Fitchburg, MA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Fitchburg, MA Housing Market Trends

With a population of 40,638, 14,965 total housing units (homes and apartments), and a median house value of $239,673, Fitchburg real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, Fitchburg homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Fitchburg, accounting for 42.37% of the city's housing units. Other types of housing that are prevalent in Fitchburg include duplexes, homes converted to apartments or other small apartment buildings ( 31.84%), large apartment complexes or high rise apartments ( 18.84%), and a few row houses and other attached homes ( 6.11%).

The most prevalent building size and type in Fitchburg are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.17% owning and 48.83% renting.

The housing in Fitchburg was primarily built before 1939 ( 45.09%), making the housing stock in Fitchburg some of the oldest overall in America, although there is a range of ages of homes in Fitchburg. The next most important housing age is between 1940-1969 ( 25.06%), followed by between 1970-1999 ( 21.56%). There's also some housing in Fitchburg built between 2000 and later ( 8.28%).

Fitchburg Home Appreciation Rates

Appreciation rates for homes in Fitchburg have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 40.77%, which ranks in the top 40% nationwide. This equates to an annual average Fitchburg house appreciation rate of 3.48%.

Appreciation rates are so strong in Fitchburg that despite a nationwide downturn in the housing market, Fitchburg real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Fitchburg appreciation rates continue to be some of the highest in America, at 6.43%, which is higher than appreciation rates in 72.43% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Fitchburg. Fitchburg appreciation rates in the latest quarter were at 2.99%, which equates to an annual appreciation rate of 12.52%.

Importantly, this makes Fitchburg one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Massachusetts, our data show that Fitchburg's latest annual appreciation rate is higher than 80% of the other cities and towns in Massachusetts.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Fitchburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Fitchburg - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Fitchburg real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$239,673

Fitchburg, MA HOME PRICES

> $1,266,000
0.4%
0.4%
$949,001 - $1,266,000
0.1%
0.1%
$633,001 - $949,000
0.5%
0.5%
$506,001 - $633,000
2.6%
2.6%
$380,001 - $506,000
9.4%
9.4%
$253,001 - $380,000
31.0%
31.0%
$127,001 - $253,000
50.0%
50.0%
$63,001 - $127,000
2.9%
2.9%
$0 - $63,000
3.1%
3.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very Low for MA

Value Relative To Nation

Number Of Homes And Apartments:
14,965

Fitchburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
68.64% 2.52%
3
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,530 / per month

Homeownership Rate

Owners
51.2%
51.2%
Renters
48.8%
48.8%
Vacant
9.7%
9.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
8.3%
8.3%
1970 - 1999
21.6%
21.6%
1940 - 1969
25.1%
25.1%
1939 or Older
45.1%
45.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
42.4%
42.4%
Townhomes
6.1%
6.1%
Small Apt. Buildings
31.8%
31.8%
Apt. Complexes
18.8%
18.8%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.7%
4.7%
1 Bedroom
11.9%
11.9%
2 Bedrooms
30.9%
30.9%
3 Bedrooms
38.6%
38.6%
4 Bedrooms
9.5%
9.5%
5 or more bedrooms
4.4%
4.4%
0.0% 100.0%
% OF HOMES