Needham, Massachusetts Housing Market Prices
Needham 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 88% below the Massachusetts median$58,562
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Median rent 37% above the Massachusetts median$2,408
Housing Market Overview
| Metric | Needham | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,562 | $494,523 | $248,835 |
| Price Trend (Annual %) | -9.8% | 6.6% | 7.5% |
| Median Gross Rent | $2,408 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 6.7% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Needham is about 88% lower than in Massachusetts. Rent is about 37% higher than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Needham: home prices fell about 9.8% a year while rent rose about 6.7% a year. That is an unusual pattern worth watching.
Median rent in Needham rose about 66.2% between 2015 and 2024, from $1,449 to $2,408. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 0.3 yearly household incomes in Needham.
Buying the median-priced home in Needham costs roughly 2.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Needham. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Needham | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $58,562 | $494,523 | $248,835 |
| Median Household Income | $202,463 | $104,336 | $80,455 |
| Price-to-Income Ratio | 0.3 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Needham fell about 94.7%, while median household income rose about 98.3% 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 | Needham | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 80.7% | 57.5% | 58.5% |
| Rental Rate | 16.4% | 34.4% | 31.2% |
| Vacancy Rate | 2.9% | 8.1% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Needham has a homeownership rate of 80.7%, higher than the Massachusetts average of 57.5%. Its housing vacancy rate is 2.9%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Needham | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.72 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1968 | 1963 | 1978 |
| Median Number of Rooms | 7.7 | 5.5 | 5.5 |
The typical housing unit in Needham was built around 1968. On average, 2.7 people live in a home with about 7.7 rooms, staying for about 16.0 years on average.
Needham, MA Housing Compared With Nearby Cities
How Needham, MA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Needham, MA | 32,445 | $58,562 #2/2 | $2,408 #1/2 | 83.1% #1/2 |
| Newton, MA | 88,909 | $1,092,024 | $2,369 | 70.0% |
Frequently Asked Questions
Common questions about the housing market in Needham, Massachusetts.
What is the median home price in Needham, Massachusetts?
The median home price in Needham, Massachusetts is $58,562, lower than the Massachusetts average of $494,523.
What is the average home price in Needham, Massachusetts?
The typical home price in Needham, Massachusetts, reported as the median sale price, is $58,562. 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 Needham, Massachusetts?
The median gross rent in Needham, Massachusetts is $2,408 per month, higher than the Massachusetts average of $1,761.
What was the median gross rent in Needham in 2020?
In 2020, the median gross rent in Needham, Massachusetts was $1,604 per month.
What is the price-to-rent ratio in Needham, Massachusetts?
The price-to-rent ratio in Needham, Massachusetts is about 2.0, meaning it would take roughly 2.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Needham.
Are home prices or rent rising faster in Needham, Massachusetts?
Home prices and rent are moving in opposite directions in Needham: home prices fell about 9.8% a year while rent rose about 6.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Needham, Massachusetts?
80.7% of households in Needham, Massachusetts own their home, higher than the Massachusetts average of 57.5%.
What is the vacancy rate in Needham, Massachusetts?
The housing vacancy rate in Needham, Massachusetts is 2.9%, lower than the Massachusetts average of 8.1%.
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