ZIP Code 02322 Housing Market

📝 Local Market Notes

ZIP code 02322 in Norfolk County, Massachusetts, exhibits a distinct price trajectory that contrasts sharply with broader regional trends. The FHFA House Price Index for this ZIP code rose from 226.79 in 2021 to a peak of 314.94 in 2024, reflecting a period of rapid appreciation. However, the index has since retreated to 293.71 in 2025. This recent decline indicates a significant correction following the previous year’s surge, suggesting that local pricing dynamics have decoupled from the sustained growth observed in earlier years. The volatility within this five-year window highlights a market experiencing substantial price adjustments rather than steady, linear progression. The divergence between ZIP 02322 and its surrounding regions is pronounced. While the ZIP code recorded a year-over-year decline of -6.74%, the parent Norfolk County grew by +2.99%, and the state of Massachusetts advanced by +3.63%. This negative divergence signals that 02322 is currently underperforming relative to both the county and state averages. Nearby ZIP codes, such as 02482 and 02481, show positive growth of +9.29% and +14.05% respectively, further isolating 02322’s recent softening. This pattern suggests specific local factors are influencing pricing in this particular area, distinct from the general strength of the Massachusetts housing market. In terms of sub-market character, ZIP 02322 operates within a high-income environment. The parent county’s median household income of $130,739 and median home value of $683,900 indicate an affluent demographic. With an owner-occupancy rate of 68.7%, the area leans toward homeownership rather than being renter-heavy. For prospective buyers, the current HPI level of 293.71, combined with the recent year-over-year drop, suggests a potential entry point below the 2024 peak. However, the national 30-year mortgage rate of 7.40% remains a significant cost factor. Residents and buyers should note that while the broader region is appreciating, this specific ZIP is experiencing a price consolidation phase, requiring careful consideration of local valuation trends against the higher county-wide benchmarks.

Based on FHFA House Price Index data.