Facts About Housing in Wellesley
- As of January 2023, the median value of a home in Wellesley is $1.5 million, or about 17.9 years worth of income for the typical Massachusetts household.
- In January 2023, 97% of homes in Wellesley were valued at more than $563,000, the median Massachusetts home price.
- In 2021, the median price of a single-family home in Wellesley topped $1.6 million, a 66% increase from 2011.
- Between Q1 2000 and Q3 2022, housing prices in Wellesley increased by 120.7%, compared to the Consumer Price Index, a common measure of inflation, which has grown by 74.4%.
- As of 2020, 21% of Wellesley homeowners and 37% of renters pay more than 30% of their income for housing costs.
- An October 2020 Brookings Institution 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.
- As of December 2020, Wellesley had 11.5% of its housing stock in the state’s Subsidized Housing Inventory. This is a higher share than most Massachusetts communities, but a lower share than many well-resourced Boston suburbs, including Andover, Bedford, Burlington, Canton, Foxborough, Hopkinton, Lincoln, Littleton, Needham, Westborough, Westford, and others.
- Types of subsidized housing in Wellesley:
- As of 2018, more than 81% of housing units and 94% of owner-occupied units in Wellesley are single-family dwellings.
- In 2018, 92% of the land zoned for residences in Wellesley was occupied by single-family homes.
- 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 2020, Wellesley’s population grew by 5.6%, while our housing stock grew by 1.0%.