Economy
Home prices in Fall River have nearly doubled in five years, up 25% the past year alone
Home prices in Fall River have gone from approximately $250,000 in 2019 to $482,000 today – almost doubling in value over five years. Here’s the chart of home prices according to Redfin:
Source: Redfin
Recent data in Massachusetts points to lower sales volume but higher prices. This week, State House News Service reported that “the median sale price for a single-family home in Massachusetts last year was $570,000, up about 3.6% over 2022. In December, there were 3,150 single-family home sales in Massachusetts, the fewest for any December since 2008. The median single-family home sale price increased 5.9% in December to $540,000, a new all-time high for the month.”
The housing problem isn’t one sole factor, but it’s clear that high interest rates (people don’t want to leave their old low-interest rate mortgages), high property values (pricing new buyers out), and not enough new homes being built are having the most impact.
While higher home values sound good on the surface, higher prices mostly benefit the government with high property and capital gains taxes and those selling their home. Homeowners living on a fixed income face higher tax and insurance bills. Even if you don’t own a home, landlords are forced to raise the rent on tenants to make up the higher cost. With fewer home sales, real estate agents battle over a limited inventory.
Fed Up
January 19, 2024 at 7:17 pm
Just what the Democrats want more of your money. They’re the real winners. Healey makes $287K a year of your tax dollars included is a $65K housing stipend. She’s doing just fine. If you voted for her , congrats you’re part of the problem.
MortisMaximus
January 19, 2024 at 7:46 pm
Speculative values based upon what the mortgage industry will sustain. Let’s remember that to big to fail mortgage companies have been on the receiving end of taxpayer funded bailouts on several occasions. The ever decreasing value of the U.S. dollar due to endless money printing and fraudulent derivatives creation cause prices on everything to increase, it’s called INFLATION! You don’t need a social justice degree from Havard to understand the crisis.
4 more years! 😉
January 19, 2024 at 10:26 pm
Thanks to Biden, interest rates are high too. Everyone is celebrating.
Barack Warren
January 20, 2024 at 7:09 am
As a landlord I’m celebrating. Thank you Preisdent Biden!
We need more subsidies from the State and Federal Government to entice landlords to do the right thing and provide housing to undocumented Americans entering our country to achieve the American dream.
Fall River lacks diversity and the number of black and brown people here is too low.
Historically, Fall River is a very racist city. We need demographics to shift in order to create a more diverse environment.
HuntersCrackPipe
January 20, 2024 at 1:52 pm
A half white commie and a fake Indian, barack warren. These two race baiting psychopaths live in the whitest communities in the World. Maybe you should protest outside their homes for more DEI. Oh yeah you can’t get past the WALLS!
You can’t make this stuff up
January 20, 2024 at 5:51 pm
Wow. Just wow.
Manny
January 20, 2024 at 11:20 pm
Some real small dick Republican energy in here 😂
Money for nothing
January 21, 2024 at 12:37 pm
Subsidies and government handouts. That’s the way to work it. Money for nothing and your hoes for free.