Needham, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Needham, MA Real Estate Data

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 Q1 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Needham Housing Market Information

With 30,999 people, 10,652 houses or apartments, and a median cost of homes of $879,277, 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 76.80% of the town's housing units. Other types of housing that are prevalent in Needham include large apartment complexes or high rise apartments ( 12.64%), duplexes, homes converted to apartments or other small apartment buildings ( 6.28%), and a few row houses and other attached homes ( 4.28%).

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 80.15% of Needham's homes, and 65.31% 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 43.53% of the town's housing hails from this era. Other housing ages represented in Needham include homes built before 1939 ( 23.80%) and housing constructed between 1970-1999 ( 18.38%). There's also some housing in Needham built between 2000 and later ( 14.29%).

Needham Home Appreciation Rates

In the last 10 years, Needham has experienced some of the highest home appreciation rates of any community in the nation. Needham real estate appreciated 39.43% over the last ten years, which is an average annual home appreciation rate of 3.38%, putting Needham in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Needham definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 2.11%, 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 0.99%, which equates to an annual appreciation rate of 4.01%.

Relative to Massachusetts, our data show that Needham's latest annual appreciation rate is lower than 70% 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.

Average Home Values

 

Median Home Value:
$879,277

Needham, MA HOME PRICES

Value Range
> $1,146,000 24.2
$860,001 - $1,146,000 26.0
$573,001 - $860,000 38.8
$459,001 - $573,000 4.4
$344,001 - $459,000 2.8
$229,001 - $344,000 1.5
$115,001 - $229,000 0.2
$57,001 - $115,000 0.8
$0 - $57,000 1.3

Very High for MA
Very High for Nation

Value Relative to Nation Value Relative to State
1.77518248175182 5.76923076923077

Number Of Homes And Apartments:
10,652

Needham Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2018 Q4 - 2019 Q1
Last 12 Months:
2018 Q1 - 2019 Q1
Last 2 Years:
2017 Q1 - 2019 Q1
Last 5 Years:
2014 Q1 - 2019 Q1
Last 10 Years:
2009 Q1 - 2019 Q1
Since 2000:
2000 Q1 - 2019 Q1
92.56% 3.46%
10
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,387 / per month

Homeownership Rate

Homeownership
Owners 80.15
Renters 19.85
Vacant 2.84

Housing Market Details

 

Age of Homes

AGE OF Needham HOMES
2000 or Newer 14.3
1970 - 1999 18.4
1940 - 1969 43.5
1939 or Older 23.8

Types of Homes

TYPE OF Needham HOMES
Single-Family 76.8
Townhomes 4.3
Small Apt. Buildings 6.3
Apt. Complexes 12.6
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Needham HOMES
No Bedroom 2.34
1 Bedroom 7.66
2 Bedrooms 11.25
3 Bedrooms 33.45
4 Bedrooms 31.86
5 or more bedrooms 13.45