We’ve just released our newest home value forecasts for the Boston MSA, and are pleased to announce that home prices are expected to increase by 1.74% through February 2014. While there are numerous factors that impact value, two local drivers impacting the change in the Boston area include average weekly wages and homeowner vacancies. Homeowner vacancies saw a decrease of 52.4% from Q3 to Q4. This factor was partially suppressed by a small increase in average weekly earnings (0.42% increase from Q3 to Q4 2012).
Within the Boston MSA, Marshfield, MA (02050) should see the highest increase in average home values at +13.63%. This is driven by a 8.27% decrease in home vacancies between September and December 2012. In contrast, Whitman, MA (02382) should see the highest decrease in home values at -11.4%. This is driven primarily by a slowdown in future business growth for the area’s major employers. I have included two charts with the top 5 biggest increases and decreases in average home prices by town/zip code.
The Boston MSA includes seven counties: Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties in Massachusetts and Rockingham and Strafford counties in New Hampshire. If you’re interested in learning more about the changes in value in your zip code (or for your individual home), please visit www.pricingnation.com.