Revere, MA Real Estate

Located just five miles away from Boston, Revere is home to just over 53,000 residents. Its proximity to Boston makes it a popular place to live, and it is also an excellent place for companies to conduct business. A combination of proximity to the city, availability of residential and commercial spaces, and beautiful natural areas like Constitution Beach, Belle Isle Marsh Reservation, and Nahant Beach Reservation give its inhabitants some of the best quality of life in the Boston area. With many major roadways nearby, including Route 1, Highway 145, and State Highway 60, it is easy to get from here to Boston and other destinations via car. There are also multiple transit centers in town, including an MBTA station with the Blue Line. Along with the town's proximity to Boston, which makes it an attractive living place for commuters, it is also a popular summertime destination, which means that its volume of foot and vehicular traffic increases significantly in the summer. This makes it one of the Greater Boston area's best spots for retailers, the hospitality industry, and companies that produce consumer goods.

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Single-Family Homes for Sale

As of 2018, the average home value of a single-family home is $376,000. This is an 8.7 percent increase from the median home value in 2017. Predictions call for a 3.5 increase in median home values from 2018 through 2019, as demand for single-family housing outside of but still close to Boston continues to rise. In square footage, the median list price is $272, which is higher than the median list price of $263 per SF in Boston itself. The average listing price for a single-family home is about $365,000. Homes are selling for an average price of $339,000. Beachfront properties tend to be the most expensive properties in town, while homes on quiet side streets and in residential neighborhoods are not far behind. A house's age, its bedroom to bathroom ratio, and its access to town amenities like schools, the post office, grocery stores, and recreational areas also raise the listing price.

The residential market in town is comprised mostly of homes offered through sale through traditional buyer-seller arrangements. There are also opportunities to get homes for sale via foreclosure auctions. The foreclosure rate in this town is 2.7 per 10,000 homes, which is higher than the national foreclosure rate of 1.6 homes per every 10,000 homes. Under the general umbrella term of “foreclosure,” there are several stages that homeowners go through. The first stage is mortgage delinquency, which means that a homeowner has fallen behind on monthly mortgage payments. A delinquent payment does not necessarily put a homeowner at risk of losing a home, and it may not affect the home's value. In this town, the rate of delinquent mortgage payments is about 2.1 percent, which is higher than the 1.6 percent national average. Homeowners who fall far behind on their mortgage payments are said to be underwater. This means that they owe more than the home is worth. In this town, there are about 8.7 percent of homeowners in this situation. In comparison, about 6.3 percent of the population around Boston is underwater on mortgage payments. The comparatively higher rate of foreclosure in this town has an impact on the overall median value of homes for sale, and any future change in the foreclosure rate will also affect home sale prices. Purchasing a home being auctioned off due to foreclosure can be a great way to get a good deal on a new place to live. A home with five bedrooms and three baths, for example, has an average price tag of about $850,000 on the regular market, but a home of the same size can be acquired for a much lower price of $330,000 when sold through a foreclosure auction. However, there are sometimes financial complications associated with foreclosed homes, which means that it is wise to consult with a financial expert and a real estate agent before making a final purchase.

Townhouses/Condos for Sale

With their community benefits, low maintenance, and lower price tag, townhouses and condos can be a good alternative for people who want to own their own place but aren't ready to invest in a single-family home. Many townhouses and condos are found in multi-story buildings. In Revere, as in many towns in the Greater Boston area, many townhouses are some of the newer forms of residential structures. Therefore, most have modern amenities that are in demand among house hunters, such as stainless steel appliances, brand-name fixtures, designer lighting, and more. Along with newly constructed mid-rise condos and townhomes, there are also a number of condos that have been created in older repurposed buildings. Condos in these buildings may or may not be updated and retrofitted with desirable amenities, which in turn affects their sale price.

As of 2018, the average cost of a condominium is $334,000. The median value is expected to rise by about four percent for condos and townhouses through 2019. Location, age of the building, proximity to major roadways and town resources, and luxury amenities factor into the value and listing price for condos. The average cost of a small one-bedroom condo, which has one bedroom, one full bathroom and offers about 390 SF of living space, has an average price tag of $150,000, which is about $387 per SF. A condo of this price has an estimated monthly mortgage payment of about $600. As with single-family homes, it is possible to find a foreclosed townhouse for sale too. A foreclosed home of the same size can have a much lower price tag and offer the same amount of space, if not more. A foreclosed one-bedroom unit with one bathroom and 660 SF of living space, for example, might sell for about $116,000. Moving up to a two-bedroom condo with one full bathroom, prices range from about $182,000 to $255,000. A condo that is priced at $182,450 has an approximate price of $288 per SF. A condo priced at $255,000 translates to a price of $321 per SF. A condo with two full bedrooms and two full bathrooms is slightly more expensive, with an average price of $419,000, or $395 per SF. The estimated monthly mortgage rate for a condo of this size is $1,651. People wanting a larger space to live can opt for a three-bedroom condo instead. A condo with three bedrooms and two bathrooms has an average price of $410,000, which is about $217 per SF. The cost of a three-bedroom condo with three bathrooms can range from about $440,000 to just below $480,000, which is broken down into a price between $257 and $192 per SF, respectively. The estimated monthly mortgage payment on a condo that costs $440,000 is $1,734 per month. For a condo priced at $480,000, the estimated monthly mortgage rises to $1,889 per month. For a price of $629,000, it is also possible to get a four-bedroom condo with three or more bathrooms. Along with the fee for the condo itself, prospective buyers should note that there is usually an additional homeowner's association fee. This fee varies based on the building's amenities. In general, the homeowner's association fee tacks on and additional $200 - $400 each month.

Apartments

In 2018, it costs approximately $2,045 per month to rent an apartment in this town, regardless of apartment type and bedroom count. This is about a five percent increase from the median apartment rental rate in 2017, which was $1,954. The rental rate further breaks down by bedroom count. The approximate rate for a studio hovers around $1,690 a month, while a one-bedroom apartment has an average monthly rental rate of $1,869. The median rental price for a two-bedroom apartment is about $2,257. The largest increase in monthly rental rates is for studio apartments, which cost about 13 percent more to rent each month in early 2018 than they did in 2017. One-bedroom apartments cost approximately nine percent more to rent in 2018 than they did in 2017. The price for renting a two-bedroom apartment is about two percent higher in 2018 than it was in 2017. The price for renting a three-bedroom apartment saw very little change, with just a one percent increase in monthly price from 2017 to 2018.

Along with price, apartments vary in size. The average size for all apartments in this town is 879 SF. Studios are the smallest, with an average size of 495 SF. A one-bedroom apartment has an average size of 728 SF. Two-bedroom apartments have an average size of 1,071 SF, while the average size for a three-bedroom apartment is 1,561 SF. A large percentage of the apartment market (48 percent) is comprised of apartment rentals that are $2,000 per month or more. The second largest segment of the market (45 percent) is made up of apartment rental rates between $1,501 and $2,000 per month. The smallest part of the apartment rental market (seven percent) comes from average monthly rental rates between $1,001 and $1,500. Since 2015, the largest increase in apartment rental rate has been in the category of three-bedroom apartments. The price for a three-bedroom apartment rose most dramatically from January 2015 through September 2015, when the price of asking prices then slowed to a more gradual upward trend. The average price for a two-bedroom apartment in 2018 is lower than it was in January 2016, which had the highest average monthly price in the past several years. The average monthly rental rate for a studio apartment fell slightly in May 2015 for a record low of $1,301. Average monthly prices have slowly but steadily risen for a one-bedroom apartment since 2015.

In comparison to nearby Boston, the cost of renting an apartment is lower in this town. In Boston, the average monthly apartment rental rate is just under $3,020 across all neighborhoods and apartment sizes. The average apartment size in Boston is 815 SF. The average monthly rental rate increased by two percent from 2017, which had an average monthly apartment rental price of $2,963.

The Commercial Market

Like the residential market, the commercial market is quite active. The winning combination of proximity to the waterfront and Boston makes this town a prime opportunity to conduct business of all kinds. In addition to warehouses and industrial buildings, which are also commonly found in other towns in the Boston metro area, this town has the unique advantage of mid-rise and high-rise buildings overlooking the water. This naturally brings plenty of opportunity for hotels, resorts, and other hospitality services. There are also a number of standalone and professional office buildings in the town, which are generally located along busy roadways. Between the town's large population size and the influx of summer visitors, this is also a prime place for retailers to set up storefronts. The market for retail space is a mixture of small downtown spaces and spaces for sale or rent in larger shopping plazas.

Among all types of commercial and industrial spaces, there was about 12,819,860 SF of supply space in the Greater Boston area in the last quarter of 2017. Of that amount, there was approximately 979,170 SF of direct space. About 47,260 SF was set aside for subleasing. Vacancy rates in this section averaged eight percent, which is lower than the 9.3 percent found all commercial markets in and around Boston. The average cost of general retail space in this town is approximately $1.20 per SF each month. This equates to about $14.40 per SF/YR. Depending on a building's location and the size of the unit for rent, it can cost up to $3.00 per SF/MO and even more to rent general retail space in this town. Industrial space is also an option. The average price for space in an industrial building is about $1.50 per SF/MO in 2018. Single spaces and entire office buildings are also possibilities. For a prominently located office building with about 6,000 SF of space, the average sale price is about $1.5 million. Multi-unit residential buildings, such as hotels and condos, can cost up to $2 million or more. Along with existing buildings, there are also some parcels of land still available in the town for commercial development or mixed-use purposes. Land is often a preferred option for developers who want the potential for flexible use and potential expansion in the future. Depending on the zone and permitting, land can be converted into living space, such as a townhouse or condo complex, or it can be used for retail purposes or office space. Land is especially valuable in the Boston area, as it is become more scarce, and it can suit a variety of purposes. Along with single-use spaces, the commercial market contains some mixed-use spaces, which is especially appealing for retailers, small businesses, and corporations that need to conduct different types of business under one roof, such as corporate activities and manufacturing. Retailers and small businesses may choose to rent out upper-level units to other businesses or for residential space. Mixed-use arrangements are becoming more common as space availability dwindles and rental rates continue to rise in the Greater Boston area.

Revere Condo Developments

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