Lowell MA Homes For Sale
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LOWELL HOUSING MARKET INFORMATION
With 111,346 people, 38,735 houses or apartments, and a median cost of homes of $295,931, Lowell real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, Lowell homes are still considered rather expensive.
Large apartment complexes or high rise apartments are the single most common housing type in Lowell, accounting for 36.10% of the city’s housing units. Other types of housing that are prevalent in Lowell include single-family detached homes ( 31.22%), duplexes, homes converted to apartments or other small apartment buildings ( 27.01%), and a few row houses and other attached homes ( 5.54%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
People in Lowell primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Lowell has a mixture of owner-occupied and renter-occupied housing.
The housing in Lowell was primarily built before 1939 ( 46.26%), making the housing stock in Lowell some of the oldest overall in America, although there is a range of ages of homes in Lowell. The next most important housing age is between 1970-1999 ( 24.02%), followed by between 1940-1969 ( 23.69%). There’s also some housing in Lowell built between 2000 and later ( 6.03%).
LOWELL HOME APPRECIATION RATES
Appreciation rates for homes in Lowell have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 24.98%, which ranks in the top 30% nationwide. This equates to an annual average Lowell house appreciation rate of 2.26%.
NeighborhoodScout’s data show that during the latest twelve months, Lowell’s appreciation rate, at 5.47%, has been at or slightly above the national average. In the latest quarter, Lowell’s appreciation rate has been 1.95%, which annualizes to a rate of 8.05%.
Relative to Massachusetts, our data show that Lowell’s latest annual appreciation rate is lower than 80% of the other cities and towns in Massachusetts.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lowell differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lowell – or in any city or town – that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lowell real estate investment or home purchase decisions.