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 about Scout's Real Estate Data
With a population of 38,637, 13,386 total housing units (homes and apartments), and a median house value of $648,721, 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 47.24% of the city's housing units. Other types of housing that are prevalent in Chelsea include large apartment complexes or high rise apartments ( 40.49%), single-family detached homes ( 8.19%), and a few row houses and other attached homes ( 3.85%). 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. 72.63% of Chelsea's dwellings are rentals.
The housing in Chelsea was primarily built before 1939 ( 50.46%), 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 ( 18.55%), followed by between 2000 and later ( 16.80%). There's also some housing in Chelsea built between 1940-1969 ( 14.18%).
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 155.99% over the last ten years, which is an average annual home appreciation rate of 9.86%, 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.
Appreciation rates are so strong in Chelsea that despite a nationwide downturn in the housing market, Chelsea real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Chelsea appreciation rates continue to be some of the highest in America, at 7.99%, which is higher than appreciation rates in 70.14% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Chelsea. Chelsea appreciation rates in the latest quarter were at 2.38%, which equates to an annual appreciation rate of 9.87%.
Relative to Massachusetts, our data show that Chelsea's latest annual appreciation rate is lower than 50% 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.
$648,721
for Massachusetts
for nation
13,386
$3,662 / per month