01527, Millbury, MA

Millbury, MA is located in Worcester County and has a population of approximately 34,000. The median household income in the zip code is $101,000 and the median home value is $269,500. In 2015, there were 1,827 single family homes sold in Millbury and the average price per square foot was $157. In 2016 there were 1,902 single family homes sold and the average price per square foot was $163.

Since 2007, home prices have increased by an average of 10% each year in Millbury. Over the past five years (2013-2016), home prices have increased by an average of 14%. The majority of home buyers in Millbury are families with children under 18 living at home. Home buyers who are not families with children under 18 make up a smaller percentage of buyers than other markets across Massachusetts. In 2016 alone, 49% of all homebuyers in Millbury were families with children under 18 living at home while only 32% of all buyers were not families with children under 18 living at home.

The 1527 zip code has seen a large increase in demand for homes over the past few years due to strong job growth and low interest rates. Currently there are more jobs available than homes available which has led to bidding wars for some properties and record breaking prices for others. There is evidence that suggests that rising prices will continue to outpace inflationary trends over the next several years as demand continues to outstrip supply.