Introduction to The City of Lowell it was only the third Massachusetts community to be granted city government after Boston and Salem. By the 1850’s Lowell were the second largest Massachusetts City and America largest industrial center. Lowell was known as a Mill town, but it continued to be at the forefront of new industrial technology. It wasn’t until the 1920’s that the city of Lowell saw a severe decline in business in their mills. Most of the textiles shifted south cause many mills to close their doors.
Lowell today is going through a rebirth with many areas closer to Boston and Cambridge becoming more and more to expensive for people to live in Lowell could be a great choice for someone who wants to be near parks, canals and enjoy a lively Art and Community scene. Many of the old mills that were the backbone of the united states now getting reused as commercial and residential living space. For Example Mill 5 you can find farmers market on Saturday, cheese store that supports local mass farms, old movie theatre with a vintage popcorn popper. There is also a yoga studio there that mixes in humor in while you are trying to get centered.
Mass Transit: Commuter Rail Lowell Line, LRTA Bus Line
Landmarks: Kerouac Park, Whistler House Museum
Lowell offers shops and restaurants and you can walk around Lowell and see elements of its past mixing in with the present. Right now with the University of Massachusetts investing in the downtown area of Lowell, you are finding the area becoming a more desirable area for people to work, live and play in. Most of the business in the area is a local mom and pop shops, and if you want something you can find everywhere you can find those businesses too. The downtown area of Lowell has signs of coming back to life, but there are still pockets where there is no evidence of life. The downtown Lowell area, especially near UMass, offers a high walkable score with major things like grocery stores, dining, and entertainment all less than a 1-mile walk. You can find many breweries like Lowell Beer Works, Navigation Brewery, and Merrimack Ale all very easy to get to. Farmers markets can be found throughout Lowell along with local business at Mill number 5. You can get to the highway or take the commuter rail very easy to get to points of Boston. It continues to be an area for anyone looking to buy especially if they have been priced out of Metro Boston or Cambridge Market to buy in. When I looked into the numbers of 2017 for the exception of April, August, and November. In those months properties sold for 200,000 or more, but rest of the month’s condo’s sold for under 200,000 and when I looked at the sales per quarter and compared them to 2016 a not only month to month sales showed growth but year to year by quarter also showed growth in value.
2016 1st Quarter $143,00 Days on market 53
2017 1st Quarter $163,500 Days on market 48
2016 2nd Quarter $167,080 Days on Market 68
2017 2nd Quarter $174,500 Days on Market 26
2016 3rd Quarter $155,450 Days on Market 60
2017 3rd Quarter $219,000 Days on market 36
2016 4th Quarter $157,500 Days on Market 46
2017 4th Quarter $194,000 Days on market 53
The only quarter where properties stayed on market longer was 1st quarter and last quarter but if you compared them each by each quarter Lowell properties didn’t see a decline in pricing. The property might have stayed on market longer, but prices didn’t really decline year to year if anything they went up. If you look at a property that is on market under $300,000 you are looking a home that is at least over 1,000 square feet and comes with a parking spot which you can’t find in many other areas in the metro Boston Area. Yes, you might be commuting longer to get into Boston, Cambridge but with so many markets in Massachusetts becoming too expensive where renting appears to be the only way someone can afford to live in that area may be looking at an area like Lowell isn’t such a bad idea.
The average age for downtown Lowell area
The Average person spends 27 minutes commuting to and from work each day from Lowell.
If you are looking near the 01854 zip codes you can find areas with a very high walking score which often brings property value up.
Downtown Lowell area is also neighbors with University of Massachusetts and often times homes near colleges and university do not see there property value go down but often they go up, and when it comes time to sell your more likely going to find a larger pool of buyers near a college or university then an area that doesn’t have that.
Many of the buildings in the 01854 zip codes are near sports arena which does pose some headaches once and awhile, but many find they get an additional layer of security they didn’t pay for that there property that they have invested in benefits from. Most buildings in the area not only do they have amenities like parking, but many are easier for pet owners with lots of parks or trails to take your four-legged friend on.
You can find Condo’s that offer small gym on site so again if you’re looking to save money on that gym membership you could. If you’re looking for a building that is just a condo with no real amenities besides Central A/C and maybe an elevator you can find that along with a condo that is pretty renovated.
Yes, what comes up must come down, but chances are prices will never come down so low where we were in 2007. We are bound to have some sort of adjustment in marketplace, but chances are it will not be to the level we experienced before, and maybe if you want to buy your first home you might need to look outside the box and after a few years trade up to the area you really want, but based on the data Lowell might be a good long-term investment to keep in your portfolio.
Contact me if you have questions or want to explore other areas near Commuter rail like Lowell.