Facts About Housing in Wellesley

Market Prices
  • The median value of a home in Wellesley is $1.48 million, or about 18.6 years worth of income for the typical Massachusetts household.
  • 96% of homes in Wellesley are valued at more than $469,000, the median Massachusetts home price.
  • In 2019, the median price of a single-family home in Wellesley topped $1.7 million, a 19% increase from the previous year.
  • Since 2000, housing prices in Wellesley have appreciated by 89.7%, compared to the Consumer Price Index, a common measure of inflation, which has grown by 50.5%.
  • As of 2014, nearly one-quarter of Wellesley homeowners and one-third of renters pay more than 30% of their income for housing costs.
  • An October 2020 Brookings Institute analysis estimated that the development costs associated with building a new single-family home in Wellesley Hills average $1.9 million, compared to the per-unit cost of building a new condominium of $500,000.
 
Subsidized Housing
  • Sudbury, one of 5 towns in Massachusetts with a higher per-capita income than Wellesley, had 11.3% of its housing stock in the state’s Subsidized Housing Inventory in 2017. That same year, Wellesley had 6.3% of its housing stock in the SHI.
  • Types of subsidized housing in Wellesley:


Housing Diversity
 
Housing Production
  • In June 2019, The Boston Foundation estimated that, from 2013-2017, Wellesley issued building permits for just 64.1% of the housing units needed to satisfy its proportional share of regional housing demand.
  • Between 2010 and 2017, Wellesley’s housing stock declined by 110 units, largely because of small multi-unit buildings being converted to or replaced with single-family homes.