| County Name | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 |
|---|---|---|---|---|---|
| Barnstable County | 4.37% | 2.87% | 15.35% | 16.75% | 5.54% |
| Berkshire County | 3.26% | 5.56% | 16.08% | 16.07% | 6.87% |
| Bristol County | 4.53% | 5.26% | 13.73% | 8.64% | 4.60% |
| Dukes County | 8.68% | 4.98% | 16.20% | 26.08% | 8.63% |
| Essex County | 3.90% | 4.75% | 13.57% | 8.37% | 2.87% |
| Franklin County | 3.26% | 4.76% | 13.85% | 12.12% | 5.74% |
| Hampden County | 4.04% | 4.94% | 12.65% | 7.96% | 4.98% |
| Hampshire County | 3.62% | 3.84% | 11.24% | 8.75% | 6.18% |
| Middlesex County | 3.91% | 3.08% | 10.10% | 9.23% | 2.00% |
| Nantucket County | 10.25% | 7.35% | 9.37% | 27.25% | 5.83% |
| Norfolk County | 3.66% | 3.88% | 11.01% | 8.17% | 1.91% |
| Plymouth County | 3.64% | 4.39% | 13.50% | 9.81% | 3.33% |
| Suffolk County | 5.16% | 3.00% | 6.85% | 8.31% | -1.13% |
| Worcester County | 3.63% | 5.59% | 14.03% | 9.88% | 5.42% |
National house prices have surged since late 2019, increasing 23.8 percent by November 2021. Experts have chalked it up to inflation, population growth, stimulus checks, low mortgage rates, and remote work – all resulting from the COVID-19 pandemic.
How about Massachusetts’s house prices? Did it follow the national trend during pandemic? Is the change slowing down and recovering as people return to the office?
To tackle these questions, We explored housing price data before, during, and after the COVID-19 pandemic on Zillow. Zillow’s Home Value Index (ZHVI) provides a measure of typical home value and market changes for various regions and housing types.
Table 1. Trends in Housing Price Change Percentage for all Massachusetts counties, taken from each March of 2018-2023 Data obtained from ZHVI(SFR, Condo/Co-op) time series, smoothed, seasonally adjusted.
According to the table, the change was roughly constant during 2019-2020 compared to 2018-2019. But when we looked at the following two years, almost all counties in Massachusetts experienced dramatic changes in housing prices!
The change was massive for Nantucket County, with a record 27.25% increase in prices between 2021 and 2022. In fact, the Nantucket real estate market had $1.6 billion in sales in 2022.
In 2023, we saw smaller changes compared to the previous two years. In some counties, the average price appreciation returned to pre-pandemic levels (i.e., 2018-2019).
Unfortunately, prices are still rising overall. Mortgage rates are continuing to skyrocket. This discourages current homeowners from moving, which suppresses inventory and further drives up prices.
So if you have been wondering why everyone and their mother is complaining about housing prices, this would explain why. House prices are through the roof!
P.S. Want to search datasets and see trends in your county or major city? Input your selection in ShinyApp to get started!