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 100,695 people, 41,722 houses or apartments, and a median cost of homes of $422,568, New Bedford real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, New Bedford homes are still considered rather expensive.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in New Bedford, accounting for 46.16% of the city's housing units. Other types of housing that are prevalent in New Bedford include single-family detached homes ( 30.68%), large apartment complexes or high rise apartments ( 21.10%), and a few row houses and other attached homes ( 1.95%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.
The most prevalent building size and type in New Bedford are three and four bedroom dwellings. The city has a mixture of owners and renters, with 39.15% owning and 60.85% renting.
The housing in New Bedford was primarily built before 1939 ( 50.33%), making the housing stock in New Bedford some of the oldest overall in America, although there is a range of ages of homes in New Bedford. The next most important housing age is between 1940-1969 ( 25.42%), followed by between 1970-1999 ( 19.51%). There's also some housing in New Bedford built between 2000 and later ( 4.73%).
Appreciation rates for homes in New Bedford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 117.76%, which ranks in the top 30% nationwide. This equates to an annual average New Bedford house appreciation rate of 8.09%.
NeighborhoodScout's data show that during the latest twelve months, New Bedford's appreciation rate, at 8.08%, has been at or slightly above the national average. In the latest quarter, New Bedford's appreciation rate has been 3.06%, which annualizes to a rate of 12.82%.
Relative to Massachusetts, our data show that New Bedford's latest annual appreciation rate is lower 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 New Bedford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Bedford - 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 New Bedford real estate investment or home purchase decisions.
$422,568
for Massachusetts
for nation
41,722
$2,230 / per month