Bay State home prices see smallest increase since 2021 MABA MaBuyerAgent FirstTimeHomeBuyers MassachusettsRealEstate

While the U.S. housing market has seen home prices rise an average of thirty eight point sixty nine percent over the past five years, Massachusetts homes had the smallest increase since 2021. Analyzing data from Zillow, the New Jersey Real Estate Network looked at historical average home prices in states across the East Coast to see which had the highest increase over the past three years. The report found Massachusetts home prices only increased thirteen point thirty seven percent since 2021, ranking the Bay State last on the list.

A spokesperson for New Jersey Real Estate Network said growth in the housing market slowed during the pandemic even though there was an increase in those moving to suburban or rural areas, and more companies embraced allowing employees to work from home. More rapid growth was seen in 2021 and continues into 2023.The average U.S. home price is $339,048, an increase of three point three percent from last year, according to the report. Massachusetts had the lowest increase in home prices: the average home price in April was $568,244, a thirteen point thirty seven percent increase from April 2021’s average of $501,215.81

Massachusetts wasn’t the only New England state in the rankings. Maine had the fifth-highest increase, as house prices there increased twenty four point sixty percent since 2021. The average price of a home in Maine in April was $360,951, compared to $289,688 a year ago. New Hampshire took the number six spot, as the average home price there reached $435,383 in April, increasing twenty two point four percent from last year’s $356,753. Florida had the highest increase in the U.S. The Sunshine State saw the average price of a home grow thirty five point sixteen percent from 2021 to $385,157.

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