Everett, Massachusetts

Situated on the north side of the Mystic River opposite Charlestown, the community of Everett is home to almost 43,000 people. First settled in 1630, the community was known as South Malden until 1870 when it became the town of Everett. The town was an industrial center, home to major companies like Monsanto and General Electric. Wood frame detached single-family homes and brick commercial buildings border the town square.

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Neighborhoods feature detached single-family homes on large lots, a rare phenomenon in the Boston area, multi-family detached residences and condo conversions. Double- and triple-decker multi-family residences from the late 19th and early 20th centuries are scattered through neighborhoods.

The city is near Interstate Highways 93 and 95 and is served by the MBTA. Revere Beach Parkway runs through the southern part of the city.

Everett Residential Investments

Almost half of Everett residents own their homes. The median home value in Everett is $304,100, an increase of 9.6 percent over the past year. Zillow predicts an increase of 4 percent for 2016. Median rents were $1,985 as of mid-May 2015. New rental units include the Batch Yard, a former chocolate factory converted to luxury apartments.

Approximately 8.1 percent of Everett homeowners were delinquent on their mortgages as of December 2014, slightly above the U.S. average of 6.3 percent. Foreclosures are higher in Everett at 12.3 homes per 10,000 versus 1.2 in Boston.

Choosing the Right Everett Investment Property

With its close proximity and easy access to Boston, Everett provides a great investment opportunity. Large single-family homes are being converted to multiple-family homes and condos. A proposed casino and resort in Everett may influence property values in the city.

Everett Real Estate Market Overview 2017

The site of one of America's healthiest housing markets, Everett is considered a "hot spot" in the real estate industry. With a rating of 8.9 out of 10, the year 2017 indicated a very healthy real estate market in the neighborhood.

Home sales increased 11 percent over the previous year, and home values increased 12.8 percent over 2016. The median home value in the neighborhood is now $388,900, and the median price of currently-listed homes is $425,000 with a median price per square foot at $302. The median price per square foot for the Boston metro area is only $267. The median price of homes sold in Everett in 2017 was $388,847. The average down payment is currently 4.8 percent of sales price. The average number of days on the market is 29 with 11 offers during that time period.

Breaking down the percentage of homes by value, 35 percent, a plurality, are valued between $404,001 and $539,000, 30.2 percent between $270,001 and $404,000, 13.3 percent between $539,001 and $674,000, 9.9 percent between $135,001 and $270,000, 6.1 percent between $674,001 and $1,011,000, 3.5 percent under $67,000, 1.1 percent over $1,348,000, .8 percent between $67,001 and $135,000 and .2 percent between $1,011,001 and $1,348,000.

Compared to the national average of 10.4 percent, only 7.7 percent of homes in the neighborhood had negative equity in March 2017. The 1.6 percent of homes delinquent on mortgage in March mirrored the national average.

Exceeding the national foreclosure rate of 1.6 homes per 10,000, 5.8 homes out of 10,000 in the neighborhood are foreclosed.

Breaking down median home sales prices by number of bedrooms, the price of a one-bedroom home in August fell 41.3 percent from the previous year from $357,500 to $210,000 but rose from the previous three months' price of $147,500. The price of a two-bedroom home was $343,500 at the end of August and had risen 4.1 percent from the previous year's price of $330,000. However, this was less than the prior three months' price of $371,000. The price of a three-bedroom home, at $402,000 in August, rose 1 percent from the prior year's price of $398,000. This was, however, less than the $410,000 the previous three months. The median price of a four-bedroom home in August was $422,500, which dropped .1 percent from the previous year's of $423,000. It was also significantly lower than the prior three months' price of $450,000.

In August, the median rental price in the neighborhood was $2,000, which is lower than the approximately $2,200 price in January and the approximately $2,600 high in June but higher than the low for the year, which was about $1,750 in April.

The number of rentals in August was higher than in January but lower than the peak for the year in May.

There are currently a total of more than 15,500 homes and apartments in the neighborhood. The most common types of housing are small apartment buildings, duplexes and homes converted to apartments, making up over 59 percent of the neighborhood housing. Single-family homes account for over 19 percent of housing, large complexes or high-rise apartments make up nearly 15.5 percent and row houses or other attached homes account for 6.13 percent of housing in Everett. Renters constitute over 62 percent of the neighborhood's residents, while owners make up over 37 percent.

During the past year, appreciation rates in the neighborhood have been nearly 9 percent. This is higher than in nearly 88 percent of U.S. towns and cities and higher than 90 percent of communities in Massachusetts. In fact, the last quarter indicated an appreciation rate of 3 percent, which equals an annual appreciation rate of over 12.5 percent.

2017 Real Estate Developments

In 2017, development on Everett's Main Street reinforced the neighborhood's reputation as an up-and-coming community. Early in the year, a developer began work on converting a one-story commercial building housing a pizza restaurant into a multi-story, 18-unit apartment complex with first-floor garage parking that will accommodate around 30 vehicles. The project is set to be completed early in 2018.

One of the neighborhood's most noteworthy developments has been the construction of the $2.1 billion, five-story, 3-million-square-foot Wynn Boston Harbor resort casino on the banks of the Mystic River. Everett's mayor credits the project, the largest private development in the history of Massachusetts and set to open in June of 2019, for the optimism and business growth permeating the community. As of August, over $3 million in salaries have gone to the city's resident construction workers. The mayor credits Wynn with funneling almost $2 million daily into the community with $660 million annually contributing to taxes, payroll and goods and services.

Besides its contribution to the local economy, Wynn footed the $30 million bill for cleaning a former contaminated Monsanto chemical plant site that had threatened the health of the community.

Located on 33 acres, the 29-story curved-bronze complex offers its guests parking for more than 3,000 vehicles. Averaging 620 square feet, the 629 luxury hotel rooms are available in multi-room parlor suites, panoramic suites overlooking the Boston skyline and five-star deluxe resort rooms.

A $28 million statue of Popeye the Sailor Man will appropriately greet visitors to the lobby that overlooks the waterfront. The two-story, 200,000-square-foot gaming area will feature more than 3,000 poker tables and slot machines, along with restaurants and balconies. As a precaution against potential hurricanes, the main casino will sit 24 feet above sea level.

Also included in the complex are a 20,000-square-foot high-end sports bar, spa, convention center, modern ballroom, indoor gardens and retail space. An adjacent six-acre park will be open to the general public. The year-round harborwalk will feature bike and pedestrian paths, waterfront dining, viewing decks and boat docks accommodating European-style private boats.

Thanks to the Wynn Boston Harbor project, the neighborhood has experienced benefits that include adding more than 4,000 high-paying jobs with training and benefits with preference given to local residents, over 3,000 construction jobs, $20 million in real estate taxes, an estimated $25 million in hotel and restaurant taxes and a reopened Boston Harbor waterfront.

Another recent renovation project involved the neighborhood's Shute Memorial Library, which now features a new wing, interior update, a street level-accessible entrance, an elevator and new central stairway, a new reading area and children's craft room.

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