How Much Does A Home Cost in Everett MA?
The real estate market in Everett MA is far from the most active in Metro Boston by any stretch of the imagination. Everett has recorded only 247 residential real estate sales in the last 365 days according to MLS, which is second lowest out of the 21 suburbs closest to Boston. Regardless of the low volume of sales, Everett does offer buyers something unique that is hard to find elsewhere in the Boston area, and that’s affordability.
Everett Real Estate Prices By Property Type
Everett’s median condo sale price of $406,896 is significantly lower than Boston’s median condo price ($698,313), and well below the average for all metro suburbs ($599K). The data suggests that condo and multi family sales are the norm in Everett. Out of the 247 property sales from the past year, 141 of those were for multi family homes in Everett and the remaining 106 for condos. Single family did not record a single sale in the past 365 days in Everett.
Medford MA Average Property NOI
Based on the most recent MLS data, Medford real estate may be one of the best opportunities for property investors in the Boston area. Both rental and sales demand have increased in Medford over the past 5 years as housing costs have soared all over the metro area. Given its close proximity to Boston and easy access to Downtown, it has been one of the suburbs that thrived throughout the pandemic.
Now average rent prices for apartments in Medford are on the rise as are real estate prices, but it remains among the more affordable real estate markets in metro Boston. In some cases, it’s even more expensive monthly to rent an apartment in Medford than it is to buy a home. Medford’s median single family home price ($756K) and the median condo price ($620K) are still below Boston’s median ($784K and $698K respectively) , and have been rapidly increasing in recent years.
Content Marketing Strategies for Real Estate Agents
One of the biggest challenges real estate agents face when building a digital marketing strategy is content. The word itself is vague and obtuse, and unless you speak digital you might not even know what it means. When I speak with agents about their digital content strategy, it’s not always clear and well defined.
Most agents have no issues setting up the web properties needed to house the content (websites, social media pages, etc.). But once their digital real estate is built, it often sits empty with no content to offer.
In many cases, it’s not because the agent is lazy, they just don’t know what to post. So if you’re an agent who wants to take control of their marketing but you’re short on ideas, this article is for you. Here are 7 content marketing strategies that will work for real estate agents in 2022.
Boston Average Condo NOI
Boston’s condo market has exploded over the past decade as dozens of new large multi-unit developments have been built. This has added thousands of new townhomes and luxury condos to Greater Boston’s housing inventory. Combine that with the shortage of single family homes in Boston, what you have is a market that is dominated by condo sales.
In fact, in 2021 Boston condos recorded 5,890 condo sales in the city alone. That is over 5 times the number of single family home sales (1,110) and 7.5 times the number of multi family sales (764) in Boston during the same period. In a market like this, many property investors are eyeing condos for potential long-term property assets.
Boston Multi Family Cap Rates
Boston’s real estate market for multifamily has exploded over the past decade. Rising rents, increasing enrollment at Universities, and a short supply of properties has sent prices for Boston real estate through the roof. The 1 year multi-family median for the city of Boston is currently $1.02M. That’s enough to make you shake your head if you’re an investor looking to break into Boston’s competitive multi-family market.
Based on this median sales price, we can get a picture of what kind of cap rate Boston is providing investors at these prices. We can project what kind of yearly revenue a multi-family property would yield by multiplying the average rent price in Boston by twelve. We can then divide that into the median price of multi family homes for sale in Boston to get a rough estimate of average cap rates.
The average rent price for Boston apartments is $2,552. That would mean a 2 family property would yield an estimated $5,104/month or $61,248 per year in rental revenue. Divide that into Boston’s median multi-family price of $1.02M, you get a projected cap rate of 5.98% for multi-families in Boston. So despite the sky high multifamily prices, the estimated cap rate is still above the 5% threshold of what investors would consider good.
Could 2022 Be Another Record Year For The Dallas Real Estate Market?
The real estate market in Dallas, TX took a big leap in 2021, as median home prices jumped +13.55% over the past year. The median sale price for the Dallas metro is now $401,330 after hovering between $337K and $350K for the previous 3 years.
Both the current median home price and the total volume of sales in 2021 set new records for the Dallas-Fort Worth metro area. Some are predicting the Dallas housing market to cool in 2022 due to higher prices and rising interest rates. However, based on the most recent housing data and migration trends, it looks like there still is room for growth in Dallas.
Here’s a few reasons why Dallas might have another record year in 2022.
Somerville MA Average Property NOI
The real estate market in Somerville has thrived in recent years. As housing costs have soared in many neighborhoods around Boston, Somerville’s single family median sales price has ascended from under $700K 3 years ago to almost $1M today. Between increasing enrollment at nearby Universities and the wealth of VC funding pouring into Boston and Cambridge, demand for property in Somerville is at an all-time high.
As a result, the median sale price for single family homes in Somerville is $993K over the past 365 days, more than $225K over Boston’s single family median sales price. The median condo sold for $823K during that same time span, which is the 4th highest median condo price out of all Boston suburbs.
Somerville’s seemingly endless rental demand and rising rent prices make it an attractive market for real estate investors. However, with prices so high for Somerville real estate, a newer investor may look elsewhere for a better cap rate. We can get a rough estimate of what the projected net operating income (NOI) would be for a Somerville investment property based on these median sales prices.
How Much Does A Home Cost in Malden MA?
For those shopping real estate in Boston’s metro area, Malden provides an economical option very close to the city. Not only is it within 15 miles of downtown Boston, it ranks in the top 5 most affordable metro suburbs for both single family and condo property types. Median sale prices are 20-40% lower in Malden than they are in Boston across all property types and the market for Malden real estate is relatively active in terms of deals (528 sales in the last 365 days).
Malden Home Prices By Type
The 1 year median price of condos for sale in Malden is $398K, the second lowest condo price in out of the 45 neighborhoods that make up Metro Boston behind Randolph ($276K). Malden’s median sale price for single family homes ($598K) ranks 4th lowest among suburbs and 6th lowest amongst all. Multi family homes for sale in Malden sold at a 1 year median of $812K. This was the 7th lowest mark amongst suburbs and 8th lowest among all metro neighborhoods for multi family properties.
Boston's Supply Of Off Campus Housing Looks Even Tighter Posing Challenges For Students
After a wild two years, the apartment rental market in Boston is leaner than ever as apartment availability has dipped below pre-COVID levels. Recent rental market data shows a current availability rate of 1.98%, a 30% drop from its January 2020 level. Considering at that time we were seeing some of the lowest apartment availability on record, the outlook for Boston’s growing off-campus housing contingent looks challenging as we head into 2022.
Prior to the pandemic, one of the toughest challenges faced by Boston’s rental market was how it could grow inventory to meet rising demand. The lack of affordable housing options has always been a challenge for many Boston residents, students included. However, that important conversation was punted during COVID when apartment supply figures ballooned as a result of remote learning.
Now that students are back and availability of Boston apartments is lower than ever, it’s time we revisit that conversation and put action goals in place to meet the growing demand. If it isn’t addressed soon, apartment prices will soon eclipse their pre-pandemic levels and make it even more difficult for many low-income students.
5 Reasons Florida's Real Estate Market Isn't Done Growing
South Florida has been making headlines recently for its impressive housing market growth. The most recent data from Zillow shows that out of the 100 largest US metros, the Miami/Fort Lauderdale area ranks #5 in year-over-year average rent price increase (+24.71%). They also rank #5 for YOY median sales price increase at +23.34%.
As a result of these surging prices, Miami’s income to housing cost ratios are now as high as some of the most expensive markets in the country. As a result, some industry experts are predicting the South Florida housing market to cool in 2022. While it’s unlikely that South Florida will sustain the same price growth margins as last year, there’s plenty of evidence that suggests the metro’s market momentum may push through 2022.
Here are 5 reasons why South Florida’s housing market will stay hot in 2022:
