Gloucester, Massachusetts Housing Market Prices
Gloucester Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 77% above the Massachusetts median$875,000
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Median rent 20% below the Massachusetts median$1,411
Housing Market Overview
| Metric | Gloucester | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $875,000 | $494,523 | $248,835 |
| Price Trend (Annual %) | 2.5% | 6.6% | 7.5% |
| Median Gross Rent | $1,411 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 4.3% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gloucester is about 77% higher than in Massachusetts. Rent is about 20% lower than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Gloucester, up about 2.5% and 4.3% a year respectively. Rent is changing faster.
Median rent in Gloucester rose about 44.1% between 2015 and 2024, from $979 to $1,411. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 10.3 yearly household incomes in Gloucester.
Buying the median-priced home in Gloucester costs roughly 51.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gloucester. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Gloucester | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $875,000 | $494,523 | $248,835 |
| Median Household Income | $85,221 | $104,336 | $80,455 |
| Price-to-Income Ratio | 10.3 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Gloucester rose about 3.9%, while median household income rose about 31.8% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Gloucester | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.3% | 57.5% | 58.5% |
| Rental Rate | 33.6% | 34.4% | 31.2% |
| Vacancy Rate | 9.1% | 8.1% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Gloucester has a homeownership rate of 57.3%, about the same as the Massachusetts average of 57.5%. Its housing vacancy rate is 9.1%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Gloucester | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1950 | 1963 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Gloucester was built around 1950. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gloucester, Massachusetts.
What is the median home price in Gloucester, Massachusetts?
The median home price in Gloucester, Massachusetts is $875,000, higher than the Massachusetts average of $494,523.
What is the average home price in Gloucester, Massachusetts?
The typical home price in Gloucester, Massachusetts, reported as the median sale price, is $875,000. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Gloucester, Massachusetts?
The median gross rent in Gloucester, Massachusetts is $1,411 per month, lower than the Massachusetts average of $1,761.
What was the median gross rent in Gloucester in 2020?
In 2020, the median gross rent in Gloucester, Massachusetts was $1,232 per month.
What is the price-to-rent ratio in Gloucester, Massachusetts?
The price-to-rent ratio in Gloucester, Massachusetts is about 51.7, meaning it would take roughly 51.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Gloucester.
Are home prices or rent rising faster in Gloucester, Massachusetts?
Both home prices and rent are rising in Gloucester, up about 2.5% and 4.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Gloucester, Massachusetts?
57.3% of households in Gloucester, Massachusetts own their home, about the same as the Massachusetts average.
What is the vacancy rate in Gloucester, Massachusetts?
The housing vacancy rate in Gloucester, Massachusetts is 9.1%, higher than the Massachusetts average of 8.1%.
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