Massachusetts Real Estate Market Trends & Analysis

The Massachusetts real estate market has seen prices ascend to new highs in lieu of available inventory, or lack thereof. Due, in large part, to insufficient months of available inventory and improving economic conditions, sellers have been able to increase asking prices for nearly seven consecutive years.

It is worth noting, however, that the latest price increases appear to have reached a tipping point. While real estate in Massachusetts remains poised to appreciate for the foreseeable future, increases should occur at a much tempered pace. As a result, pending sales have already increased year-over-year and buyers are doing their best to balance the market.

There’s no doubt about it: the Massachusetts real estate market has a long way to go until both buyers and sellers are accommodated equally, but the latest trends are a step in the right direction. When inventory is finally able to keep up with demand, activity will increase and benefit everyone involved.

Massachusetts Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Attorneys
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Judicial
Process Period: 3 - 4 months
Notice of Sale: Court
Redemption Period: None

Taxes

Income Tax: 5.10%
Corporate Tax: 8.00%
Sales Tax: 6.25%
Estate Tax: 16% maximum
Inheritance Tax: No
Median Property Tax: 1.04%
Property Taxes by County: http://www.tax-rates.org/massachusetts/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,564.00
Transfer Fee: Transfer tax 0.456%; County Transfer 0.342%
Origination Fee: $1,871.00

Overview

  • Median Home Value: $407,300
  • 1-Year Appreciation Rate: +1.9%
  • Median Home Value (1-Year Forecast): +0.7%
  • Median Rent Price: $2,595
  • Price-To-Rent Ratio: 13.07
  • Average Days On Market: 69
  • Unemployment Rate: 2.9% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 6,902,149 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $74,167 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 9.82%
  • Foreclosure Rate: 1 in every 3,107

Massachusetts Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Can have Tax Lien State but most counties have Tax Deed Sales
  • Interest Rate: 16% for TLCs (but barely any exist)
  • Redemption Period:No redemption period following tax Deed Sale; (6 months for TLC sale but barely any exist)