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Current home values in Massachusetts

Home values have been rising throughout Massachusetts and are up 3.7% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $894,669, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Massachusetts: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $894,669 home at 3.33% would give a typical Massachusetts homebuyer a monthly payment of $3,146, assuming a 20% down payment.

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How the Massachusetts housing market stacks up

Older couple overlooking waterfront
2p2play / Shutterstock
Older couples can take frequent walks in downtown cities in Massachusetts

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Massachusetts, they're predicted to rise 4%.

Homes right now are going on the market in Massachusetts at a median price of $280 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Massachusetts home prices over the last 10 years

Year Avg. Price
2020* $431,428
2019 $416,200
2018 $405,458
2017 $382,067
2016 $353,683
2015 $335,417
2014 $322,558
2013 $304,875
2012 $288,583
2011 $291,325
2010 $303,692
2009 $304,550

*2020 price average through March 31, 2020.

Need cash? Tap into your home equity

As home prices have increased, the average homeowner is sitting on a record amount of home equity. Savvy homeowners are tapping into their equity to consolidate debt, pay for home improvements, or tackle unexpected expenses. Rocket Mortgage, the nation's largest mortgage lender, offers competitive rates and expert guidance.

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How much for an average-sized home?

Here's what a 2,500-square-foot home in Massachusetts is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $700,308
2019 $625,000
2018 $615,000
2017 $582,500
2016 $535,000
2015 $507,500
2014 $487,500
2013 $462,500
2012 $440,000
2011 $440,000
2010 $462,500
2009 $460,000

*2020 price average through March 31, 2020.

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About the Author

Doug Whiteman

Doug Whiteman

Former Editor-in-Chief

Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

What to Read Next

It's a lengthy, complicated process, so just keep your eyes on the prize: your new home.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.