New Census data released this month shows Massachusetts has the third-highest home values among US states, and costs are only increasing.
Among owner-occupied housing units, Massachusetts had a median home value of nearly $400,000, according to the new data, collected as part of the American Community Survey 5-year estimates. That’s higher than any other state except for Hawaii, which had a median value of $636,400, and California, whose median home value was $538,500. The survey covers a time period between 2016 to 2020.
The survey also found rapidly rising home values in Greater Boston, with some cities, including Boston and Cambridge, reporting home values about 50 percent higher than they were in 2010, the last time a similar survey was released. In Boston, the median owner-occupied home value was $581,000 in 2020, up from $395,000 in 2010. In Cambridge, the median owner-occupied home value was $843,000, compared to $560,000 in 2010. In Somerville, prices rose even higher, from $454,000 in 2010 to $710,000 in 2020 — a 56 percent hike.
Massachusetts had just 4.5 percent more housing units in 2020 than it did in 2010, and its population grew 7 percent during the same time period.
Explore the charts below to see how your town stacks up.
Clarification: A description of housing unit growth in an earlier version of this story mischaracterized the data.