Rehoboth, MA Real Estate
Celebrating its 375th anniversary in 2018, this charming New England town is one of the oldest in Massachusetts. Rehoboth was settled in 1636 and incorporated in 1643. It is home to a population of just over 11,000 residents as captured in the 2010 census. With rolling hills, pastures, open fields and meadows, the town is categorized as a primarily rural town. It is situated about 11 miles east of Providence, RI, and it is 50 miles away from Boston. The town's population has been steadily growing since 1900, and this positive trend means more demand for housing and business space in both the residential and commercial markets. An advantage of living here is low housing prices compared to Boston and its surrounding areas, and homes are generally more spacious and have more acreage than in the cities. On the commercial side, the town's generously sized lots and its proximity to both major waterways and highways means that shipping and transportation are easily accessible. This, combined with the fact that prices are quite reasonable compared to the Greater Boston area, makes commerce an attractive option for businesses of many different disciplines.
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Single-Family Homes for Sale
Rehoboth's market for single-family homes is in steady demand. The town's low crime rates are one of its biggest appeals, as is a relaxed pace of life and good value per dollar. The number of homes offered for sale has increased slightly since 2017, with a 3.7 percent rise in listings in 2017 over 2016. Median home listing prices have fallen slightly. They are now at an average of $431,437, which is slightly lower than the asking price in 2017. This rate is significantly lower than in Boston, where the median sales price was about $575,000 for a single-family home in early 2018. Sales rates in Boston have held fairly steady, and they averaged about 1,550 per month through 2017. In contrast, median home sales prices are considerably lower in Providence, Rhode Island. In Providence, a single-family home sold for an average of $215,000 in 2017. That translates to $198 per square foot (SF), which is a nine percent increase from the year before.
In this town, proximity to public transportation and town amenities like schools, public transit hubs, and hospitals affect the sale price. Homes closer to these resources, and other desirable living places like parks and cul-de-sacs, fetch higher asking prices. Market prices are also affected by housing type. Colonial homes and farms are commonplace here, which affects market prices in several ways. Older homes that are in need of significant improvements lower the median value of single-family homes, while older homes that have been well-maintained and updated with modern features like gourmet kitchens, designer lighting, and stainless steel fixtures can raise median home values by a significant amount. Along with homes, opportunity exists on both the residential and commercial sides with open land. Land, which is an increasingly scarce commodity around Boston, is still available here. It can be used for housing developments, single-family homes, working farms, and even commercial structures. This means that people who want to build their dream home on a plot of land might very well find such potential here.
For many, another advantage of living in this town is that it has constant public transit to both cities, and it's quite easy to reach both places by train, bus, and rail. In fact, most places in the town are close to at least one major transportation center, which makes it an especially good living place for commuters. The town's market divides primarily into older homes, including many that have been updated with high-end upscale touches, and newer homes that are equipped with amenities people need for comfortably daily living. This means that buyers are finding single-family homes for a great value with gourmet kitchens, modern bathrooms, spacious master suites, and more.
Townhouses/Condos for Sale
Along with single-family homes, townhouses and condos are other housing options in town. The advantage of getting a condo over a home is that it is usually smaller and comes with community amenities that might otherwise be quite expensive, such as a pool, parking spot, and a fully equipped fitness center. Condos are usually built in mid-rise to high-rise buildings. They are generally newer in construction and have desirable features like stainless steel appliances, granite counters, and full-size showers.
Condos and townhouses in this town currently have a median price of slightly less than $200,000. This applies to condos of all sizes. The home value forecast for condos in the next year calls for about a 3.5 percent increase. This means that developers will likely continue to introduce townhouses and condos to the market, and they will stay in demand. Two-bedroom condos are one of the most common options for townhouses. The price of a two-bedroom condo can vary based on factors like the condo's age, its location, and its amenities. Two-bedroom condos are available in a range of sizes too, and it's not uncommon to find a two-bedroom condo with anywhere from 600 SF to over 1,600 SF of living space. The cost of a condo is also partially determined by its bedroom to bathroom ratio. A two-bedroom condo with one bathroom will generally cost less than a two-bedroom unit with two full bathrooms. The average price of a two-bedroom condo with a single bathroom is around $129,000. This breaks down to about $212 per SF. For a two-bedroom condo with two bathrooms, the average price point rises to around $158,000. This price translates to about $134 per SF. An estimated monthly mortgage payment is about $636 per month. A condo of this size is usually more spacious than a two-bedroom condo with one bathroom, which also influences its price. Any extra amenities, such as a balcony, patio, or fireplace, will also affect the pricing of a condo. Three-bedroom condos are also an option. Like two-bedroom condos, they come with different numbers of bathrooms. The average price of a three-bedroom condo with two bathrooms is $235,000. This translates to $180 per SF. For a three-bedroom condo with three bathrooms, the median listing price increases to $289,000, which is about $166 per SF. A condo of this price has an approximate mortgage payment of $1,143 per month.
Along with condos listed for sale by owner, it is also possible to find condos on the market from foreclosure. As with a single-family home, buying a condo in a foreclosure auction can be a great way to save money and get a good deal on a new home. Sometimes, getting a home for sale in a foreclosure auction can be as much as half the price or less of a condo that is being sold through traditional ways. While an auction can be a good way to get a new place to live, purchasing a property through a foreclosure auction should be done with a local real estate agent or even with the assistance of a lawyer, as properties that are being foreclosed can have significant financial issues attached to them.
Apartments
For people who aren't quite yet ready to own their own homes, renting an apartment is an attractive option. It's possible to rent an apartment with anywhere from zero bedrooms (a studio) to three or more bedrooms. As of 2018, the average monthly rental rate for an apartment in this town is $2,050. This is about an 18 percent increase in price from the year before. The average size for a one-bedroom apartment is approximately 1,000 SF, while a two-bedroom apartment can range in size from 1,500 SF to nearly 2,000 SF. As a point of comparison, apartments are pricier and generally smaller in Boston. In the city, it costs an average of $3,016 to rent an apartment each month in early 2018. This applies to apartments of all sizes, and it is a two percent increase in rental price from 2017. A Boston studio costs around $2,300 to rent each month, while the average price of a one-bedroom unit increases to just under $2,800 monthly. A two-bedroom apartment has an average rental price of around $3,400. Apartments in Boston are generally smaller too. The average size of all Boston apartments is 815 SF. The average studio size of an apartment in Boston is 489 SF, while a three-bedroom apartment has an average size of 1,313 SF. In comparison, the average price to rent an apartment in Providence, RI is $1,773 per month. Like Boston, the rental price in Providence for an apartment increased by two percent from 2017. The average cost of a studio in Providence is $1,475 per month. A one-bedroom rents for about $1,604 monthly, while it costs around $1,992 each month to rent a two-bedroom apartment. The average apartment size in Providence is 846 SF.
Renting an apartment in this town is advantageous for renters because of the good value that apartments provide, for the more relaxed pace of life, and for easy access to both Boston and Providence. Public transit is available to both cities. About 81 percent of the workforce commutes to work by car, which is easy to do with access to big highways. These same characteristics make apartment buildings a good investment for building owners, too. In addition to single apartments for rent, the town's apartment market contains entire apartment buildings for sale. With demand and prices for apartments on the increase, now is a good time for potential apartment building owners to make a purchase. Many who do so are finding that it is quite cost-effective to buy a building and make the requisite upgrades to have a livable apartment for tenants.
The Commercial Market
With easy access to both Boston and Providence, RI, this town's commercial market is poised for growth. Like many towns in Massachusetts, the commercial market is ripe for potential on many fronts. For starters, Boston's already stable economy is expected to continue going strong in the years ahead. The main economic activities of pharmaceuticals, life science research, education, and finance are continuing to provide jobs and necessary services. These traditional categories are being joined by start-ups, tech and software companies, and ecommerce companies. New business growth is driving the need for space, which in turn is drawing attention to Boston and the surrounding region. Prices, especially compared to other major metro areas in the United States, are still considerably low. Outdated warehouse and industrial buildings around Boston also offer the space and location that companies need to conduct business. The commercial market is also active in Providence, RI. Like Boston, Providence's economy is driven by pharmaceutical, technology, and life science companies. There are also several colleges and universities in Providence that create demand for its retail and customer services businesses, such as clothing stores, restaurants, cafes, and bars.
As demand for space around Boston and Providence continues to push business development further into the surrounding towns, this town is in a unique position to support companies' needs. One main advantage of this town is that there is still plenty of land available for development. This means that it is possible to construct many types of business centers, including shopping plazas, strip malls, and professional office buildings. Land is being sold at a very reasonable rate, which opens the door for potential with build-to-suit opportunities. In addition to traditional business, the land in this town is also perfect for the hospitality industries, as there is plenty of room for hotels, resorts, and recreational activities like golf and tennis. For a lot size of a half-acre or slightly less, one can expect to pay around $75,000. A lot of this size is ideal for a sole retailer or a small office building. There are also much larger plots of land for sale, including some that are sized 220 acres or more. A lot of this size is ideal for sports and entertainment use or a shopping mall. With a lot of this size, it is possible to add a large building or multiple buildings. An investment of this nature is also a perfect scenario for businesses who are looking to grow in the coming years and want space to grow into. Businesses of a retail nature are also finding potential. For a general retail building sized around 10,700 SF, it costs about $1.00 per SF/MO to rent. This translates to about $12.00 per SF each year. As with other office and commercial space in town, retail spaces are typically generously sized and strategically located. Some retail spaces are leased out in multiples, which makes them suitable choices for businesses wanting to expand. Multi-space rentals are also perfect for a mixed-use setting with a combined retail or office space and residential quarters.
Rehoboth Condo Developments
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