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As home prices shot into outer space statewide over the last 10 years, much of that growth was happening in Massachusetts’ most affordable communities.

Researchers behind the 2025 Greater Boston Housing Report Card found that price growth was highest in areas that had lower median home prices in 2015 rather than wealthier towns.

The report was compiled by researchers at The Boston Foundation’s in-house think-tank, Boston Indicators, and Boston University professors Katherine Einstein and Max Palmer.

By comparison, wealthier locales saw price appreciation at a slower rate. For example, the median single-family home price in well-heeled Lincoln only grew by 7 percent from 2015 to 2025.

Additionally, Lawrence, Brockton and Lynn also clocked in some of the largest percentage increases in their median single-family prices over the last 10 years, each experiencing more than 70 percent growth. On the other hand, exclusive communities like Brookline, Cambridge and Newton saw more modest single-family price growth according to the report: 17 percent, 9 percent and 24 percent, respectively. Brookline’s median condominium sale price rose 14 percent and Cambridge’s rose 23 percent, while Newton’s jumped 65 percent.

Median single-family sale prices have now reached over $1 million in 36 municipalities statewide, and three municipalities now have median single-family prices of more than $2 million.

Home values have also increased more than rents as single-family home values, according to Zillow data used by the researchers, increased by 88 percent from 2015 to 2025 while rents increased by 53 percent.

In 2025, nine municipalities had median condo prices over $1 million, an increase from six in 2024. Brookline, Hamilton and Needham joined the group of municipalities boasting a $1 million-plus median condo sale price. Marshfield, Needham, Saugus and Concord all saw their median condo prices grow more than 30 percent.

The report credits a lack of for-sale activity, partially due to rate-lock, for the rise in single-family home prices.

“Part of why prices have risen in recent years, even though mortgage rates have been elevated, is that fewer homes have gone on the market for sale, thereby reducing supply,” the report states. A central cause of this is the phenomenon of mortgage rate lock, where existing homeowners who secured far lower rates a few years ago, often in the 2.5 to percent range, are reluctant to sell because doing so would mean giving up their current mortgage and taking on a new loan at or percent. This dynamic has kept many potential sellers on the sidelines, limiting turnover in the market and pushing prices up despite weaker affordability for new buyers.”

Image courtesy of The Boston Foundation