Rockport, MA Real Estate

Located in Essex County, Rockport is located about 40 miles away from Boston on Cape Ann peninsula. It is home to about 7,000 residents. With attractions like Cape Ann, Singing Beach, and Good Harbor Beach, it is a popular destination for summer visitors, which increases its seasonal population rates. The town is primarily residential, which makes it an attractive spot for retail shops and businesses in the hospitality sector. The town is close to the water, which means that it also attracts companies in the maritime industry. There is transportation to Boston via the MBTA commuter rail, which makes the town a viable place to live for people who commute to and from the city. There are several state routes that move people and products to and from the town, including Route 127 and Route 127A.

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Single-Family Homes for Sale

As with many towns in the Greater Boston area, median home values appear to be on an upward trajectory. The median home value is $521,300 in the first quarter of 2018, which is 9.8 higher than the median home value in 2017. Home values are expected to increase by about 3.2 percent through the end of 2018. The average list price per square foot is $333 as of March, 2018, which is higher than the average list price of $263 per SF in Boston. The median price of homes on the market in this town is $834,000. The market contains a mixture of primary residential homes and seasonal homes, many of which are located on the water and typically command higher asking prices.

Home values have steadily been rising upwards since 2011, when they were at their lowest point in recent history. In 2011, homes had an average value of $385,000. That number rose slightly to about $390,000 in 2012. Median home values reached a high point of around $433,000 at the end of 2013, and they peaked at $446,000 in 2014 before dipping again slightly in 2015. In 2015, the median home value was around $450,000. The median home value was about $10,000 higher in 2016, which translated to an average price of $460,000. Median home values broke the $500,000 price point in August, 2017, and they have been steadily rising since then. Listing prices have also been following a similar upward trend. The lowest mean list prices in recent history were in 2014, where the average listing price was $427,000. The lowest listing prices in 2017 were around $550,000, but asking prices climbed throughout the year to break the $800,000 barrier by the end of the year.

Housing values also break down into averages based on number of bedrooms. For a single-family home with one bedroom, the average home value was $276,000 at the start of 2018. In that same period of time, the average value for a two-bedroom home was about $424,000. The average value of a three-bedroom home in early 2018 was $534,000. The average value increased to about $668,000 in January, 2018 for a four-bedroom home, and it was just over $1 million for a home with five or more bedrooms. The average listing prices also vary based on bedroom count.

Like other municipalities in the Greater Boston area, foreclosure rates have an impact on median home values and market prices. In 2017, the foreclosure rate in Rockport was just under 17 percent for every 10,000 homes, which is higher than the average foreclosure rate of 1.6 percent across the United States. The rate of delinquent mortgage payments, however, is lower here than it is across the United States. Delinquent mortgage rates are under one percent here, while they hover around 1.6 percent nationwide. Around 3.3 percent of homes in this town carry negative equity as of March, 2018, which is much lower than the national rate of 10.4 percent of homes. The market in this town is currently classified as “very healthy” in terms of mortgage payments and negative equity.

Townhouses/Condos for Sale

For condos and townhouses, home values have also been increasing in the past few years. In January of 2018, the mean value of a condo was about $354,000. This applies to condos with anywhere from one to over five bedrooms. Average home values for townhouses peaked at around $359,000 in the summer of 2017, and they dropped to about $346,000 in November of 2017. Condo values hit an average low of $270,000 in 2011, which is also a time when the residential market suffered across all housing types. Median home values hit a high of $280,000 in August of 2012, while the highest mean value in 2013 was $277,000, which occurred in March of that year. Median home values rose steadily through 2014, when they reached a high point of just under $300,000 in September of that year. Home values reached a high of $299,000 in 2015 before falling slightly through the end of the year. Median home values rose from $316,000 to about $332,000 throughout the year in 2016. Values rose through much of the year in 2017 before seeing a slight decline from June through November.

As with single-family homes, condos range in size from one-bedroom units to properties with three bedrooms or more. Most condos in this town are found in converted residential structures, while there are a few mid-rise and high-rise buildings that offer housing too. The location of the condo in town, as well as its amenities and proximity to public transportation have an impact on the average value. For a one-bedroom unit with one full bathroom, the average listing price is around $255,000, which equates to around $461 per SF. The estimated mortgage payment on a condo of this size is about $1,006 per month. Listing prices for a condo of this size may also vary based on special features and amenities that the unit has, such as whether or not it comes with a parking space and community features like a swimming pool, gym, tennis courts, and common areas. The condo's age and any enhancements that it might have, such as new appliances, renovated bathrooms, and central air, will also command higher asking prices. The average size for a one-bedroom condo with one bathroom is around 530 SF. A two-bedroom condo with two full bathrooms has a higher average asking price of about $399,000. Priced by square footage, the rate is about $341. A condo of this size is usually more spacious, and it has an average of 925 SF of living space. The approximate monthly mortgage payment on a condo of this size is around $1,575 per month. As with a one-bedroom condo, any additional amenities or perks that a two-bedroom condo has will impact the asking price and value. Condos with new appliances, renovated interiors, and outfitted with trendy touches will have a higher asking prices. Proximity to the town's public beaches and transit stations also typically comes with a higher price tag. Along with the up-front cost, people purchasing a townhouse will more than likely be charged with a homeowner's association fee. This fee is a mandatory charge that pays for the upkeep and maintenance of the building, as well as services like landscaping, gardening, leaf blowing, trash removal, and snowplowing.

Apartments

For people who are not ready to purchase their own home, renting an apartment is a nice alternative. Fortunately, the apartments in this town tend to be spacious and offer a good value for the price. At an average rate of $1,067 per month, they have an average price that is far below the average rate of $2,406 per month in the Boston Metro area. The average monthly rental rate is also lower here than it is across the United States, where the average monthly rental rate is about $1,446. Apartment rental rates have increased by an average price of about six percent per month since 2017. The most significant change was in the category of two-bedroom apartments, which increased by a monthly rental rate of about seven percent. The second highest change was for one-bedroom apartments, which increased in asking price by about five percent from the previous year. For all apartment types, the average size of an apartment is 713 SF. A one-bedroom apartment has an average size of 680 SF, while a two-bedroom apartment provides approximately 750 SF of living space.

Rental rates vary based on apartment size, and they fluctuate depending on many factors over the years. For one-bedroom apartments, the lowest rental rate point was in 2012, when they commanded a monthly rent of just over $1,200. Average monthly rental rates remained largely unchanged from 2016 through 2017, and apartments of all sizes (one-bedroom, two-bedroom, and three-bedrooms or more) followed the same general pricing trends. Monthly rates for all categories declined from January of 2015 through the next 12 months. However, they all rebounded significantly from January, 2016 through May of that same year. In January, 2015, the average rate for a two-bedroom apartment was $985 per month. It was $910 for apartments of all sizes, and it was about $845 per month for a one-bedroom apartment. In May of 2015, average monthly apartment rental rates were about $925 for a two-bedroom apartment, $828 for apartments of all sizes, and $745 for a one-bedroom apartment. Prices dropped even more to $770 for a two-bedroom apartment, $705 for apartments of all bedroom counts, and $650 for a one-bedroom apartment in September of 2015. Rates for apartments of all sizes rose by about $5 - $10 per month by January, 2016. In May of 2016, prices surged upwards to an average monthly rate of about $1,025 for a two-bedroom apartment, $1,000 for a one-bedroom apartment, and about $1,110 per month for apartments with all numbers of bedrooms. Prices for all apartment types remained fairly steady until May, 2017, when they saw a slight increase again. In that time, the average monthly rental rate for a two-bedroom apartment was $1,050. It was about $1,025 for a one-bedroom apartment, and it was around $1,035 for apartments of all sizes. Prices have increased slightly through the start of 2018, and they are likely to continue rising as demand for living space in the Greater Boston area continues.

The Commercial Market

In addition to the residential sector, the commercial sector in town holds tremendous potential for growth and development. Since the town has a primarily residential composition, it is a very friendly place for retailers and buildings needing office space to conduct business. Retailers ranging in size from small boutique entities to larger box-store companies find success with the permanent population as well as the influx of visitors during the summer months. Similarly, the community still demands basic services like banking, legal assistance, and medical care that local companies can provide. The food service industry is also well supported in this town, as seafood is one of its main attractions. The commercial market also contains a number of industrial and warehouse buildings as well, which support the maritime industry and are also finding a resurgence in popularity among newer entities like startups, tech companies, and distribution companies that are seeking to fill the void of product production and delivery to residents in Boston and the surrounding areas.

Along with the access to a large population, the commercial sector in this town offers a good value for businesses across all categories of buildings, whether they are Class A, Class B, or Class C. The price points are quite good, and companies are finding that many building have prominent, highly visible, and easily accessible locations too. Some new construction is appearing on the commercial front, but many entities are choosing instead to move into and renovate existing older structures that have fallen out of use. The price for each type of commercial building varies, and it is determine by the building's age, its class, the location, and luxury amenities it might have.

Retail spaces, which are among the most readily available commercial spaces, have an average price of $1.17 per SF/MO. It is possible to find lower retail rates below $1.00 per month, as well as higher rental rates that are closer to $1.40 per SF/MO. For a price of $1.17 per SF/MO, the average lease price is about $14.00 per SF/YR. For a lower monthly lease of $0.92 per SF each month, the price in SF per year is about $11. On the higher end of the spectrum, a monthly lease price is about $16.66 per SF/YR for a space with an average monthly rent of $1.39 per SF each month.

Opportunities to conduct business also abound for entities seeking office spaces. The average monthly lease price for an office space in this town is about $325 to $350 per month. The monthly rental rate for any type of commercial building may also include some utilities and amenities, such as heat, air conditioning, snow removal, and other conveniences. Buildings that have other features like off-street parking, outside lights, and onsite management teams usually have a higher monthly rate than buildings without such amenities. Office buildings may have single spaces for rent, but it is also common to find an opportunity for growth and expansion with one or more spaces rented out. Sometimes, landlords will give tenants an overall lower monthly price if they rent out more than one space in cases where multiple units are listed for rent.

Rockport Condo Developments

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