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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 29,781 people, 12,303 houses or apartments, and a median cost of homes of $385,939, real estate costs in Gloucester 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.
Single-family detached homes are the single most common housing type in Gloucester, accounting for 53.42% of the city's housing units. Other types of housing that are prevalent in Gloucester include duplexes, homes converted to apartments or other small apartment buildings ( 30.06%), large apartment complexes or high rise apartments ( 12.35%), and a few row houses and other attached homes ( 4.04%).
People in Gloucester primarily live in small (one, two or no bedroom) single-family detached homes. Gloucester has a mixture of owner-occupied and renter-occupied housing.
The housing in Gloucester was primarily built before 1939 ( 48.58%), making the housing stock in Gloucester some of the oldest overall in America, although there is a range of ages of homes in Gloucester. The next most important housing age is between 1940-1969 ( 23.18%), followed by between 1970-1999 ( 21.40%). There's also some housing in Gloucester built between 2000 and later ( 6.84%).
Vacant housing appears to be an issue in Gloucester. Fully 13.03% of the housing stock is classified as vacant. Left unchecked, vacant Gloucester homes and apartments can be a drag on the real estate market, holding Gloucester real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Gloucester have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 2.51%, which ranks in the top 50% nationwide. This equates to an annual average Gloucester house appreciation rate of 0.25%.
NeighborhoodScout's data show that during the latest twelve months, Gloucester's appreciation rate, at 3.39%, has been at or slightly above the national average. In the latest quarter, Gloucester's appreciation rate has been 1.07%, which annualizes to a rate of 4.36%.
Relative to Massachusetts, our data show that Gloucester's latest annual appreciation rate is lower than 70% 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 Gloucester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Gloucester - 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 Gloucester real estate investment or home purchase decisions.
|$862,001 - $1,150,000||4.3|
|$575,001 - $862,000||12.2|
|$460,001 - $575,000||13.1|
|$345,001 - $460,000||27.8|
|$230,001 - $345,000||25.8|
|$115,001 - $230,000||8.2|
|$57,001 - $115,000||0.8|
|$0 - $57,000||2.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Gloucester HOMES|
|2000 or Newer||6.8|
|1970 - 1999||21.4|
|1940 - 1969||23.2|
|1939 or Older||48.6|
|TYPE OF Gloucester HOMES|
|Small Apt. Buildings||30.1|
|SIZE OF Gloucester HOMES|
|5 or more bedrooms||5.73|