Norfolk County Real Estate and Livability Trends
Norfolk County, Massachusetts has seen median home values surge from $399,500 in 2015 to $612,100 in 2022, positioning it as a competitive market for investors but a challenging one for first-time buyers. Rising real estate taxes from $6,633.71 in 2012 to $10,694.66 in 2021 correlate with property value appreciation and growing municipal budgets. Meanwhile, the student-to-teacher ratio has... Read more
Norfolk County Market Trends
Median home values in Norfolk County, Massachusetts have climbed from $399,500 in 2015 to $612,100 in 2022, outpacing both state and national growth rates. This suggests a highly competitive market, appealing for investors seeking significant appreciation, yet challenging for first-time buyers. Residential energy tax credits have fluctuated substantially, peaking at $4,622.14 in 2018, indicative... Read more
Median Value of Occupied Housing Units in Norfolk County, Massachusetts Over the Last 8 Years
Median home values in Norfolk County, Massachusetts have shown a significant and steady increase over the past eight years, climbing from $399,500 in 2015 to $612,100 in 2022. This local trend appears more accelerated compared to state and national averages, where Massachusetts saw values rise from $333,100 to $483,900, and the national figures increased from $125,500 to $179,400 in the same timeframe. Such growth in Norfolk County suggests a highly competitive market, which could be appealing for investors seeking substantial appreciation, yet might pose challenges for first-time homebuyers looking to enter the market.
Residential Energy Tax Credit Per Tax Return in Norfolk County, MA Over the Last 9 Years
Residential energy tax credits in Norfolk County, Massachusetts have shown considerable fluctuations over the past nine years. From a modest start at approximately $430.53 per tax return in 2013, the value surged to about $1,144.98 in 2017 before hitting an unprecedented peak at $4,622.14 in 2018. While these credits have since decreased, they remain relatively high, hovering around $1,299.48 in 2021. This dynamic shift suggests varying levels of investment in residential energy improvements, likely influenced by changing state incentives, fluctuating energy costs, and growing awareness of sustainable living. Investors and homeowners could see this as indicative of a community investing in long-term energy solutions.
Average Real Estate Taxes Per Tax Return in Norfolk County, MA Over the Last 10 Years
Over the last decade, Norfolk County, Massachusetts has experienced a notable upward trend in average real estate taxes per tax return, increasing from approximately $6,633.71 in 2012 to about $10,694.66 in 2021. This significant rise suggests a consistent appreciation in property values and possibly increasing municipal budgets, which could impact decisions for investors, homebuyers, insurance agents, and real estate developers. High and rising property taxes might deter some potential residents, but they also underline the desirability and economic growth of the region.
Percentage of Farm Returns in Norfolk County, MA Over the Last 10 Years
The percentage of farm tax returns in Norfolk County, Massachusetts has shown some fluctuation over the last decade, generally hovering around 0.05%. Farm tax returns, which report income and expenses related to farming activities, are a key indicator of agricultural activity. The notable dip in 2014 and 2020 could hint at broader economic or environmental factors impacting local farming operations. Investors, developers, and residents with an interest in agriculture may find these trends indicative of the area's agricultural economic health and resilience.
Number of Mortgages by Occupancy Type in Norfolk County, MA Over the Last 5 Years in Norfolk County
Over the past five years, Norfolk County, Massachusetts has seen a marked increase in the number of mortgages for principal residences, particularly peaking in 2020 and 2021. There has been a notable rise in investment property mortgages from 2018 to 2021, although it slightly dipped in 2022. Second residence mortgages have remained relatively stable, with a small uptick in 2020. This data could suggest that the area is becoming more attractive to both primary homeowners and investors. For those looking to move to or invest in Norfolk County, understanding these shifts can indicate changing market demands and housing affordability trends. Appraisers and real estate agents might use such data to anticipate market movements, while insurance agents and property builders can tailor their offerings accordingly.
Economic Outlook
Norfolk County, Massachusetts has experienced a steady rise in average taxable income per tax return from $112,068.28 in 2013 to $189,607.63 in 2021, hinting at economic growth and potentially attracting investors and real estate professionals. State and local income taxes have more than doubled, reaching $29,502.15 in 2021, which might influence investment decisions due to a growing tax burden. The average total tax liability also increased from $24,458.56 in 2012 to $45,962.40 in 2021,... Read more
Average Taxable Income per Tax Return in Norfolk County, MA over the last 9 years
Norfolk County, Massachusetts has seen a steady increase in average taxable income per tax return over the past nine years, making it a potentially lucrative area for investors and real estate professionals. From $112,068.28 in 2013 to $189,607.63 in 2021, the trend suggests economic growth and a rising standard of living. Notably, a significant jump occurred in 2021, possibly indicating economic recovery or influxes of higher-income residents. This makes Norfolk County a compelling option for those considering property development, appraisals, or even relocation.
Average State and Local Income Taxes Per Tax Return in Norfolk County, MA Over the Last 10 Years
Over the last decade, Norfolk County, Massachusetts, has seen a significant increase in average state and local income taxes per tax return, rising from $11,518.04 in 2012 to $29,502.15 in 2021. This trend could suggest a growing tax burden that may influence decisions around investing, relocating, or developing property in the area. Notably, the most significant jumps occurred between 2017 and 2018, and again from 2020 to 2021, which might be reflective of broader economic shifts or policy changes in the county.
Average Total Tax Liability Per Tax Return in Norfolk County, MA Over the Last 10 Years
Over the past decade, Norfolk County, Massachusetts has seen a noticeable uptick in average total tax liability per tax return, with figures climbing from $24,458.56 in 2012 to $45,962.40 in 2021. This rising trend, particularly the significant spike in 2021, could hint at evolving economic conditions, increasing property values, and changes in local tax regulations. For investors, real estate agents, and property developers, these figures suggest a growing affluence in the area, indicating potentially increasing property values and a robust market. However, insurance agents and appraisers might caution about the higher liabilities implying possibly more risk and expenses for homeowners.
Cost of Living in Norfolk County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $3,459 | $1,850 | $1,659 | $3,199 | $3,222 |
| 1 adult 4 children | $3,459 | $1,511 | $1,256 | $3,199 | $3,256 |
| 2 adults 3 children | $3,459 | $1,511 | $1,445 | $3,199 | $2,960 |
| 1 adult 3 children | $3,459 | $1,234 | $1,043 | $3,199 | $2,977 |
| 2 adults 2 children | $2,842 | $1,237 | $1,232 | $2,844 | $2,440 |
| 1 adult 2 children | $2,842 | $924 | $829 | $2,844 | $2,474 |
| 2 adults 1 child | $2,842 | $978 | $1,019 | $1,691 | $1,982 |
| 1 adult 1 child | $2,842 | $632 | $616 | $1,691 | $2,013 |
| 2 adults | $2,370 | $785 | $806 | $0 | $1,259 |
| 1 adult | $2,183 | $428 | $403 | $0 | $1,232 |
Safety trends & Data
Property crime in Norfolk County, Massachusetts has seen some significant fluctuations over the past five years. Larceny-theft, the most common crime, dropped from 775 cases in 2018 to 386 in 2022, suggesting possibly improved crime prevention or changing behaviors. While embezzlement and motor vehicle theft figures have stayed relatively low and stable, vandalism incidents peaked at 118 in 2020 before falling to 101 in 2022. These trends offer important insights for potential investors, real... Read more
Property Crime Trends in Norfolk County, MA Over the Last 5 Years
Property crime in Norfolk County, Massachusetts has shown some notable fluctuations over the past five years. Larceny-theft, the most frequently occurring crime, saw a significant drop from 775 cases in 2018 to 386 in 2022, indicating perhaps more effective crime prevention or changes in population behavior. On the other hand, embezzlement and motor vehicle theft figures have remained relatively stable but low. Interestingly, while vandalism cases peaked at 118 in 2020, they have dipped again, reaching 101 in 2022. These trends are crucial for potential investors, real estate agents, and those planning to relocate, as they provide insights into the safety and security landscape of the area.
Demographics
Norfolk County, Massachusetts, exhibits diverse demographic trends with a slightly higher female population. Educational attainment is high, as a significant portion of adults hold a bachelor's degree or higher. Residents are fairly distributed across age groups, with a notable number in the 25 to 64 years range. The county is predominantly white but has a notable representation of Asian and African American... Read more
Race Distribution in Norfolk County, Massachusetts (2022)
Educational Attainment in Norfolk County, Massachusetts (2022)
Age Distribution in Norfolk County, Massachusetts
Citizen Population in Norfolk County, Massachusetts (2022)
Political Trends & Data
Norfolk County, Massachusetts, shows a potential Democratic preference, with about 66.5% of the 2020 U.S. Presidential Election votes going to the Democratic Party and around 30.5% to Republicans. This trend might be mirroring broader state tendencies, indicating a political climate that could influence property market... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Norfolk County, Massachusetts, the 2020 U.S. Presidential Election votes leaned heavily towards the Democratic Party with approximately 66.5%, while Republicans garnered around 30.5%. Third parties, including Libertarians and Greens, collectively made up a small fraction of the vote. This shift suggests a notable Democratic preference in the area, possibly reflecting broader state trends.
30.48% of voters voted for the Republican party in the 2020 Presidential Election
66.49% of voters voted for the Democrat party in the 2020 Presidential Election
1.26% of voters voted for the Livertarian party in the 2020 Presidential Election
0.43% of voters voted for the Green party in the 2020 Presidential Election
1.34% of voters voted for the Other party in the 2020 Presidential Election
School Data
Norfolk County, Massachusetts has seen its student-to-teacher ratio drop from 14 in 2014 to about 12 in 2023, significantly lower than the national average of 14. This trend toward smaller class sizes might suggest better educational outcomes, making the county more appealing for families focused on education. Real estate agents and investors could view this as a crucial selling point, while appraisers and insurance agents might see the area's strong school system as a factor that can... Read more
Student-to-teacher ratio in Norfolk County, Massachusetts over the last 10 years
Norfolk County, Massachusetts has seen a steady decrease in its student-to-teacher ratio over the last decade, dropping from 14 students per teacher in 2014 to roughly 12 in 2023. This trend suggests smaller class sizes, which could indicate improved educational outcomes and more individualized attention for students. Compared to the national average of 14 students per teacher, Norfolk County's ratio is noticeably lower, potentially making it a more attractive option for families prioritizing education. For real estate agents and investors, these figures might highlight the area's commitment to quality education, which could be a vital selling point. Appraisers and insurance agents might also find this data relevant, as a high-quality school system can influence property values and risk assessments in the region.
