ZIP Code 02568 Housing Market

📝 Local Market Notes

The housing market in ZIP code 02568 demonstrates a robust upward trajectory, with the FHFA House Price Index rising from 224.7 in 2019 to 370.8 in 2024. This represents a cumulative appreciation of approximately 65% over five years, reflecting significant strength in the Dukes County sub-market. The index surged from 257.7 in 2021 to 300.57 in 2022, indicating accelerated momentum that has persisted through the latest reporting period. Such sustained growth suggests that local demand remains resilient despite broader economic headwinds. Regarding market divergence, ZIP 02568’s year-over-year increase of 8.31% significantly outpaces the state average of 3.63%. While this performance exceeds the state median, it aligns closely with the broader Dukes County trend, suggesting that the entire island market is experiencing a synchronized boom rather than an isolated anomaly. This divergence from the state average signals that regional factors, such as limited land availability and high-income demographics, are driving prices upward more aggressively than macroeconomic conditions in the rest of Massachusetts. Characterized by a median home value of $1,165,800 and an owner-occupancy rate of 82.1%, ZIP 02568 functions as a premium, owner-dominated sub-market. The high median household income of $125,786 supports this luxury positioning, while the median gross rent of $1,277 per month indicates a tight rental inventory typical of high-demand coastal areas. Compared to nearby ZIP 02557, which has a higher HPI of 423.0, 02568 offers a slightly more accessible entry point into the Dukes County luxury segment, though it remains well above national norms. Prospective buyers in ZIP 02568 should anticipate a competitive environment where price appreciation continues to outpace state averages. With 30-year mortgage rates at 7.40%, the high price points in this ZIP code require substantial purchasing power. Residents and investors should recognize that the market’s strength is driven by structural scarcity and affluent demographics, making this a stable but expensive asset class within the Massachusetts housing landscape.

Based on FHFA House Price Index data.