without having to make a full investment in a home. Condos, which are generally found in mid-rise to high-rise buildings, are a perfect solution.
In 2018, the average price for a one-bedroom condo with one full bathroom is about $415,000. One-bedroom condos can also be found for less than $400,000, while others are closer to $450,000. Broken down into price per square foot, a $415,000 condo costs about $430 per SF. This is slightly higher than the average cost per square foot in the Greater Boston area, which accounts for the average prices of properties in Boston and the neighboring towns. While the floor plans and dimensions of one-bedroom condos might vary, they yield on average of 950 SF in living space. Moving up to a two-bedroom condo, typical options are a two-bedroom unit with two bathrooms or with three bathrooms, which in turn affects the price. The average cost of a two-bedroom condo with two bathrooms is about $535,000. The average price in square footage is $362. A condo with these dimensions covers a total size of about 1,475 SF. A two-bedroom condo with three bathrooms costs an average of $710,000. Depending on the condo's floor plan, one can expect to get around 2,200 – 2,400 SF of living space. The cost per square foot for a condo of this price and size is about $308. A three-bedroom condo with three bathrooms costs about $725,000. In square feet, the cost is around $273. A condo of this size has an average of 2,650 SF in space. For a three-bedroom condo with four bathrooms, the typical cost is $729,000, or $270 per SF for 2,700 SF of space. Along with the upfront cost of the condo, buyers are often required to pay a homeowner's association fee to cover shared services like landscaping, plowing, trash removal, and painting. Homeowner's association fees vary, but the average is about $200 - $400 per month. Fees are typically higher for building with more amenities. Along with the standard monthly homeowner's association fee, residents may be expected to pay an additional charge for unforeseen major expenses that arise, such as a new roof or an elevator.
Many condos in town have been built recently, and some are even currently under construction, which means that they are equipped with all the modern amenities that people need to live comfortably. In this town, the steady rise in home values in the past year, combined with the projected forecast for rates to continue rising, means that now is prime time to invest in property for both building owners and people who want an individual condo. The added advantage for condo building owners is that buying a building and renting or selling condos is an excellent source of additional revenue. This is particularly true in this town, where the housing market appears to be quite stable and is likely to improve even more in the coming years.
Apartments
For people who aren't quite ready to buy a new single-family home or a townhouse, an apartment is a good choice. As one might expect from a growing town near Boston, the apartment market in this town is quite active. Apartments appear in a variety of settings, including former single-family Victorian homes and estates that are being converted into multi-unit buildings. Apartments range from small studios to apartments with multiple bedrooms.
As is typical of other towns around Boston, the average apartment prices in this town have been steadily increasing over the past year. In 2017, the average rental price for an apartment was $2,111 per month. In 2018, it costs approximately $2,362 monthly to rent an apartment. This is about a 12 percent change from the average rental price in 2017. Priced by apartment size, it costs an average of $1,250 per month to rent a studio, approximately $2,090 monthly for a one-bedroom apartment, and just under $2,400 each month for a two-bedroom apartment. It costs roughly $3,930 each month to rent a three-bedroom apartment. The year-over-year change in price is seven percent for studio apartments, which increases to 11 percent for a one-bedroom apartment. The year-to-year change was most significant for two-bedroom apartments, which saw an increase of 13 percent. With just a six percent change in average rental rate over the year, three-bedroom apartments saw much less change. Rental rates have risen much more in this town in the past year than they have in Boston, where the average price increase was just two percent. The highest change among Boston apartments were the three-bedroom apartments, which increased in average price by five percent from the previous year. Studios jumped up four percent in average rental rate, while one-bedroom apartment prices rose by only about one percent. The average price for a Boston apartment in early 2018 is $3,016 per month.
Just as apartments vary in price, they also differ in size. The average apartment size, independent of number of bedrooms, is 1,063 SF of living space. The median size for a studio in this town is 450 SF. A one-bedroom provides just over 815 SF of space, while a two-bedroom offers about 1,110 SF of space. The three-bedroom apartments are the most spacious with an average size of 2,205 SF. While these numbers are an approximate for each category of apartment, units of different sizes can be larger or smaller than the norm based on the apartment type. An apartment with a balcony or patio, for instance, offers more space than one without such conveniences. In the past two years, studio apartments have been the most in-demand, as people seek an affordable living space that has the minimum amount of room that they require to be happy and comfortable. Compared to Boston, the average apartment size in this town is larger. The average size for a unit, regardless of bedroom count, is 815 SF in Boston. Broken down by bedroom count, that number is just under 490 SF for a studio, about 707 SF for a one-bedroom, 986 SF for a two-bedroom apartment, and around 1,300 SF for a three-bedroom apartment.
Commercial Opportunities
Like the residential market, the commercial market here has been flourishing in the past few years. This is good news for both businesses and investors, as it means that the local economy is strong and businesses can fulfill their needs working in Boston. The current market in the Greater Boston area contains a diverse mix of industries, with a wave of tech and ecommerce companies joining established industries like pharmaceutical, medical, education, and life sciences, which continue to be the backbone of Boston's economy. The diversity of enterprises and the area's stable market signals prime opportunity for companies to move into the Boston area. Along with ripe market conditions, several interstates, state highways, and frequently traveled roadways open the doors of opportunity for businesses of all sizes who rely on foot traffic, access to transportation routes, and vehicular traffic to carry out business. Route I-95 is one of several large regional roadways that serves the town. Route 128 is a second key road in the vicinity, and both offer visibility and transportation avenues.
In the past several years, the trend in the Greater Boston area has been considerably lower prices for commercial properties in comparison to the national average and to other major metropolitan areas. Vacancy rates have been higher in the Boston region, but they are starting to fall as more companies are snatching up space. Commercial corridors are growing rapidly, and once outdated warehouses and industrial buildings are finding a resurgence in popularity as they're perfectly sized and located to meet the demands of businesses today. Businesses in Reading and around Boston are moving into mid-level buildings instead of premier luxury offices and buildings that offer first-class amenities. Opportunity was certainly available for businesses north of Boston through 2017. In that year, the northern Boston metro area had over 45,622,000 SF of supply space. There was nearly three million available as direct SF. The total amount of sublease SF on the market was roughly 1.7 million. By the year's end, vacancy rates averaged 9.3 percent for all types of commercial buildings, which is about a two percent decline from the year before. The year's absorption rate in that area of the Boston metro area was slightly higher than 606,000.
The diverse portfolio of business opportunities carries over into this town from the Boston metro area. The charismatic and well-defined town center supports a number of smaller businesses, such as restaurants, cafes, retail stores, and family-run businesses. Therefore, retailers are still finding potential to bring their services to the local population. Additional retail opportunity is available on the perimeter of the town center too, as there are several strip malls and independent buildings along the surrounding roadways that occasionally have vacancies. For a general retail space, the average rate is about $1.65 per SF/MO. Professional office buildings are part of the town's commercial landscape too, and mixed-use buildings are appearing more frequently on the market as businesses are choosing to save money by sharing commercial space with other businesses or turn upper floors of multi-story spaces into living space.
Reading Condo Developments
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