Needham, 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

Needham, MA Housing Market Trends

With a population of 31,388, 10,801 total housing units (homes and apartments), and a median house value of $924,231, 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 76.40% of the town's housing units. Other types of housing that are prevalent in Needham include large apartment complexes or high rise apartments ( 12.80%), row houses and other attached homes ( 5.45%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.36%).

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 81.58% of Needham's homes, and 66.35% 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 42.13% of the town's housing hails from this era. Other housing ages represented in Needham include homes built before 1939 ( 21.61%) and housing constructed between 1970-1999 ( 19.75%). There's also some housing in Needham built between 2000 and later ( 16.51%).

Needham Home Appreciation Rates

Appreciation rates for homes in Needham have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 46.83%, which ranks in the top 40% nationwide. This equates to an annual average Needham house appreciation rate of 3.92%.

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 2.31%, 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 1.49%, which equates to an annual appreciation rate of 6.10%.

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.

Average Home Values

 

Median Home Value:
$924,231

Needham, MA HOME PRICES

> $1,122,000
30.0%
30.0%
$841,001 - $1,122,000
33.2%
33.2%
$561,001 - $841,000
29.2%
29.2%
$449,001 - $561,000
2.3%
2.3%
$337,001 - $449,000
2.0%
2.0%
$224,001 - $337,000
2.7%
2.7%
$112,001 - $224,000
0.3%
0.3%
$56,001 - $112,000
0.2%
0.2%
$0 - $56,000
0.2%
0.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MA

Value Relative To Nation

Number Of Homes And Apartments:
10,801

Needham 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
106.72% 3.48%
9
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,038 / per month

Homeownership Rate

Owners
81.6%
81.6%
Renters
18.4%
18.4%
Vacant
4.5%
4.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
16.5%
16.5%
1970 - 1999
19.8%
19.8%
1940 - 1969
42.1%
42.1%
1939 or Older
21.6%
21.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
76.4%
76.4%
Townhomes
5.4%
5.4%
Small Apt. Buildings
5.4%
5.4%
Apt. Complexes
12.8%
12.8%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
5.5%
5.5%
2 Bedrooms
12.3%
12.3%
3 Bedrooms
33.5%
33.5%
4 Bedrooms
32.8%
32.8%
5 or more bedrooms
13.8%
13.8%
0.0% 100.0%
% OF HOMES