As we move through 2024, the Massachusetts real estate market continues to evolve, offering both opportunities and challenges for property owners, investors, and renters alike. In this update, we’ll dive into key trends in rental rates, property values, and highlight popular neighborhoods across the state that are attracting attention.

Rental Rates on the Rise

Massachusetts has seen a steady increase in rental rates, driven by strong demand in urban centers and key suburban areas. Other cities, like Cambridge and Somerville, have also experienced a surge, with average rents in Cambridge still high.

However, suburban towns like Worcester, Lowell, and Framingham are offering more affordable options. The ongoing demand for remote work flexibility is also pushing some renters to consider these suburban areas, where they can find larger spaces for better value.

For investors, the growth in rental properties is particularly notable in regions like Worcester County, where property prices remain relatively affordable while rents continue to increase.