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Looking to Buy in Massachusetts? Though Mortgage Rates Are Low, Home Values Are Heating Up

Doug Whiteman
Looking to Buy in Massachusetts? Though Mortgage Rates Are Low, Home Values Are Heating Up

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Massachusetts?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Massachusetts is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Massachusetts

Home values have been rising throughout Massachusetts and are up 1.93% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $407,300 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home value for Massachusetts at $407,300 , a representative monthly mortgage payment would be $1,872.43.

How the Massachusetts housing market stacks up

Sean Pavone / Shutterstock
Worcester, Massachusetts, USA downtown skyline.

Property values in Massachusetts are high by historical standards and are higher than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Massachusetts, they're expected to rise 3.09%.

Homes are going on the market in Massachusetts at a median price of $250 per square foot, versus $155 per square foot nationwide.

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