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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 32,048 people, 11,260 houses or apartments, and a median cost of homes of $1,129,664, Needham house prices are not only among the most expensive in Massachusetts, Needham real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Needham, accounting for 77.23% of the town's housing units. Other types of housing that are prevalent in Needham include large apartment complexes or high rise apartments ( 13.35%), row houses and other attached homes ( 5.10%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.22%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Needham. Owner-occupied housing accounts for 82.36% of Needham's homes, and 63.32% have either three or four bedrooms, which is average sized relative to America.
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. Needham's housing was primarily built during this period, from the '40s through the '60s. A full 41.08% of the town's housing hails from this era. Other housing ages represented in Needham include homes built before 1939 ( 20.28%) and housing constructed between 1970-1999 ( 20.03%). There's also some housing in Needham built between 2000 and later ( 18.61%).
Real estate appreciation rates in Needham's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.11% during the period.
Over the last year, Needham appreciation rates have trailed the rest of the nation. In the last twelve months, Needham's appreciation rate has been 6.71%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Needham were at -1.67%, which equates to an annual appreciation rate of -6.52%.
Notably, Needham's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Massachusetts, our data show that Needham's latest annual appreciation rate is lower than 90% 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 Needham differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Needham - 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 Needham real estate investment or home purchase decisions.
$4,189 / per month