"Decades of undersupply in Northeastern markets have kept home values high relative to the median income in these areas," said Kara Ng, a senior economist at Zillow.
"As nearby areas like Boston became even less affordable and the hybrid work model made long commutes less of a hindrance, buyers began to look farther and farther out in search of affordability," said Ng.
"There is a lack of development over the last ten years, and we're caught in the demand," said Theresa Hatton, chief executive officer of the Massachusetts Association of Realtors.
"We're still way behind on the amount of homes that we need to reach the demand in Massachusetts ... When you get away from the densely populated areas, home buying becomes a competitive landscape," added Hatton.
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