02724, Fall River, MA

The 2724 zip code of Fall River, MA has a median home value of $191,200 and a median home equity value of $119,000. The city has a population of around 63,000 people and is located in the southeastern part of Massachusetts. The 2724 zip code has seen an increase in home values over the past five years, with prices increasing by 7.8% from 2013 to 2017.

There are many factors that contribute to the rise in home values in the 2724 zip code of Fall River. One reason is that there is a high demand for housing in this area due to its proximity to major cities such as Boston and Providence. Additionally, the city has been designated as a “smart growth” community which means that it is undergoing significant redevelopment projects which are expected to increase demand for housing even further.

Another factor contributing to the increase in home values in the 2724 zip code is low interest rates. Since 2007, interest rates have been at historic lows which has made it more affordable for people to borrow money to purchase homes. Low interest rates also make it more attractive for homeowners who want to refinance their homes or sell their homes quickly.

Despite these positive trends, there are some challenges facing homeowners in the 2724 zip code of Fall River. One issue is that there is a shortage of available housing units which means that prices are higher than they would be if there were more available units on the market. Additionally, some homeowners may be struggling with debt payments because interest rates are still relatively low compared to historical norms.