Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 53,896 people, 22,678 houses or apartments, and a median cost of homes of $685,474, real estate costs in Peabody are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.
Single-family detached homes are the single most common housing type in Peabody, accounting for 50.72% of the city's housing units. Other types of housing that are prevalent in Peabody include large apartment complexes or high rise apartments ( 27.05%), duplexes, homes converted to apartments or other small apartment buildings ( 15.33%), and a few row houses and other attached homes ( 4.57%).
The most prevalent building size and type in Peabody are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.73% owning and 35.27% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Peabody's housing was primarily built during this period, from the '40s through the '60s. A full 35.12% of the city's housing hails from this era. Other housing ages represented in Peabody include homes built between 1970-1999 ( 27.78%) and housing constructed before 1939 ( 22.51%). There's also some housing in Peabody built between 2000 and later ( 14.58%).
Appreciation rates for homes in Peabody have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 93.38%, which ranks in the top 50% nationwide. This equates to an annual average Peabody house appreciation rate of 6.82%.
NeighborhoodScout's data show that during the latest twelve months, Peabody's appreciation rate, at 7.25%, has been at or slightly above the national average. In the latest quarter, Peabody's appreciation rate has been 2.38%, which annualizes to a rate of 9.87%.
Relative to Massachusetts, our data show that Peabody's latest annual appreciation rate is lower than 60% of the other cities and towns in Massachusetts.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Peabody differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Peabody - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Peabody real estate investment or home purchase decisions.
$685,474
for Massachusetts
for nation
22,678
$4,117 / per month