Market Watch: Peabody, MA

Next on our Market Watch list is a smaller suburb right outside Boston.  Peabody, MA made Money Magazine’s Top 100 places to live in 2012, but just barely. Rounding out the 100 at the last place was not much to say, but hey at least they made the list. Peabody is located in the North Shore region of Massachusetts. A 200-acre working farm brings visitors from nearby Boston. With a little over 52,000 residents with a median family income of $81,332 it is a prime investment place. 

The recent drop in homes prices, affordable mortgage rates and the popularity of television shows  like Flipping Boston has many people in the area wondering if they can make money flipping homes. The median home asking price and sale price in Peabody has outpaced larger metro areas — save for the closest one, Boston. A low vacancy rate of 2.4 percent has definitely helped its market. Steady job growth at almost 7% has made  for a powerful mix and a pretty bright housing outlook for Peabody. Not to mention AOL listed it as the 8th healthiest market in 2013 to invest in.

With the median family income being well above the national average and the median home price being over $250,000 you are probably not going to be looking at first time home buyers here. The market strong in Peabody is the trade-up niche. Those 30 and 40 something working families growing their families and moving into larger homes. You can see the steady rise in home sales from the graph below.

For more information on Peabody, visit their official website at http://www.peabody-ma.gov/.

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Erik Hitzelberger has been Real Estate Investor since 2007. While learning the ropes in the market down-cycle, he now teaches others how to use his systems and leverage other people’s expertise to achieve their own goals.

Erik Hitzelberger – who has written 194 posts on Part Time REI.

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