Peabody, Massachusetts Housing Market Prices
Peabody 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 57% above the Massachusetts median$778,846
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Median rent 11% above the Massachusetts median$1,949
Housing Market Overview
| Metric | Peabody | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $778,846 | $494,523 | $248,835 |
| Price Trend (Annual %) | 16.8% | 6.6% | 7.5% |
| Median Gross Rent | $1,949 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 5.9% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Peabody is about 57% higher than in Massachusetts. Rent is about 11% higher 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 Peabody, up about 16.8% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Peabody rose about 59.3% between 2015 and 2024, from $1,223 to $1,949. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 8.1 yearly household incomes in Peabody.
Buying the median-priced home in Peabody costs roughly 33.3 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 Peabody. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Peabody | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $778,846 | $494,523 | $248,835 |
| Median Household Income | $96,166 | $104,336 | $80,455 |
| Price-to-Income Ratio | 8.1 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Peabody rose about 126.2%, while median household income rose about 40.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Peabody | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.6% | 57.5% | 58.5% |
| Rental Rate | 33.4% | 34.4% | 31.2% |
| Vacancy Rate | 3.0% | 8.1% | 10.2% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Peabody has a homeownership rate of 63.6%, higher than the Massachusetts average of 57.5%. Its housing vacancy rate is 3.0%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Peabody | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1968 | 1963 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 | 5.5 |
The typical housing unit in Peabody was built around 1968. On average, 2.4 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Peabody, MA Housing Compared With Nearby Cities
How Peabody, MA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Peabody, MA | 54,686 | $778,846 #1/2 | $1,949 #1/2 | 65.6% #1/2 |
| Lynn, MA | 101,709 | $79,137 | $1,722 | 48.1% |
Frequently Asked Questions
Common questions about the housing market in Peabody, Massachusetts.
What is the median home price in Peabody, Massachusetts?
The median home price in Peabody, Massachusetts is $778,846, higher than the Massachusetts average of $494,523.
What is the average home price in Peabody, Massachusetts?
The typical home price in Peabody, Massachusetts, reported as the median sale price, is $778,846. 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 Peabody, Massachusetts?
The median gross rent in Peabody, Massachusetts is $1,949 per month, higher than the Massachusetts average of $1,761.
What was the median gross rent in Peabody in 2020?
In 2020, the median gross rent in Peabody, Massachusetts was $1,503 per month.
What is the price-to-rent ratio in Peabody, Massachusetts?
The price-to-rent ratio in Peabody, Massachusetts is about 33.3, meaning it would take roughly 33.3 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 Peabody.
Are home prices or rent rising faster in Peabody, Massachusetts?
Both home prices and rent are rising in Peabody, up about 16.8% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Peabody, Massachusetts?
63.6% of households in Peabody, Massachusetts own their home, higher than the Massachusetts average of 57.5%.
What is the vacancy rate in Peabody, Massachusetts?
The housing vacancy rate in Peabody, Massachusetts is 3.0%, lower than the Massachusetts average of 8.1%.
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