If you're thinking about buying a home in the Berkshires with a budget of around $400,000, you have options. But what you get for that budget can vary dramatically depending on which town you're looking in.

As a REALTOR® working throughout Berkshire County, I see firsthand how different the market can look from North County to Central County to South County. A $400,000 budget can buy a very different home in Pittsfield than it can in Lenox, Williamstown, or Great Barrington.

So, what can you actually expect to find?

What Can You Buy for $400,000 in Berkshire County?

A $400,000 budget can put buyers into a variety of properties throughout Berkshire County, including single-family homes, multifamily properties and condos.

Current listings show examples ranging from more affordable homes in towns such as Pittsfield, Adams, North Adams, Dalton and surrounding communities to larger properties and homes on acreage in other parts of the county. There are currently hundreds of Berkshire County properties listed at $400,000 or less.

The important thing to understand is that $400,000 doesn't mean the same thing everywhere in the Berkshires.

In North County

Buyers looking in North County (including North Adams, Adams, Clarksburg and surrounding communities) may find more house for their money.

This can be a great area to explore if your priorities are:

• More square footage
• Larger lots
• Multiple bedrooms
• Older homes with character
• Starter homes
• Investment properties
• More affordable entry points into the Berkshire market

North County can be particularly attractive for buyers who want to maximize their budget rather than pay a premium for a particular location.

In Central Berkshire County

Central County communities such as Pittsfield, Dalton, Lanesborough and Cheshire can offer a nice middle ground.

Depending on the property, a $400,000 budget may allow buyers to find:

• 3 to 4 bedroom homes
• Larger yards
• Garages
• Finished or partially finished basements
• Updated kitchens and bathrooms
• Homes with room for a home office
• Properties suitable for families

For buyers who want access to restaurants, shopping, healthcare and everyday conveniences while still having space, Central County is worth a close look.

In South County

In communities such as Lenox, Lee, Stockbridge and Great Barrington, $400,000 can be a more challenging price point for certain types of properties.

That doesn't mean there aren't opportunities.

It simply means buyers may need to be more flexible about:

• Square footage
• Number of bedrooms
• Lot size
• Updates
• Location
• Condo versus single-family
• How much renovation they're willing to take on

The South County market also attracts second-home and vacation-home buyers, which can add another layer of competition for desirable properties.

What Does a $400,000 Home Look Like Right Now?

One of the best things about the Berkshire market is the variety.

At this price point, you might find a traditional New England home, a contemporary property on acreage, a multifamily home, a condo or a house that needs some updating.

For example, current Berkshire County listings under $400,000 include 3-bedroom homes in Pittsfield, properties in Adams, homes in Savoy and other communities throughout the county.

That variety is one of the reasons I always recommend that buyers look beyond one specific town or one specific type of property.

Sometimes the house that checks the most boxes isn't in the town you originally expected.

What Are Buyers Looking for Around $400,000?

In my experience, many buyers shopping in this range are looking for a combination of affordability, space and condition.

The most desirable combination tends to be:

3 bedrooms, 2 bathrooms, usable outdoor space, a good location, and a home that doesn't require major immediate renovations.

Of course, every buyer is different.

One buyer might prioritize a large yard. Another might want a garage. Someone else might be willing to sacrifice square footage for a location closer to restaurants, cultural attractions or skiing.

That's why having someone who knows the different Berkshire communities can make such a difference.

Is $400,000 Enough to Buy a Good House in the Berkshires?

Absolutely.

But the key is understanding where your money goes the furthest.

If you're willing to consider several towns, different property styles and homes that may need cosmetic updates, your options can expand considerably.

If you need a very specific combination, such as a newly renovated 4-bedroom home with a large garage in one particular town, you may need to adjust either your budget or your expectations.

That's where having a good buying strategy becomes important.

Should You Buy Now or Wait?

This is one of the questions I hear all the time.

There's no one-size-fits-all answer.

Interest rates, inventory, pricing and your personal financial situation all matter. Waiting for the "perfect" market can also mean missing the right house when it comes along.

Instead of trying to predict the market six months from now, I encourage buyers to focus on finding the right property at a price that makes sense for their individual situation.

Thinking About Buying in the Berkshires?

If you're considering a home around $400,000, I'd be happy to help you figure out which Berkshire communities make the most sense for what you're looking for.

Whether you're a first-time buyer, moving to the Berkshires, looking for more space, purchasing an investment property or searching for a second home, the best place to start is with your priorities, not just a price range.

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Frequently Asked Questions

If you have lived in North Adams for a while, you have probably noticed that the city has changed.

Some changes are obvious. There are more restaurants, more places to stay, more events, more visitors and more attention being paid to North Adams as a destination.

Other changes are more subtle.

Old industrial buildings that once sat vacant are being reused. Investors are looking at houses that would have been overlooked years ago. New infrastructure projects are moving forward. Tourism has become a much bigger part of the local economy.

At the same time, North Adams still faces very real challenges. Population has declined. Household incomes remain relatively low. Housing is becoming more competitive. And many residents still wonder whether all of the tourism and investment is actually improving everyday life for the people who live here.

So how did we get here?

North Adams Before the Tourism Economy

To understand today's North Adams, you really have to go back further than the last 20 years.

North Adams was once a manufacturing city.

Companies like Sprague Electric provided thousands of jobs and supported an entire local economy.

In 1966, Sprague employed approximately 4,137 people in a community of roughly 18,000 residents.

That was a completely different economic model.

Factories provided jobs. Those jobs provided wages. Workers spent their money at local stores, restaurants and businesses. Families bought homes. The city collected taxes.

The factory wasn't just a workplace. It was the center of the community.

But manufacturing eventually declined.

Sprague closed its North Adams operation in 1985, and approximately 4,000 jobs disappeared.

That was an enormous economic blow to a city of North Adams' size.

And when MASS MoCA opened in 1999, it wasn't stepping into a thriving economy.

It was stepping into the aftermath of an industrial collapse.

The Factory Became MASS MoCA

The former industrial complex that eventually became MASS MoCA was once a major part of North Adams' manufacturing economy.

After the factories closed, the enormous complex sat largely vacant and deteriorating.

MASS MoCA opened in 1999 and transformed that property into a contemporary art museum and cultural campus.

It is important to put that transformation in perspective.

MASS MoCA did not replace the 4,000 manufacturing jobs that North Adams lost.

It couldn't.

Instead, it helped create a completely different economic model.

The idea became:

Arts, tourism, hotels, restaurants, retail, events, education and redevelopment creating a new North Adams economy.

And over the next 20 plus years, that idea began to take shape.

What MASS MoCA Brings to the Region

MASS MoCA has become one of the biggest tourism anchors in the Berkshires.

Its most recent economic impact study estimates that the museum attracts approximately 177,000 visitors a year.

Those visitors are estimated to spend approximately $33.4 million at businesses throughout the region.

The study estimates MASS MoCA's total annual economic impact at approximately $83.5 million across Berkshire County.

That $83.5 million number needs to be explained correctly.

It does not mean North Adams receives $83.5 million directly.

It is a Berkshire County wide economic impact figure.

But the $33.4 million in visitor spending is especially interesting because visitors don't just spend money inside the museum.

They eat at restaurants.

They stay in hotels.

They buy coffee.

They shop.

They attend events.

They visit other attractions.

They buy gas.

They spend money throughout the local economy.

That is how a tourism anchor can create economic activity far beyond its own doors.

"But MASS MoCA Doesn't Pay Taxes"

This is one of the most common arguments in conversations about MASS MoCA.

And there is a piece of truth to it.

As a nonprofit cultural institution, qualifying nonprofit property can receive property tax exemptions.

So MASS MoCA does not simply write a normal property tax check to the city in the same way a fully taxable private commercial property would.

But that is very different from saying MASS MoCA creates no tax revenue or economic value.

The museum has commercial tenants and mixed use properties, and MASS MoCA itself has said its commercial real estate activity creates jobs, economic activity and substantial tax revenues for North Adams.

Then there is the visitor economy.

Visitors spend money at restaurants, hotels, stores and other businesses. Those businesses pay taxes and employ people.

North Adams has also collected local meals and room occupancy taxes as part of its broader tourism economy.

It would be misleading to say all of that tax revenue comes from MASS MoCA.

But it is equally misleading to say the museum has no connection to the economic activity that produces it.

The more accurate statement is:

MASS MoCA's nonprofit property may be tax exempt, but the economic activity surrounding the institution generates taxable business activity and supports the city's broader tax base.

North Adams Has Become More Than MASS MoCA

One of the biggest mistakes would be looking at North Adams today and assuming the entire economy revolves around the museum.

It doesn't.

Over the past 20 years, North Adams has gradually become more diversified.

Today, the city has a combination of:

• Tourism
• Arts and culture
• Healthcare
• Education
• Restaurants
• Retail
• Small businesses
• Hospitality
• Outdoor recreation
• Manufacturing and industrial businesses
• Redevelopment and real estate

That diversification is important because the city no longer has to depend on one giant factory for its economic survival.

The tradeoff is that none of these industries individually replaces the number of jobs that manufacturing once provided.

Old Industrial Buildings Are Becoming Assets Again

One of the most interesting changes in North Adams has been what is happening to old industrial properties.

For decades, these buildings represented the decline of manufacturing.

Now some are being viewed as opportunities.

Greylock Works is one example.

The former mill has been redeveloped into a mixed use property with space for events, food production, hospitality and housing.

Projects like this demonstrate a different way of thinking about North Adams.

Instead of looking at an old mill and seeing a vacant building, investors can see:

Housing, businesses, restaurants, events, jobs and tourism.

That is a major shift from where the city was decades ago.

Tourism Has Changed the City's Identity

North Adams has also become a much stronger destination for visitors.

The growth of hotels, restaurants, galleries, events, outdoor recreation and cultural attractions has created a different type of visitor economy.

A visitor may come to North Adams for MASS MoCA, stay at a hotel, eat downtown, attend a concert, hike the next morning and visit another Berkshire attraction before going home.

That is exactly the type of tourism economy communities want.

The goal isn't simply to get someone to visit.

The goal is to get them to stay.

And then come back.

Entertainment Is Part of the Economic Story

Another change over the last 20 years has been entertainment.

North Adams has developed a stronger arts, music and event scene.

MASS MoCA is obviously a major part of that, but it isn't the only attraction.

Restaurants, galleries, festivals, performances, outdoor activities and events have all added to the city's appeal.

That matters economically, but it also matters for people who live here.

A community needs places to work, but it also needs places to go.

Having more things to do locally improves quality of life and gives people more reasons to spend their time and money in their own community.

Housing: One of North Adams' Biggest Advantages and Challenges

North Adams has historically been one of the more affordable places to buy a home in the Berkshires.

That has been a major advantage.

Compared with many Massachusetts communities, home prices remain relatively accessible.

But affordability has a complicated side.

Homes are inexpensive partly because local incomes are lower and demand has historically been weaker.

As more people discover North Adams, that could change.

And that brings us to another interesting development.

Investors Are Starting to Look at North Adams Differently

One of the things I find particularly interesting about North Adams right now is the way investors are beginning to look at the city.

For years, someone might have looked at an older North Adams house and simply seen an outdated property.

Today, an investor might see an opportunity.

An older single family home can become a renovation project.

A two family can become an income property.

A three family can provide rental income and long term equity.

An older commercial building can potentially become apartments, retail, offices, restaurants or mixed use space.

There is a reason investors are interested in affordable markets.

They can buy properties at prices that would be difficult to find in other parts of Massachusetts, put money into improvements and potentially create something worth substantially more.

That doesn't mean every property is a good investment.

It doesn't mean every house should be flipped.

And it doesn't mean investors are automatically good or bad for the community.

But the fact that people are increasingly looking at North Adams properties as investments rather than simply inexpensive houses is significant.

Investors aren't just looking at what North Adams is today.

They're betting on what they believe North Adams could become.

The Other Side of Investment

There is also a legitimate concern.

If investors buy too many properties, local buyers can find themselves competing against people who are purchasing houses strictly as financial assets.

Rental investors can help by providing housing for people who aren't ready or able to buy.

But if housing becomes increasingly investor owned, it can also become more difficult for local families to purchase homes.

The answer isn't necessarily to stop investment.

North Adams needs investment.

It needs old houses renovated.

It needs rental properties.

It needs businesses.

It needs people willing to take a chance on properties that other people have overlooked.

The challenge is finding a balance between attracting investment and keeping housing accessible to the people who live and work here.

The Population Problem

This is where the North Adams story becomes complicated.

For all of the positive changes, the city has not returned to its industrial era population.

North Adams had roughly 18,000 residents during its manufacturing heyday.

Today, the population is around 12,400.

That is a significant decline.

And household income remains relatively low compared with Massachusetts as a whole.

The city's median household income is approximately $47,500, and the poverty rate is around 18.6%.

Those numbers matter.

They remind us that economic activity and economic prosperity aren't necessarily the same thing.

A city can attract tourists and investment while residents are still struggling with wages, housing and job opportunities.

That is one of the biggest challenges North Adams faces.

Infrastructure Is Finally Seeing Major Investment

There is another reason I think the next chapter of North Adams is worth watching.

Infrastructure.

The city is seeing significant investment in roads, schools, transportation, trails and other infrastructure.

A new school project is moving forward.

Major roadway improvements are planned.

North Adams has received significant funding for the Adventure Trail connection.

There are also projects involving transportation connections and the Hoosic River.

These aren't always the projects that generate the most excitement on social media.

But infrastructure is what makes a city function.

Good roads. Safe sidewalks. Schools. Water systems. Transportation. Trails. Public spaces.

All of these things affect whether businesses want to invest and whether families want to live here.

Infrastructure is often the foundation for everything else.

So, Has North Adams Gotten Better?

I think the honest answer is yes, but with some important qualifications.

If you're asking whether North Adams has returned to the prosperity of its manufacturing heyday, the answer is no.

There are not thousands of factory jobs supporting the community the way Sprague once did.

If you're asking whether North Adams is the same city it was 20 years ago, the answer is definitely no.

It is more diversified.

It is more recognized as a tourism destination.

It has more restaurants and entertainment.

Old industrial buildings are being redeveloped.

Investors are paying attention.

There are major infrastructure projects underway.

And there are more reasons for people from outside the area to come here.

But North Adams still has work to do.

The Next Chapter

I don't think the future of North Adams is going to come from one giant company replacing Sprague.

The future is probably going to be a combination of many things.

Tourism. Arts. Education. Healthcare. Small businesses. Real estate. Housing. Outdoor recreation. Restaurants. Hospitality. Manufacturing. Entrepreneurship. And investment.

MASS MoCA is one important piece of that puzzle.

It didn't single handedly save North Adams.

It didn't replace the thousands of jobs lost when manufacturing disappeared.

And it didn't solve the city's problems.

But it did something significant.

It helped turn a massive abandoned industrial complex into a nationally recognized cultural destination and helped give North Adams a new identity.

Now, more than 20 years later, we're seeing another shift.

Visitors are coming.

Businesses are investing.

Old buildings are being redeveloped.

Infrastructure is being improved.

And increasingly, investors are looking at North Adams and asking a different question.

Not:

"What's wrong with this property?"

But:

"What's possible here?"

That may be one of the most important changes of all.

Because cities don't change overnight.

They change when enough people start believing there is value in what comes next.

North Adams still has challenges. There is no question about that.

But there is also something that hasn't always been easy to see over the years:

Momentum.

The real question now is whether North Adams can turn that momentum into higher paying jobs, more housing, stronger local businesses and more opportunity for the people who already call this city home.

And if it can, the next 20 years could be very different from the last 20.