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Does anyone know why these towns have such a huge price difference in homes? For example, 550K can get you a gorgeous Colonial with all the bells and whistles in Billerica and Tewksbury but you would need to spend 650-700K for the same house in Wilmington.
Is it the schools? Closer to Boston? I'm looking to buy in Wilmington but if i can get more bang for my buck, not sure if its worth looking at the other towns. I grew up in Billerica and don't see too much wrong with it. I do think the schools were mediocre and was looking to do better.
Wilmington is closer to Boston, as well has not 1 but 2 commuter rail stops. Also Tewksbury/Billerica are less restrictive with development, you see apartments all up and down Rt 38 and Rt 3A as opposed to Wilmington with almost no apartments.
In terms of which is a "better" town, I'd say Wilmington tends to fair higher than Billerica/Tewks.
Tewks tends to suffer a bit in it's close proximity to Lowell as well as distance to Boston. Sure it's right on the border, but Wilmington is still closer to 93/95/rt3 and major shopping areas.
Billerica has been referred to as "Somerville with trees" but that was before Somerville gentrified.
Train station into Boston, that is a big resale value right there. Probably better reputation as well.
If you are spending $550K or more on home in not sought after/mediocre school town, be very concerned about your potential resale down the road, especially if prices/demand cool off, and interest rates continue to climb.
Who is your potential buyer in Billerica or Tewksbury if you own big family size home, not brand new anymore, but with potentially bigger heating and maintenance bills, plus schools people tend to avoid if they can afford to?
Wilmington has more going for it, and hence the premium. But, prices are inflated everywhere, so be careful not to get stuck with something you will never be able to sell well again.
I would vote for Wilmington, or even better Reading, where your money and resale is much safer overall.
When my wife and I were searching for a home 3 years ago, we looked in those exact areas. Wilmington was definitely at the top of our list, but our budget of $360K at the time didn't go very far. Open houses were swarmed with people, and most homes were going for over asking. It seemed like a much nicer town than Tewksbury or Billerica, and schools were known to be much better as well. If you can fit it in your budget, definitely look in Wilmington. You get what you pay for, and that holds true to which town you buy in too.
My experience has been . . . in real estate you get what you pay for. I'm not familiar with those towns because they're outside my coverage area. However, I'm Wilmington must have more highly regarded schools, a better town center, better access to Boston, lower crime rates, or some other perk(s) that makes the houses more expensive compared to Tewksbury and Billerica.
There are very few "deals" in real estate and the best advice I can give you is to stick to your budget and get the best house you can for that money. For resale purposes, think about location first and how new/big the house is second.
I faced the same thing when I was buying my house in 2012. I could either buy a new build in Billerica or an "older" home in Burlington. I went with the Burlington house and my SIL bought a new build in Billerica in the same month. My house was recently appraised at 150k more than I spent in 2012, and a house on her cul-de sac just sold for basically what she paid in 2012. I think that the appreciation rates are much higher in "better" towns. It all depends on what you want.....some people only like new construction, and don't have the budget for it in Wilmington, so they move to Billerica/Tewksbury. I went with the older house, and it worked out well for me.
Wilmington is closer to Boston, as well has not 1 but 2 commuter rail stops. Also Tewksbury/Billerica are less restrictive with development, you see apartments all up and down Rt 38 and Rt 3A as opposed to Wilmington with almost no apartments.
You're not looking hard enough. Wilmington is sprouting apartments. Avalon is over on Rt. 125. Metro Wilmington is on Rt. 38 right next the the train station. Another apartment building is going in on Rt. 62 next the one that was built 3 years ago.
There aren't that many apartments on Rt 38 in Tewksbury or on Rt. 3A in Billerica. The ones there are older and smaller but there are newer and larger developments in both towns. The difference is that Billerica and Tewksbury have been more lax with their main drags over the past 50 years.
Wilmington is more expensive simply because it's closer to Boston and the train stations. Billerica and Tewksbury have better access to 495 and Rt. 3. Schools in Wilmington seem to be rated better.
Billerica and Tewksbury cover a lot of area. In Billerica you go from the very rural near Carlisle, suburban in most of the town, and then industrial/commercial near Chelmsford/Rt. 3. Tewksbury is the same way - high end off 133 near the river to commercial on Rt. 38, to suburban in most of the town.
If you are spending $550K or more on home in not sought after/mediocre school town, be very concerned about your potential resale down the road, especially if prices/demand cool off, and interest rates continue to climb.
Who is your potential buyer in Billerica or Tewksbury if you own big family size home, not brand new anymore, but with potentially bigger heating and maintenance bills, plus schools people tend to avoid if they can afford to?
This is certainly what happened in the S&L meltdown in 1989/1990. The good towns didn't correct down much. The blue collar towns with the iffy school systems collapsed. That was certainly the case in Andover vs Tewksbury.
I certainly can't predict the housing market but history shows that this is what happens.
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