Bristol County Median Home Price Is $432,132, Up 19.6% Since Last Year
The booming real estate market has been one of the most noteworthy stories of the pandemic-era economy. Demand for residential real estate increased early on in the pandemic at a time when living and working space took on greater importance.
Government stimulus in response to COVID-19’s economic effects, low mortgage interest rates, and high savings rates and investment returns have given more households the financial means to enter the real estate market.
And yet, the supply of homes has been historically low for much of this same period, only recently returning to pre-pandemic levels. Many current owners have been hesitant to sell and shop for new homes in such a competitive market.
Meanwhile, homebuilding has been challenged by supply and building material shortages that have made it hard to keep up with demand.
The forces of high demand and limited supply have produced dramatic price increases in the housing market since the start of the pandemic. While prices had been climbing steadily since the end of the last recession, the rate of growth has been much higher since the beginning of 2020.
Home prices have risen by more than 20% over that period, with the typical home price in the U.S. crossing over $300,000 for the first time in history, according to data from Zillow.
The analysis found that since the same time last year, Bristol County experienced an increase of 19.6% in median home price—up to $432,132. The U.S. median increased by 17.7% over the same period.
Here is a summary of the data for Bristol County, MA:
Median home price:$432,132
1-year change in home price:6%
5-year change in home price:2%
Median household income:$70,402
For reference, here are the statistics for the entire United States:
Median home price:$303,288
1-year change in home price:7%
5-year change in home price:6%
Median household income:$65,712
For more information, a detailed methodology, and complete results, you can find the original report on Porch’s website: