Wakefield, Massachusetts Housing Market Prices
Wakefield 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% below the Massachusetts median$112,500
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Median rent 11% above the Massachusetts median$1,957
Housing Market Overview
| Metric | Wakefield | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $112,500 | $494,523 | $248,835 |
| Price Trend (Annual %) | -0.0% | 6.6% | 7.5% |
| Median Gross Rent | $1,957 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 5.9% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wakefield is about 77% lower than in Massachusetts. Rent is about 11% higher than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2024
Both home prices and rent are falling in Wakefield, down about 0.0% and 5.9% a year respectively. Rent is changing faster.
Median rent in Wakefield rose about 62.7% between 2015 and 2024, from $1,202 to $1,957. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 0.8 yearly household incomes in Wakefield.
Buying the median-priced home in Wakefield costs roughly 4.8 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 Wakefield. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Wakefield | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $112,500 | $494,523 | $248,835 |
| Median Household Income | $136,429 | $104,336 | $80,455 |
| Price-to-Income Ratio | 0.8 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Wakefield fell about 59.1%, while median household income rose about 46.1% 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 | Wakefield | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.8% | 57.5% | 58.5% |
| Rental Rate | 28.1% | 34.4% | 31.2% |
| Vacancy Rate | 4.1% | 8.1% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Wakefield has a homeownership rate of 67.8%, higher than the Massachusetts average of 57.5%. Its housing vacancy rate is 4.1%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Wakefield | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1956 | 1963 | 1978 |
| Median Number of Rooms | 6.1 | 5.5 | 5.5 |
The typical housing unit in Wakefield was built around 1956. On average, 2.4 people live in a home with about 6.1 rooms, staying for about 14.0 years on average.
Wakefield, MA Housing Compared With Nearby Cities
How Wakefield, MA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Wakefield, MA | 27,739 | $112,500 #2/2 | $1,957 #2/2 | 70.7% #1/2 |
| Melrose, MA | 29,648 | $870,192 | $1,969 | 67.2% |
Frequently Asked Questions
Common questions about the housing market in Wakefield, Massachusetts.
What is the median home price in Wakefield, Massachusetts?
The median home price in Wakefield, Massachusetts is $112,500, lower than the Massachusetts average of $494,523.
What is the average home price in Wakefield, Massachusetts?
The typical home price in Wakefield, Massachusetts, reported as the median sale price, is $112,500. 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 Wakefield, Massachusetts?
The median gross rent in Wakefield, Massachusetts is $1,957 per month, higher than the Massachusetts average of $1,761.
What was the median gross rent in Wakefield in 2020?
In 2020, the median gross rent in Wakefield, Massachusetts was $1,513 per month.
What is the price-to-rent ratio in Wakefield, Massachusetts?
The price-to-rent ratio in Wakefield, Massachusetts is about 4.8, meaning it would take roughly 4.8 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 Wakefield.
Are home prices or rent rising faster in Wakefield, Massachusetts?
Both home prices and rent are falling in Wakefield, down about 0.0% and 5.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Wakefield, Massachusetts?
67.8% of households in Wakefield, Massachusetts own their home, higher than the Massachusetts average of 57.5%.
What is the vacancy rate in Wakefield, Massachusetts?
The housing vacancy rate in Wakefield, Massachusetts is 4.1%, lower than the Massachusetts average of 8.1%.
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