Home Values Rising in Massachusetts Amid Coronavirus Crisis
See how the housing market is doing in the Bay State during COVID-19.
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.
How the Massachusetts housing market stacks up
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.
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.
