Back to Home

Chelsea is located in the eastern part of the state of Massachusetts and a city in Suffolk County. It sits on Boston’s northeastern suburb, and lies along the estuary of the Mystic River that is then being joined by Charleston along a road bridge. The area was settled in 1624 and was named as Winnisimmet, it was then renamed to Chelsea in 1739 after the town in London. The city was devastated by two major fires that occurred in 1908 and 1973. With the economic recession in the 1980s, Celsea’s economy was severely affected and was then placed under a receivership in 1991 by the state legislature of Massachusetts. Chelsea’s population is composed of one-third of Hispnics and that a quarter of the residents in the city live below the poverty line. Services and other light manufacturing account for the majority of the employment. Chelsea is home to more than 39,270 people, making it the second-most densely populated in Massachusetts. Approximately 74% of them rent their houses. Chelsea’s median rent is $1,285, which is slightly higher than the national average of $949. Meanwhile, the median home value in this city is $308,300, which is significantly higher than the national average of $184,700. Most residents have a liberal outlook on life.

Home Prices

AVERAGE
459,786 +15%
MEDIAN
485,050 +19%

Relative Price (per sqft.)

PRICE
341 -1%

Listings

ACTIVE
14 -36%
NEW
12 -25%

Market Duration

DAYS
43 +34%
Population 37,670 (7.30%)
House Size (sqft.) 1,355 (14.30%)