Housing prices in Lowell area continue to sky rocket

Boston Factor

With the recent up tick in the economy, the Lowell and neighboring towns have seen an explosion in home prices.  Boston’s economy is impacting cities like Lowell and other metro west communities. Factor include the new casino, East Boston corporate expansion, and Assembly Square development. Even towns in like Burlington and Braintree have also experience a lot of new business expansion. This is fueling the housing price increases inside of the 128 belt to a level that makes it unaffordable for first time home buyers.

Lowell Culture

For first time home buyers, the rising prices have forced them from the 128 belt to the Lowell area.  Additionally, Lowell growth has been attributed to the expansion of UMass Lowell, access to rail services, the culture, and lower housing cost.  As the economy has grown over the past 3 years, these factors now impacting Lowell. Housing prices are now experience the highest ever and a shortage of affordable housing. House prices have increased 8-10% in just the past 12 months.

As an investor, I have seen neighborhoods be transformed with complete knock downs and redevelopment which has also impacted housing cost to a level that first time home buyers.  New condo developments, revitalizing older neighborhood are transforming Lowell into a modern city.

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