Fitchburg MA - Multifamily Market Update March

[Ian Hogan]

Fitchburg is not the largest of markets but still remains an ideal location to invest in due to the amount of rent vs the price of properties. Sales seem to be keeping up with Listings with no major changes compared to 2023. Market Supply is tracking very similar to the Listing Inventory, indicating buyer’s are still active in the market and aren’t sitting on the sidelines. Compared to the previous year, price competition seems decent for the buyer, although if 2023 is any indicator of the year to come, the competition will be brutal with properties on average going over 3% asking (this seems small but across the state this average is on the higher end).

[Andrew Freed]

@Ian Hogan - Thanks for the data Ian! It looks like Fitchburg is more competitive than last year given the list price vs. sold price. Personally, I invest in Worcester however in Fitchburg, you can get cheaper properties for similar rents hence the numbers do make sense. 

Personally, I am not sure of the economic upside given their main attraction is their university, but the rents and price per property seem to be keeping up with market conditions.