Palmer, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Palmer Neighborhoods Since 2000




Palmer, 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Palmer Housing Market Information

With a population of 12,191, 4,859 total housing units (homes and apartments), and a median house value of $210,064, Palmer real estate values are some of the lowest in Massachusetts, although compared to real estate around the nation, Palmer homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Palmer, accounting for 64.47% of the city's housing units. Other types of housing that are prevalent in Palmer include duplexes, homes converted to apartments or other small apartment buildings ( 19.74%), large apartment complexes or high rise apartments ( 11.46%), and a few row houses and other attached homes ( 2.18%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Palmer. Owner-occupied housing accounts for 72.09% of Palmer's homes, and 55.30% 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. Palmer's housing was primarily built during this period, from the '40s through the '60s. A full 32.21% of the city's housing hails from this era. Other housing ages represented in Palmer include homes built before 1939 ( 30.62%) and housing constructed between 1970-1999 ( 26.62%). There's also some housing in Palmer built between 2000 and later ( 10.56%).

Vacant housing appears to be an issue in Palmer. Fully 10.17% of the housing stock is classified as vacant. Left unchecked, vacant Palmer homes and apartments can be a drag on the real estate market, holding Palmer real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Palmer Home Appreciation Rates

Palmer's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Palmer during the period has been just -1.44%, which is lower than 80% of US communities.

Over the last year, Palmer appreciation rates have trailed the rest of the nation. In the last twelve months, Palmer's appreciation rate has been 2.86%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Palmer were at 1.15%, which equates to an annual appreciation rate of 4.66%.

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

Average Home Values

 

Median Home Value:
$210,064

Palmer, MA HOME PRICES

Value Range
> $1,013,000 0.0
$759,001 - $1,013,000 0.0
$507,001 - $759,000 2.2
$405,001 - $507,000 0.3
$304,001 - $405,000 11.0
$203,001 - $304,000 31.0
$101,001 - $203,000 46.8
$51,001 - $101,000 5.9
$0 - $51,000 2.9

Very Low for MA
High for Nation

Value Relative to Nation Value Relative to State
29.8664010312903 94.551282051282

Number Of Homes And Apartments:
4,859

Palmer Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
42.74% 2.08% 4 5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$919 / per month

Homeownership Rate

Homeownership
Owners 72.09
Renters 27.91
Vacant 10.17

Housing Market Details

 

Age of Homes

AGE OF Palmer HOMES
2000 or Newer 10.6
1970 - 1999 26.6
1940 - 1969 32.2
1939 or Older 30.6

Types of Homes

TYPE OF Palmer HOMES
Single-Family 64.5
Townhomes 2.2
Small Apt. Buildings 19.7
Apt. Complexes 11.5
Mobile Homes 2.1
Other 0.0

Home Size

SIZE OF Palmer HOMES
No Bedroom 3.99
1 Bedroom 10.28
2 Bedrooms 26.94
3 Bedrooms 38.97
4 Bedrooms 16.32
5 or more bedrooms 3.49