Chelsea, MA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Chelsea, MA Housing Market Trends

With 39,690 people, 13,268 houses or apartments, and a median cost of homes of $473,443, real estate costs in Chelsea are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Chelsea, accounting for 48.36% of the city's housing units. Other types of housing that are prevalent in Chelsea include large apartment complexes or high rise apartments ( 39.61%), single-family detached homes ( 6.62%), and a few row houses and other attached homes ( 4.87%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Chelsea is dominated by renter-occupied one, two, or no bedrooms apartments. 74.56% of Chelsea's dwellings are rentals.

The housing in Chelsea was primarily built before 1939 ( 55.68%), making the housing stock in Chelsea some of the oldest overall in America, although there is a range of ages of homes in Chelsea. The next most important housing age is between 1970-1999 ( 16.96%), followed by between 2000 and later ( 14.85%). There's also some housing in Chelsea built between 1940-1969 ( 12.52%).

Chelsea Home Appreciation Rates

In the last 10 years, Chelsea has experienced some of the highest home appreciation rates of any community in the nation. Chelsea real estate appreciated 118.71% over the last ten years, which is an average annual home appreciation rate of 8.14%, putting Chelsea in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Chelsea definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Chelsea's appreciation rate, at 7.63%, has been at or slightly above the national average. In the latest quarter, Chelsea's appreciation rate has been 1.55%, which annualizes to a rate of 6.36%.

Relative to Massachusetts, our data show that Chelsea's latest annual appreciation rate is higher than 60% of the other cities and towns in Massachusetts.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Chelsea differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Chelsea - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Chelsea real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$473,443

Chelsea, MA HOME PRICES

> $1,319,000
0.6%
0.6%
$990,001 - $1,319,000
1.3%
1.3%
$660,001 - $990,000
15.5%
15.5%
$528,001 - $660,000
17.6%
17.6%
$396,001 - $528,000
29.6%
29.6%
$264,001 - $396,000
24.1%
24.1%
$132,001 - $264,000
7.3%
7.3%
$66,001 - $132,000
1.3%
1.3%
$0 - $66,000
2.7%
2.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for MA

Value Relative To Nation

Number Of Homes And Apartments:
13,268

Chelsea Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
175.71% 4.89%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,571 / per month

Homeownership Rate

Owners
25.4%
25.4%
Renters
74.6%
74.6%
Vacant
4.6%
4.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.8%
14.8%
1970 - 1999
17.0%
17.0%
1940 - 1969
12.5%
12.5%
1939 or Older
55.7%
55.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
6.6%
6.6%
Townhomes
4.9%
4.9%
Small Apt. Buildings
48.4%
48.4%
Apt. Complexes
39.6%
39.6%
Mobile Homes
0.3%
0.3%
Other
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
10.4%
10.4%
1 Bedroom
19.7%
19.7%
2 Bedrooms
33.3%
33.3%
3 Bedrooms
26.9%
26.9%
4 Bedrooms
7.5%
7.5%
5 or more bedrooms
2.2%
2.2%
0.0% 100.0%
% OF HOMES