Overview of the Commercial and Residential
Real Estate Market in Massachusetts
The landing on Plymouth Rock in 1620, the first Thanksgiving in 1621, Salem witch trials of 1692, and the Boston Tea Party in 1773 all took place in the richly historic state of Massachusetts. The Fig Newton is named for the city of Newton, Massachusetts and Springfield is home to the Basketball Hall of Fame. The coastal town of Rockport is the location of a surprisingly beautiful house built entirely of newspaper. The two largest cities in New England are in Massachusetts. According to the U.S. Census, Boston is home to 645,966 of the state's 6,692,824 Massachusettsans, also known as Bay Staters. Boston has a homeownership rate of 34 percent compared with 62.7 percent for the state. The median home value of Boston is $371,000 and the median household income is $53,601. The median home value for Massachusetts is $330,100 and the median household income is $66,866. The state has about 839 people per square mile. Boston has 12,792 people per square mile and 82 percent of them living in multi-unit structures.
When it comes to energy efficiency and green building, Boston is well ahead of the pack. The city was named the most energy efficient city in the country for 2013 by the American Council for an Energy Efficient Economy. The city actively works to help businesses and property owners to establish and reach sustainability goals. Massachusetts is one of the top states in solar energy production. Buildings with solar systems appraise much higher than buildings without. While the manufacturing sector has experienced significant job losses in the past few years, only about 8 percent of the labor force works in manufacturing and the sector is showing signs of improvement. A well educated population with a household income well above the national average keeps the demand for retail space and apartments high. Home prices in the major cities keep ownership out of reach for many residents.
Office Rental and Executive Suites in Boston, MA
How to Become a Realtor in Massachusetts
Under the Massachusetts Division of Professional Licensure (DPL), the Massachusetts Real Estate Board regulates and oversees the licensure and conduct of all real estate agents and brokers throughout the state. The Board regulates all real estate schools and the curriculum for agents. They also contract vendors for the state exams. In order to protect the public interest, they discipline any real estate agent who violates the licensing laws or regulations. They require applicants be at least 18 years old and that they complete 40 hours of approved pre-license education in a classroom or via an approved online course. Anyone who is a Massachusetts attorney in good standing can apply for a Broker license without the pre-license education, salesperson experience, or state exam. Massachusetts has reciprocity agreements with most states.