According to Zillow’s “Home Value Index”/ Lynnfield, MA Home Values, the average home in Lynnfield, Massachusetts is worth $665,200.
Over the past year:
According to Zillow: “Lynnfield home values have declined -0.4% over the past year and Zillow predicts they will fall -0.9% within the next year. The median list price per square foot in Lynnfield is $298, which is higher than the Boston-Cambridge-Newton Metro average of $296. The median price of homes currently listed in Lynnfield is $699,450.
Foreclosures will be a factor impacting home values in the next several years. In Lynnfield 0.0 homes are foreclosed (per 10,000). This is lower than the national value of 1.2
Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Lynnfield is 0.3%, which is lower than the national value of 1.1%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Lynnfield homeowners underwater on their mortgage is 2.4%, which is lower than Boston-Cambridge-Newton Metro at 3.5%.”
All this bodes well for local residents and our Lynnfield, MA home values.