Belmont, MA Real Estate: An Overview of the Market
Belmont is a suburb of Boston with a total population of about 25,000 people, and the town is mostly residential. That it is why it’s considered to be “The Town of Homes.” About 68% of all Belmont houses are owner occupied. This is a great place for families and children. There are six public schools in the area, all rated excellent by parents. This might be an important factor when it comes to Belmont real estate. There are three commercial centers in the town to serve the needs of the residents along with a hospital and a psychiatric hospital.
Demographics of Belmont
When looking for Belmont homes for sale, demographics might have an important role to play in your decision. Belmont is one of the more educated towns of the country, with about 70% of the residents having a college degree; compared to the national average of 21% in other towns, this is relatively high.
You should be looking for Belmont apartments or homes for sale if you like ethnic diversity. The residents belong to different ethnic and racial groups, including Irish, English, Italian, Armenian, Russian and German.
The languages the residents speak are also quite diverse. The most commonly spoken language is still English, but the residents also speak Spanish, Chinese, Greek and Armenian. There is no way for a new resident not to fit in a place with such diversity. In order for the residents to form a community, each year there is a fair organized at the local middle school.
Trends of Belmont Properties
The average cost per square foot of Belmont homes in August 2014 was $362, which is 10% higher than in the same period last year. The average sale price in May-August was $495,000, and 19 homes have been sold. In the same period last year the median price was $290,000, and the number of homes sold decreased by 82%. At the moment there are 36 Belmont homes for sale, and the average listing price is about $1,069,000. Based on the latest trends, we can expect to see an increase in the price of the homes as a Belmont house is steadily becoming more and more expensive. This might be a result of the good and safe reputation that the town has built up to this point.