ZIP Code 02119 Housing Market

📝 Local Market Notes

The housing market in ZIP code 02119 exhibits a robust upward trajectory, with the FHFA Home Price Index rising from 356.7 in 2021 to 460.99 in 2025. This four-year expansion represents a cumulative gain of approximately 29.3%, indicating sustained demand. The most recent year-over-year increase of 13.30% underscores continued momentum, outpacing the broader Suffolk County average of 3.40% and the Massachusetts state average of 3.63%. This significant divergence suggests that 02119 is functioning as a distinct high-growth sub-market, likely driven by specific local demand factors that exceed regional trends. Contextualizing this growth within the parent county reveals a complex market structure. While the Suffolk County median home value stands at $705,800, the high HPI level in 02119 signals a premium segment within this already expensive region. The county’s owner-occupancy rate of 36.5% indicates a renter-heavy environment, yet the rapid appreciation in 02119 suggests a shift toward ownership or high-value rentals. With a median household income of $95,631, the area supports a demographic capable of sustaining these price increases, though the gap between income and home values remains substantial. Nearby ZIP codes, such as 02128 with an HPI of 473.3, confirm that this area is part of a cluster of high-value neighborhoods in the Boston metropolitan area. For prospective buyers and residents, the data indicates a competitive environment with prices appreciating at nearly four times the state rate. The 7.40% national mortgage rate further complicates affordability, yet the specific strength of ZIP 02119 suggests that location-specific premiums are resilient to broader interest rate pressures. Stakeholders should recognize that this sub-market is decoupling from general county trends, offering potential capital appreciation but requiring careful assessment of entry costs. The consistent year-over-year growth since 2021 reinforces the stability of this upward trend, distinguishing 02119 from more volatile or stagnant areas within Suffolk County.

Based on FHFA House Price Index data.