ZIP Code 01515 Housing Market

📝 Local Market Notes

The housing market in ZIP code 01515 exhibits a robust upward trajectory, with the FHFA House Price Index rising from 179.96 in 2020 to 303.35 in 2025. This represents a cumulative appreciation of approximately 68.6% over five years, indicating sustained demand and significant value growth within this specific sub-market. The recent annual increase of 12.01% further underscores the momentum, reflecting a market that continues to outpace broader regional trends. This performance signals a notable divergence from both the county and state averages. While Worcester County experienced a 3.36% year-over-year increase and the state of Massachusetts saw a 3.63% rise, ZIP 01515’s 12.01% growth rate is nearly triple the regional benchmarks. Such divergence typically indicates localized factors driving premium pricing, such as limited inventory, high desirability, or specific neighborhood amenities that attract competitive bidding. Compared to nearby ZIP 01610, which shows a higher HPI of 358.5 but slower growth at 7.34%, ZIP 01515 is appreciating at a faster rate despite starting from a lower baseline. Contextualizing this growth with parent county data reveals a distinct sub-market character. With a median home value of $423,700 and a median household income of $95,939, the area supports owner-occupied housing with a 65.8% ownership rate. The HPI level of 303.4 suggests that home values in ZIP 01515 have tripled since the 2000 baseline, positioning it as a mid-to-upper-tier market within Worcester County. Prospective buyers should recognize that entry costs are significantly elevated relative to the county median, driven by rapid appreciation. With the 30-year mortgage rate fixed at 7.40%, the carrying costs for properties in this ZIP are substantial. Residents and investors must account for the premium pricing structure, as the market’s rapid expansion has moved it well above average affordability metrics for the region.

Based on FHFA House Price Index data.