Natick Real Estate: Home Sales & Demographic Trends
Natick and its surrounding communities are great places to settle down and buy a family home. According to City-Data, the large majority of homes in Natick are owner-occupied -- around 70%. The population of Natick has grown over the past two decades with growth exceeding that of the Boston metro area average. The population is expected to continue to grow, but at a slower pace.
The Boston-Newton-Natick area is ranked as the #1 metropolitan area for child safety in the country by Sperling’s Best Places. The study conducted evaluated the 50 largest U.S. cities with deciding factors that included accessibility to good hospitals and healthcare, a safety-conscious community, accident prevention efforts, and air quality control. All of these factors and more make Natick, MA real estate a desirable choice.
When considering a Natick real estate purchase, demographic trends are an important factor. The average Natick family is college-educated and has lived in their current home for at least five years. With a crime index far below that of the national average (about 72% lower) and that of the Massachusetts average, Natick residents enjoy a peaceful community life with great employment opportunities. Natick’s unemployment rate of 3.6% in April 2014 is about half that of the rest of Massachusetts and the U.S. overall (about 6.3% during the same period). Natick apartments and real estate offer residents good proximity to large corporations in the area.
Partially responsible for Natick’s superior standard of living, five of the ten most affluent towns in Massachusetts envelope Natick; Wayland to the north, Weston to the northeast, Wellesley to the east, Dover to the southeast, and Sherborn to the southwest. Immediately west, Framingham, a middle-class community with semi-rural pockets, has experienced past issues of minor blight, but the keen neighbors comprising Natick have managed to prevent those issues from invading their own communities.
Boasting a small-town population of just over 13,000, about 30% of Natick families have children under the age of 18. Their strong focus on good education ensures that their children are properly educated through attendance among their five elementary schools, two middle schools, high school, and the four private schools spread throughout the town. The Boston metro area also includes two of the top ten private schools in the country: Harvard University and MIT.
The Natick Real Estate Market
With a cost per square foot of $218 as of July 2014, the average cost of Natick homes for sale has increased more than 4% over this past year in spite of a decrease in the median sales price to $356, 750 over the same period. The 154 homes recently sold leaves an inventory of 78 homes for sale and an additional 22 homes in some stage of short sale or foreclosure. The number of Natick homes for sale on the market is experiencing a decline (14% lower from June to July 2014) and is a trend experts predict will continue, which is in line with the projected inventory shortage forecasted during 2013 for this period. Demand for Natick apartments and other smaller housing units may steadily rise due to the expected increase in the elderly population. The average rent price for Natick apartments and homes for rent is $1,850 per month.