New Bedford, 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

New Bedford, MA Housing Market Trends

With a population of 95,363, 38,888 total housing units (homes and apartments), and a median house value of $268,837, New Bedford real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, New Bedford homes are still considered rather expensive.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in New Bedford, accounting for 46.33% of the city's housing units. Other types of housing that are prevalent in New Bedford include single-family detached homes ( 30.84%), large apartment complexes or high rise apartments ( 20.85%), and a few row houses and other attached homes ( 1.81%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

The most prevalent building size and type in New Bedford are three and four bedroom dwellings. The city has a mixture of owners and renters, with 39.36% owning and 60.64% renting.

The housing in New Bedford was primarily built before 1939 ( 50.89%), making the housing stock in New Bedford some of the oldest overall in America, although there is a range of ages of homes in New Bedford. The next most important housing age is between 1940-1969 ( 27.44%), followed by between 1970-1999 ( 17.07%). There's also some housing in New Bedford built between 2000 and later ( 4.59%).

New Bedford Home Appreciation Rates

Appreciation rates for homes in New Bedford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 38.37%, which ranks in the top 40% nationwide. This equates to an annual average New Bedford house appreciation rate of 3.30%.

Appreciation rates are so strong in New Bedford that despite a nationwide downturn in the housing market, New Bedford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Bedford appreciation rates continue to be some of the highest in America, at 6.44%, which is higher than appreciation rates in 73.05% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Bedford. New Bedford appreciation rates in the latest quarter were at 2.60%, which equates to an annual appreciation rate of 10.82%.

Relative to Massachusetts, our data show that New Bedford'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 New Bedford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in New Bedford - 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 New Bedford real estate investment or home purchase decisions.

Average Home Values

 
info

Median Home Value:
$268,837

New Bedford, MA HOME PRICES

> $1,231,000
0.7%
0.7%
$924,001 - $1,231,000
0.7%
0.7%
$616,001 - $924,000
0.9%
0.9%
$492,001 - $616,000
1.5%
1.5%
$369,001 - $492,000
10.6%
10.6%
$247,001 - $369,000
45.1%
45.1%
$123,001 - $247,000
34.4%
34.4%
$62,001 - $123,000
3.9%
3.9%
$0 - $62,000
2.2%
2.2%
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:
38,888

New Bedford 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
97.54% 3.29%
8
8
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$1,288 / per month

Homeownership Rate

Owners
39.4%
39.4%
Renters
60.6%
60.6%
Vacant
8.7%
8.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
4.6%
4.6%
1970 - 1999
17.1%
17.1%
1940 - 1969
27.4%
27.4%
1939 or Older
50.9%
50.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
30.8%
30.8%
Townhomes
1.8%
1.8%
Small Apt. Buildings
46.3%
46.3%
Apt. Complexes
20.9%
20.9%
Mobile Homes
0.1%
0.1%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.6%
1.6%
1 Bedroom
13.7%
13.7%
2 Bedrooms
30.9%
30.9%
3 Bedrooms
43.0%
43.0%
4 Bedrooms
8.2%
8.2%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES