ZIP Code 01938 Housing Market

📝 Local Market Notes

The housing market in ZIP code 01938 exhibits a complex price trajectory over the past five years, marked by significant volatility. The Home Price Index rose from 202.45 in 2021 to 219.66 in 2022, followed by a notable contraction to 211.34 in 2023. This dip reversed sharply in 2024, with the index jumping to 260.65, before reaching 271.24 in 2025. This pattern suggests a period of adjustment in 2023, likely driven by rising interest rates, followed by a robust recovery and acceleration in price appreciation in the subsequent two years. The current HPI level indicates that home values in this area have nearly tripled since the 2000 baseline. Regarding regional alignment, ZIP 01938’s year-over-year growth of +4.06% in 2025 trails the Essex County average of +4.84% and the broader Massachusetts state average of +3.63%. While the ZIP code outperforms the state, it lags slightly behind its immediate county context. This divergence signals that while the local market remains strong, it is not experiencing the same rapid appreciation rates seen in neighboring areas. For instance, nearby ZIP 01984 is growing at +13.71% and ZIP 01908 at +9.43%, indicating that 01938 may represent a more stabilized segment of the county’s housing landscape rather than a high-growth frontier. The sub-market character of 01938 aligns with a mid-to-upper-tier residential segment. With a parent county median home value of $619,100 and an owner-occupancy rate of 63.5%, the area supports a substantial homeownership culture. The median household income of $101,883 provides the necessary economic foundation for these price points. However, the current 30-year mortgage rate of 7.40% significantly impacts purchasing power. Prospective buyers in ZIP 01938 should recognize that while prices have stabilized after the 2023 correction, they remain well above historical averages. The market is characterized by established homeownership rather than speculative investment, offering a relatively predictable environment compared to the faster-growing neighboring ZIP codes.

Based on FHFA House Price Index data.