Currently on the market for $399,500, this four-bedroom Colonial at 3 Joelle Terrace in Hadley features two-and-a-half bathrooms, central air conditioning and a two-car garage.
The Hampshire County town of Hadley may have had enough of being overshadowed by its more famous next-door neighbor, Amherst. Although the two towns are close together, the border that separates them delineates more than a difference in name. While Amherst for many years was considered the magnet of the region because of its school systems and more widely recognizable name, Hadley recently has been recognized as a destination in and of itself.
“Hadley is contiguous with Amherst,” said Steven Feldman of Realty World Sawicki in Amherst. “Amherst is the big draw around here, but Hadley has its advantages.”
The two towns share comparable real estate price tags. The average price of a single-family home in Hadley as of this past May was $231,650, while Amherst’s was $260,000, although traditionally Hadley’s prices have been much lower.
“A few years ago, people wouldn’t spend more than $450,000 on a house in Hadley, but now upper-end homes are definitely moving,” said Feldman. “It’s kind of a new phenomenon.”
That trend has been fueled in Hadley by the increasing construction of more expensive homes.
“There are some big mansions [being built] in Hadley, as well as your standard $400,000 Colonial,” said Feldman.
Although construction is happening, one thing that is driving up prices is a simple lack of properties.
“The 800-pound gorilla this year is still the same 800-pound gorilla as last year – there aren’t enough houses on the market for sale,” said Feldman, who also noted that although prices have risen, they might be flattening out. “In the past few weeks, Realtors have begun to sense a bit of a leveling off. There have been a lot of price reductions, more than is usually normal at this time of year,” he added.
The higher prices are still augmented by Hadley’s tax situation. Although the town does not have a university within its borders, when it comes to real estate that might work as an advantage. Because the University of Massachusetts at Amherst pays no property tax, the tax rates in Amherst are significantly higher than those in Hadley. Hadley’s tax situation further benefits from the presence of a thriving commercial market.
“In Amherst the biggest landowner, UMass Amherst, pays no taxes,” said Feldman. “So even though housing prices are relatively the same, taxes are much lower because Hadley has a fairly large commercial base.” As a result, he noted, “A lot of people will move to Amherst until their kids get through the school system and then move to Hadley because of the taxes.”
Those looking to relocate due to monetary circumstances are not the only ones who straddle the border of Amherst and Hadley.
“Hadley is about a four-minute drive to UMass, so you have students, faculty, people associated with university administration and also some people who work in high-tech industries that have been sucked in by the university,” said Feldman.
Although the university brings in a lot of residents, there are other drawing points as well. U.S. News & World Report ranked the area as the ninth-best location to retire in America, according to Feldman.
“We do get people coming here to retire, especially people who have been faculty or administration at other universities that want to settle in this kind of town, but we really do get the whole gamut,” said Feldman. “There isn’t a typical buyer around here.”
The price range has kept out one group: first-time homebuyers. Those looking for a $150,000 price tag should look elsewhere, according to Feldman.
“Hadley can be out of some people’s price range,” said Feldman. “But people are willing to pay to live here.”
Just the Facts:
Year incorporated:
As a town: 1661
Total area:
24.73 square miles
Population:
4,793
Density:
206 per square mile
Tax Rates:
Residential: $12.94
Commercial: $12.94
