Framingham, 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

Framingham, MA Housing Market Trends

With 74,416 people, 28,222 houses or apartments, and a median cost of homes of $482,482, real estate costs in Framingham are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Single-family detached homes are the single most common housing type in Framingham, accounting for 50.32% of the town's housing units. Other types of housing that are prevalent in Framingham include large apartment complexes or high rise apartments ( 29.91%), duplexes, homes converted to apartments or other small apartment buildings ( 13.35%), and a few row houses and other attached homes ( 6.10%).

The most prevalent building size and type in Framingham are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 51.51% owning and 48.49% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Framingham's housing was primarily built during this period, from the '40s through the '60s. A full 43.57% of the town's housing hails from this era. Other housing ages represented in Framingham include homes built between 1970-1999 ( 32.24%) and housing constructed before 1939 ( 18.89%). There's also some housing in Framingham built between 2000 and later ( 5.30%).

Framingham Home Appreciation Rates

Appreciation rates for homes in Framingham have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 49.07%, which ranks in the top 30% nationwide. This equates to an annual average Framingham house appreciation rate of 4.07%.

Over the last year, Framingham appreciation rates have trailed the rest of the nation. In the last twelve months, Framingham's appreciation rate has been 5.14%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Framingham were at 2.12%, which equates to an annual appreciation rate of 8.75%.

Relative to Massachusetts, our data show that Framingham's latest annual appreciation rate is lower than 50% 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 town. Individual neighborhoods within Framingham differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Framingham - 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 Framingham real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$482,482

Framingham, MA HOME PRICES

> $1,202,000
0.6%
0.6%
$901,001 - $1,202,000
3.4%
3.4%
$601,001 - $901,000
18.3%
18.3%
$481,001 - $601,000
23.6%
23.6%
$360,001 - $481,000
28.3%
28.3%
$240,001 - $360,000
15.0%
15.0%
$120,001 - $240,000
7.6%
7.6%
$60,001 - $120,000
1.8%
1.8%
$0 - $60,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for MA

Value Relative To Nation

Number Of Homes And Apartments:
28,222

Framingham 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
79.13% 2.81%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,868 / per month

Homeownership Rate

Owners
51.5%
51.5%
Renters
48.5%
48.5%
Vacant
4.2%
4.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.3%
5.3%
1970 - 1999
32.2%
32.2%
1940 - 1969
43.6%
43.6%
1939 or Older
18.9%
18.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
50.3%
50.3%
Townhomes
6.1%
6.1%
Small Apt. Buildings
13.3%
13.3%
Apt. Complexes
29.9%
29.9%
Mobile Homes
0.2%
0.2%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.2%
3.2%
1 Bedroom
19.2%
19.2%
2 Bedrooms
23.6%
23.6%
3 Bedrooms
32.4%
32.4%
4 Bedrooms
18.2%
18.2%
5 or more bedrooms
3.3%
3.3%
0.0% 100.0%
% OF HOMES