Wakefield, 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

Wakefield, MA Housing Market Trends

With a population of 27,045, 10,723 total housing units (homes and apartments), and a median house value of $624,689, real estate costs in Wakefield 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 Wakefield, accounting for 58.79% of the town's housing units. Other types of housing that are prevalent in Wakefield include duplexes, homes converted to apartments or other small apartment buildings ( 20.45%), large apartment complexes or high rise apartments ( 16.19%), and a few row houses and other attached homes ( 4.47%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wakefield. Owner-occupied housing accounts for 73.36% of Wakefield's homes, and 52.38% 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. Wakefield's housing was primarily built during this period, from the '40s through the '60s. A full 32.69% of the town's housing hails from this era. Other housing ages represented in Wakefield include homes built before 1939 ( 32.59%) and housing constructed between 1970-1999 ( 23.26%). There's also some housing in Wakefield built between 2000 and later ( 11.45%).

Wakefield Home Appreciation Rates

Appreciation rates for homes in Wakefield have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 52.54%, which ranks in the top 30% nationwide. This equates to an annual average Wakefield house appreciation rate of 4.31%.

Over the last year, Wakefield appreciation rates have trailed the rest of the nation. In the last twelve months, Wakefield's appreciation rate has been 5.31%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Wakefield were at 1.50%, which equates to an annual appreciation rate of 6.13%.

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

Average Home Values

 

Median Home Value:
$624,689

Wakefield, MA HOME PRICES

> $1,182,000
1.6%
1.6%
$886,001 - $1,182,000
7.2%
7.2%
$591,001 - $886,000
42.1%
42.1%
$473,001 - $591,000
24.5%
24.5%
$354,001 - $473,000
15.6%
15.6%
$237,001 - $354,000
3.9%
3.9%
$118,001 - $237,000
2.7%
2.7%
$59,001 - $118,000
0.3%
0.3%
$0 - $59,000
2.1%
2.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for MA

Value Relative To Nation

Number Of Homes And Apartments:
10,723

Wakefield 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
98.37% 3.28%
8
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,573 / per month

Homeownership Rate

Owners
73.4%
73.4%
Renters
26.6%
26.6%
Vacant
3.7%
3.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
11.4%
11.4%
1970 - 1999
23.3%
23.3%
1940 - 1969
32.7%
32.7%
1939 or Older
32.6%
32.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
58.8%
58.8%
Townhomes
4.5%
4.5%
Small Apt. Buildings
20.5%
20.5%
Apt. Complexes
16.2%
16.2%
Mobile Homes
0.0%
0.0%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.2%
1.2%
1 Bedroom
15.6%
15.6%
2 Bedrooms
25.2%
25.2%
3 Bedrooms
34.5%
34.5%
4 Bedrooms
17.9%
17.9%
5 or more bedrooms
5.6%
5.6%
0.0% 100.0%
% OF HOMES