How are market values doing in Middlesex County? Most of the towns in our area have either resumed or exceeded their pre-recession values.
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Since the recession in 2006 and 2007, 90% of the towns in Middlesex County have resumed the market values they had at the time of the recession.
According to recent statistics, most towns are just about recovered, with the exception of Lowell and Kingsborough. In Lowell, property values were at $254,900 before the recession; they are now at $250,000, which is good news. Lowell is still one of those cities where you can get the very best value in terms of pricing.
In Kingsborough, the average value in 2006 was $350,000. Today, that value is at $339,000, which is about $11,000 below the pre-recession values.
Lowell is one of those cities that offers the very best value in terms of pricing.
Other areas have either resumed or exceeded their pre-recession values. For example, values in Chelmsford are currently at $361,500. In 2005, the average was $325,000, which is about $36,500 less.
One of the problems with rising property values is that more people are staying in their homes for a longer period of time because the market has become more expensive. It’s more difficult for people to afford homes as values increase.
If you have any other questions about our current market or about buying or selling a home, just give me a call or send me an email. I would be happy to help you!
