Milford, 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 Q1 2021. 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

Milford, MA Housing Market Trends

With 29,101 people, 11,046 houses or apartments, and a median cost of homes of $382,804, real estate costs in Milford 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 Milford, accounting for 56.10% of the town's housing units. Other types of housing that are prevalent in Milford include duplexes, homes converted to apartments or other small apartment buildings ( 17.34%), large apartment complexes or high rise apartments ( 14.03%), and a few row houses and other attached homes ( 12.18%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milford. Owner-occupied housing accounts for 68.55% of Milford's homes, and 57.45% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Milford built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Milford built before 1939 ( 24.51%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.40%). There's also some housing in Milford built between 2000 and later ( 9.55%).

Milford Home Appreciation Rates

Appreciation rates for homes in Milford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 42.89%, which ranks in the top 40% nationwide. This equates to an annual average Milford house appreciation rate of 3.63%.

Appreciation rates are so strong in Milford that despite a nationwide downturn in the housing market, Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Milford appreciation rates continue to be some of the highest in America, at 8.60%, which is higher than appreciation rates in 80.55% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Milford. Milford appreciation rates in the latest quarter were at 2.26%, which equates to an annual appreciation rate of 9.36%.

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

Average Home Values

 

Median Home Value:
$382,804

Milford, MA HOME PRICES

> $1,207,000
0.4%
0.4%
$905,001 - $1,207,000
0.2%
0.2%
$603,001 - $905,000
5.8%
5.8%
$483,001 - $603,000
10.6%
10.6%
$362,001 - $483,000
36.3%
36.3%
$241,001 - $362,000
33.3%
33.3%
$120,001 - $241,000
10.1%
10.1%
$60,001 - $120,000
0.3%
0.3%
$0 - $60,000
3.0%
3.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Low for MA

Value Relative To Nation

Number Of Homes And Apartments:
11,046

Milford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
72.47% 2.60%
3
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,875 / per month

Homeownership Rate

Owners
68.6%
68.6%
Renters
31.4%
31.4%
Vacant
4.7%
4.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
9.6%
9.6%
1970 - 1999
41.5%
41.5%
1940 - 1969
24.4%
24.4%
1939 or Older
24.5%
24.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
56.1%
56.1%
Townhomes
12.2%
12.2%
Small Apt. Buildings
17.3%
17.3%
Apt. Complexes
14.0%
14.0%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.9%
0.9%
1 Bedroom
10.8%
10.8%
2 Bedrooms
28.3%
28.3%
3 Bedrooms
38.5%
38.5%
4 Bedrooms
18.9%
18.9%
5 or more bedrooms
2.5%
2.5%
0.0% 100.0%
% OF HOMES