Wellesley Real Estate: Home Sales and Demographic Trends
Wellesley and its surrounding communities are great places to settle down and buy a family home. With a high concentration of doctors and executives compared to other areas in Massachusetts, it is more a upper-class city with the median house value at $868,073 and gross rent of $1431. The housing market has seen a dramatic drop since 2011, so this is a great time to invest in Wellesley real estate.
Wellesley is a part of the greater Boston Metro area, which has been ranked as the safest area in the country for children by Sperling’s Best Places. This, along with the large number of schools and easy access to a wide variety of universities in Boston make Wellesley, MA real estate desirable.
When considering homes for sale in Wellesley, demographic trends are an important factor. The majority of families in Wellesley are white with the highest minority being Asians at 10.2%. 70% of the population is Catholic, with another 13% claiming Judaism as their faith. The average Wellesley family possesses a high income. The median household income here is $147,923, substantially higher the rest of the state. The unemployment here is slightly under the Massachusetts average at 6.2%, but there is a plethora of opportunity available in nearby Boston.
The crime rate in Wellesley is significantly lower than the national average—only one rape and no murders have happened since 2000—and this largely due to the large police-to-civilian ration of 1.32. Wellesley is an affluent city with a modest small-town population of 27,982 as of the 2010 census. 54% of the families in Wellesley are married couples. 48% of the residents hold a doctorate, signifying a population which is well-educated.
Wellesley is home to eight public primary schools and three private, as well as one public high school with 1216 students. Two community colleges are located here. The Boston area also boasts two of the best public universities in the country: Harvard University and MIT.
Wellesley Real Estate Market
69 new homes were built in 2012 in Wellesley with an average cost of $775,885. However, home sales are at an all-time low, with fewer than 100 homes sold in the third quarter of 2013, the best quarter of that year. The average home price at the start of 2014 was $900,000. Wellesley homes for sale are also experiencing a decline as Wellesley no longer has room to expand. Experts believe this trend will continue. Wellesley apartments for sale or rent, however, are expected to increase as the local colleges, Wellesley College and Babson College, gain in their student population as the latter offers Master’s programs.