What does this measure?

The home value reported by the homeowner to the Census Bureau, adjusted for inflation. The median represents the mid-point of home values (half the values are above the median and half below).

Why is this important?

A home is usually a person's or a family's highest-valued possession. Home values are also an indicator of the region's cost of living, relative wealth, and general prosperity.

How is our county doing?

In 2020-24, the median home value for Essex County was $619,100, higher than the state ($562,100) and substantially higher than the U.S. ($332,700). From 2010-14 to 2020-24, median values in Essex increased 34%, which could make homeownership increasingly inaccessible to residents with low or moderate incomes. Massachusetts experienced a smaller yet still substantial increase in median home values (29%), while values increased at a faster pace at the national level (43%).

Median home values in every municipality in Essex have increased since 2010-14 except for Manchester which saw nearly a 4% decline. The smallest increases occurred in the towns of Hamilton (13%) and Salisbury (14%). Lynn had the largest increase (53%), followed by Lawrence (48%), Newburyport (45%), Middleton (42%) and Ipswich (41%). Despite the increase in Lawrence, the City still had the lowest median value in the County, at $415,200, followed by Haverhill, at $453,900, and Salisbury, at $478,700. Median values were highest in the towns of Marblehead ($943,900), Manchester ($942,000), and Lynnfield ($917,600).

How do we compare to similar counties?

The median home value in Essex County was less than both Westchester, NY ($663,200) and Middlesex, MA ($727,800), and greater than Lake, IL ($345,700). Essex County had the second highest increase in median value since 2010-14 behind Middlesex County, MA (36%); Lake County, IL increased 5% and Westchester County, NY was the only county to have a decrease (-2%).

Notes about the data

Data are presented in 2024 dollars. Figures for the region and surrounding counties were calculated by aggregating county medians based on each county's share of the region's population. Multiyear figures are from the Census Bureau's American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. The survey provides data on characteristics of the population that used to be collected only during the decennial census. Data for this indicator are released annually in December.