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 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.

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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is 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."