Your Town: 2014 Burlington Real Estate Market Report
Note: this is the second in a series of profiles of Massachusetts towns on the real estate market
Want to know how the Burlington, Massachusetts real estate market is doing? Today we’re going to talk about home sales in Burlington in 2014 versus 2013, along with how the towns along its borders did, as well as what’s currently on the market in town right now.
2013 vs. 2014 in Burlington:
Overall, the housing market remained relatively strong in Burlington in 2014, with a total of 258 homes sold at an average sale price of $434,693. (These numbers include single-family homes, condominiums, and multi-family homes.) That meant a nice bump in the overall average home price, with homes selling for 3.67% more on average than in 2013 — impressive when you consider that 11 fewer homes sold in 2014 than in 2013, and continuing to show that Burlington remains a desirable place to live.
Breaking down those numbers:
- Single-Family Homes: 209 sold in 2014 versus 219 in 2013, for an average price of $463,398 which is an increase from the previous year’s average of $443,150.
- Condominiums: 47 condos sold in 2014 versus 49 in 2013 at an average price of $514,431, a big bump from the 2013’s average of $434,682.
- Multi-Family: 2 homes sold in 2014, as opposed to 1 in 2013. The average sale price in 2014 was $326,250, down slightly from the previous year’s single-unit sale price of $380,000.
Next, looking at the towns that Burlington shares a border with, we see that the town remains affordable compared to Bedford and Lexington, where a single-family home can cost up to $587,871 more when you look at average sale prices (see graphic above for a breakdown by town). Wilmington, Billerica, and Woburn come underneath Burlington’s average prices by anywhere from 15-25% less for a single-family home.
Burlington, Right Now
As of today, February 16, 2015, there are 22 single-family homes on the market in Burlington, with an average listed price of $665,515. 1 condominium joins them, with an asking price of $479,000, and the listings are rounded out by 1 multi-family home on the market, whose owner is looking for $630,000. That is a total of 24 homes on the market, as compared with 21 on the market one year ago today.
Overall, these numbers show that Burlington retains its reputation as a desirable location to purchase a home in. With interest rates in the 3.5% range right now, and very few houses on the market in Burlington, there are positives for both buyers and sellers — buyers can take advantage of the lower interest rates, and sellers benefit from there being a lower supply, which has resulted in higher prices in many cases.
With inventory sure to rise after the current winter storms subside, now is the time to list your home if you are considering doing so – especially since housing inventory levels are currently at their lowest point in 11 years.
Burlington is a mixed residential and light-commercial community with a population of 24,498 as of the 2010 census. The town was settled in 1641 and sits at the intersections of Routes 95 and 3, making it an excellent commuter location for those working in or near Boston, with public-transit access as well. In town, residents enjoy multiple open spaces and shopping and dining opportunities, with the Burlington Mall, a 10-screen modern cinema, and many more retail establishments in addition to natural attractions such as the Mill Pond Reservoir & Conservation Area. The town has also become synonymous with technological development, with many high-profile tech companies choosing to establish primary offices within the town’s borders. With so much to offer, it’s no wonder that Burlington continues to be a highly sought-after location to buy a home.