Norfolk, MA Real Estate Trends
If you’re looking for a quiet, country life with an involved community but yet a place that’s not too far away from a major city just in case you get the itch for city life, Norfolk is the place for you. Norfolk real estate trends have been positive in the past few years and the little town has been highly rated by several publications as a great place for families. The town’s population is just over 11,000 people, but it is growing rapidly at a growth rate of 6.54%.
Why Invest in Norfolk Real Estate?
Norfolk was rated number 7 in the country by Investopedia for family-friendly cities and named “Best for the Buck” by Forbes because of its great school district. Norfolk schools spend around $16,000 per student while the national average is close to $12,500. There is one teacher for every 13 students which provides a high quality of education. Norfolk also has an incredibly low violent crime index at .05%. This number is by far lower than the violent crime ratings of all the other family-friendly cities on Investopedia’s list. The national crime rate average is around 300 crimes per 100,000 inhabitants. Norfolk’s rate is 29, which is also much lower than any of the surrounding towns. It is also only 21 miles from Boston with a commuter rail station near the town center. With a strong population growth and a lack of rental properties, investment in Norfolk apartments or homes for sale is a good choice, whether you plan to rent or own. Your tenants will most likely be either well-to-do families or someone looking for a peaceful lifestyle.
The Norfolk Real Estate Market
Norfolk is largely owner-occupied with only 215 of the 2,861 homes being renter occupied. The price of Norfolk, MA real estate per square foot is steadily increasing and is now at $188 per square foot. The median sales price for Norfolk homes for sale is currently at $360,000. The average size for a home at this price is three bedrooms, not bad for the Boston area. The median sales price has gone up 2.1% since last quarter, and the average listing price for homes in the area is around $570,000. The time is now to invest in Norfolk apartments or homes for sale, as the quaint little town will only continue to grow.