Values Compared to Last Year

Did Values Change?

The Needham Assessors conducted a DOR mandated sales review in preparation for Fiscal Year (FY) 2025. With strict oversight from the Massachusetts Department of Revenue, a comprehensive review and statistical analysis of all sales from calendar year 2022 and 2023 was conducted to ensure that the values of all properties in Needham reflect what was taking place in the Needham real estate market during that time. This analysis was thoroughly reviewed and officially certified by the Department of Revenue prior to the approval of the FY2025 tax rates and the issuance of the third quarter (December 2024) tax bill.  A complete list of the valuation changes may be viewed here.

Effects on Residential Property Values

The average residential single family property value increased by 22.28% to $1,464,398. This year's assessments represent the market value of properties as of January 1, 2024 and reflect the continuation of a very strong residential market in Needham. It is important to note that while the average single-family home value increased by 22.28%, there are individual differences in valuation changes among neighborhoods and different types of property. In some neighborhoods, recent sales, changes to the cost tables used to determine building values, and property inspections after a sale or recent permitted upgrades have resulted in value increases of greater or lesser than 22.28%.

Sales data from January to October of 2024 reflects a continued increase in the median sale price of single-family homes in Needham. Early analysis of calendar 2024 residential sales indicates an overall stable "seller's" market is continuing, as is evidenced by these median price increases.