Salisbury, MA Real Estate

Salisbury is a town of 9,261 residents located in the northeastern corner of Essex County, situated on the coast of the Atlantic Ocean. The town’s population has grown 11% since the 2010 U.S. Census. It is a popular ocean side resort, with five miles of beaches. It covers a total area of 17.9 square miles, with 86% of that being land and 14% being water. Marshes cover much of the community, most notably in the eastern section. U.S. Route 1 ends at the town and I-95 also runs through the community. The Merrimack Valley Regional Transit Authority provides bus route 51/54 that connects the town with the Newburyport station for the commuter rail of the Metro Boston Transit Authority. This connects the town to Boston, which lies 41 miles to the south. The community is bordered by the New Hampshire state line on the north, and the Merrimack River on the south.

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Single-Family Houses for Sale

Over 53 % of the town’s residences are single-family homes. The median home value for the town is $370,464. Home values have risen 8% this last year, up $25,950 on average. This compares favorably with many communities, being much lower than the home values in nearby Ipswich, Rowley, and Georgetown. Fifty-nine percent of the homes in the area fall into the $243,001 to $486,000 price range. The median age of housing in the town is 40 years, with over 78% of the community’s homes having been built since 1940. Three-bedroom homes make up 38.9% of the town’s residences. Recently, there have been 15 homes for sale in the community. These have ranged from a 1978 three-bedroom, one-bath 1,353 square-foot house situated on 1.79 acres listed for $254,900 to a 1981 five-bedroom, three-and-one-half-bath 4,093 square-foot on a .47 acre lot with ocean views listed for $2,550,000.

The following is a description of some of the neighborhoods in the town:

Beach/Brown’s Point

This is the eastern area of the town that borders the Atlantic Ocean to the east, the Merrimack River to the south, and U.S. Route 1 to the west. The homes in this area of town have a higher appreciation rate than the western area. The median real estate price is $403,555 for this section. The main residences in this part of town are small to medium-sized single-family homes. The current vacancy rate is 39.6%, which is much higher than the 6.9% U.S. average. Thirty-one percent of residences are only occupied seasonally. This is because many homes in this part of town are located near the ocean and serve a tourist population. Recent homes on the market in this part of town ranged from a 1974 two-bedroom, one-bath 1,320 square-foot home listed for $295,000 to an eight-bedroom, 2,744 square- foot beach home built in 1900. It listed for $639,000.

Town Center

This area of town includes the central portion of the city with U.S. Route 1 in its eastern half and I-95 in its western half. The median real estate price is $370,464. Most of the residences in this part of the city were built between 1970 and 1999. The vacancy rate in this part of town is 1.8%, which is much lower than the eastern neighborhood that lies on the coast. This indicates that it has a very tight housing market.

The Village

This area of town is located in the southern part of the city off of Beach Road, just a short distance from the ocean. It is a newly developed “pocket neighborhood.” It includes thirty Craftsman style homes designed to create a sense of community among the residents. There are two and three-bedroom homes ranging from 1,265 to 1,620 square-feet of living space. The homes were originally priced from $300,000 to $409,000.

Ring’s Island

This neighborhood sits at the southern edge of the town on the Merrimack River. It is a historic district that was once a fishing village. Today it features several older homes, such as one recently on the market that was built in 1680 and had a current list price of $490,000. The average price of a home in this area is $410,838.

Condos/Townhouses for Sale

There were recently 15 condominiums for sale on the local market. They ranged from a 1920 two-bedroom, one-bath 520 square-foot condo listed for $295,000 to a three-bedroom, three-bath 1,906 square-foot stand-alone condo listed for $559,000. The mean price for townhouses and other attached units in the town was recently $288,815.

The following is a description of some of the condominium/townhouse developments in the town:

The Cottages at Sycamore Lane

This is a new development of five stand-alone unites located on 3.1 acres of land in the southern section of town. Each unit features an open floor plan, fireplace, and a first-floor master-bedroom suite. The living area for each unit is 1,906 square-feet with a list price of $549,900. This complex is situated on a cul-de-sac. The development amenities include landscaping and snow removal from the road, driveways and sidewalks.

South Beach Landing

This is a development comprised of two phases. Phase I features a sixteen unit condominium. Phase II was completed in 2017 and features six-duplex style townhouses with three-bedroom, two-and-a-half bath units with 1,800 square-feet of living space. Each condo has nine-foot ceilings, hardwood flooring, a gas fireplace, granite countertops, and covered parking for three cars. The master-bedroom suite is located on the second floor, along with two other bedrooms and a full bath. The complex also provides landscaping, snow removal, a movie theater, and a fitness center. There is a monthly homeowners’ association fee of $440. The unit prices begin at $469,000.

Sheffield Village

This is a 32 unit complex that has both two and three-bedroom units. Each townhouse has one-and one-half baths and a one-car garage. Living space in the units ranges from 1400 to 1500 square-feet. Units feature an open floor plan, hardwood floors, granite countertops, stainless steel appliances and a deck. In the recent market, the smaller units have been priced at $299,900. The condominium complex provides landscaping, snow removal, and is pet-friendly. Monthly homeowner association fees are $235.

The Windgate

This 74 unit complex is a 55+community. Units feature gas fireplaces and deeded parking spaces. The one-bedroom units have 681 square-feet of living space. The complex amenities include an exercise room, clubroom, landscaping, snow removal. There is a homeowners’ association fee of $288 a month.

Ocean Mist Condominiums

This 17 unit complex was built in 2004 and is located on the ocean front. Units feature wood laminate flooring, balconies with 909 square-foot of living space in the two-bedroom floor plan. The complex’s amenities include jogging trails and pet-friendly policies. Recent property estimates value the units at $224,251. There is a $200 monthly homeowners’ association fee.

285 North End Condominiums

This complex was built in 2017. It features four-bedroom, two-bath units with granite countertops, stainless steel appliances, tile floors, hardwood flooring, decks, and balconies. These units have 1,400 square-foot of living space. Depending on the situation, units enjoy either marsh or ocean views. The complex’s amenities include flood insurance, and parking space under the units at street level. The current list price for a unit is $439,900 with homeowners’ association fees of $420 a month.

Apartments

The average rent in the town is $1,961. The average rental price in the Beach/Browns Point section of town is $1,513. The average rental price in the Town Center neighborhood is $1,961. The median year that the town’s apartments were constructed is 1973. Almost half of the tenants in the town paid rent in the $1000 to $1,999 price range. The average length of tenancy for renters in the area is five years. Due to a very tight rental market, the recent rent prices have risen dramatically. In February 2018, the median rental price for the town was $2,300. This was an 84% increase since last year.

The following is a description of some of the apartment complexes in the town:

Tidewater

This is a newer 210 unit development built in 2014 and located on the town’s ocean front. It has both one and two-bedroom units. The one-bedroom units come in six different floor plans with living space ranging from 689 square-feet to 939 square-feet. The two-bedroom units come in seven different floor plans with living space ranging from 1,147 square-feet to 1,249 square-feet. The units feature granite countertops, private balconies, walk-in closets and tile flooring. The complex is pet-friendly, though there are some breed restrictions along with a two-pet limit. Amenities include covered parking, a swimming pool, and a fitness center. A $500 security deposit is required. Monthly rent ranges from $1,910 to $2050.

95 Atlantic Avenue Apartments

This complex has six units spread over three levels and ranging from studio apartments to four-bedroom units. It was built in 1984.

Great Meadow Village

This 86 unit complex was built in 1976 and is spread over two levels. Units feature carpeting, air conditioning and heating.

169 Bridge Road Apartments

This apartment building was built in 1884 and has two units spread over three stories. Tenants are provided one parking space.

11 Railroad Avenue Apartments

This is a multi-family building constructed in 2005 that features apartments for rent. There are two-bedroom, two-bath units with 1,130 square-feet of living space with a monthly rental price of $1700. Some of the features of the units are an open floor plan, ceramic flooring, gas fireplaces, and covered parking for two vehicles.

229 Beach Road Apartments

This apartment provides utilities for each unit. It is a no-smoking complex. A one-bedroom, one-bath 520 square-foot unit and has a monthly rent of $1,450. The complex requires a security deposit of $1,450 for new tenants.

266 North End Boulevard Apartments

This multi-family apartment building was constructed in 1900 and includes four studio units spread over three stories.

14 Ocean Street Apartments

This complex was built in 1930 and features 11 studio units in the three-story building.

2 Jon Street Apartments

This is a no-pet complex that offers off-street parking. It is situated near I-95, and is just five minutes from the beach. A two-bedroom, one-bath apartment is priced at $1650 and features stainless steel appliances, hardwood flooring, and a large porch.

Community Overview

Though this is a small community on the edge of the metro area, there are several characteristics about it that make it an inviting place to settle down. First, there are indicators that the local property market is healthy. Property sales are up over the last year. From December 2016 to February 2017, there were 12 properties sold, while 19 properties were sold from December 2017 to February 2018. Another positive property fact is that the average sales price increased 2.4% from 2017, rising to $342,968. Also, the inventory increased 8.6% in the last year, moving up to a 3.8 months’ supply locally. Finally, the sales to list price ratio also increased slightly, rising to 98.7%, which reveals that the local market favors buyers.

Second, the local economy shows signs of strength when compared to the nation. The median household income is $69,500 for the town, while the U.S. median household income is much lower at $53,657. The unemployment rate of the community is 4.4%, which is lower than the national figure of 5.2%. Experts believe job growth over the next decade will be 38.26%.

Third, the community values education with 29.1% of its residents being college graduates. This is also reflected by the local school district’s investment in the education of the area students. The district spends $14,589 per student yearly on education, which is much more than the U.S. average of $12,383. There are 13.1 students per teacher, which is a very good ratio. The national average is 16.8 students per teacher.

Fourth, the availability of good infrastructure translates into relatively lower commute times for the town’s residents. The average commute time for the area’s workers is 22.62 minutes daily, which is lower than the U.S. average of 25.71 minutes. Over 25% of workers use mass transit to get to work, much higher than the U.S. average of 50.6%.

All these factors combine to create a positive environment in which to live. As one resident summed it up, “The town of Salisbury may be small, however, there are a lot of things to do surrounding the area.”

Salisbury Condo Developments

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