Millis, MA—02054
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Millis, MA
As of Oct '25, the median home price in Millis, MA is $685,000, with a year-over-year change of 0.5%. This indicates that home prices in Millis, MA are flat. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $685,000 | 0.5% |
| Single Family | $691,000 | 0.1% |
| Condos | $596,000 | 2.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $608,000 | 2.5% |
3 Bed | $628,000 | 0.5% |
4 Bed | $808,000 | -0.4% |
| 5 Bed | $956,000 | 1.6% |
% of Housing Stock
Rental Trends — Millis, MA
As of July '25, Rentcast reports the average rent in Millis, MA is $3,040, with a year-over-year rent change of -10.1%. Per bedroom, the median rent as of July '25 in Millis, MA is 1-bedrooms: $2,460, 2-bedrooms: $2,720, 3-bedrooms: $2,830, 4-bedrooms: $4,980. The most common rental property sizes in Millis, MA are 2-bedroom and 1-bedroom, accounting for 55.4% and 24.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,750 | $3,040 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,550 | $2,460 |
| 2 Bed Rent | $2,600 | $2,720 |
| 3 Bed Rent | $2,850 | $2,830 |
| 4 Bed Rent | $3,500 | $4,980 |
% of Rental Stock
Property Listings — Millis, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Millis, MA is 31. This is a increase of 50.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $868,000 | 11.0% |
Listing Count | 23 | 18.0% |
| Listings as % of Homes | 0.6% | 18.0% |
Days on Market | 31 | 50.0% |
Demographics — Millis, MA
As of the latest ACS Survey released in 2023, Millis, MA has a population of 8,700, which has increased by 6.1% over the past 5 years. Millis, MA is a moderately popular place for families, as children make up 19.6% of the population. The area has a highly educated workforce, with 50.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,700 | 6.1% |
% Under 18 | 19.6% | -11.7% |
% Seniors | 23.3% | 34.7% |
% WFH | 16.9% | 333.3% |
% w/ College Degree | 50.7% | -6.5% |
As of the latest ACS Survey released in 2023, Millis, MA is a predominantly white area, with 87.0% of the population identifying as white. The white population has shrunk by 4.5% in the last 5 years. The second most common race or ethnicity in Millis, MA is asian, making up 4.0% of the population. Foreign-born residents account for 10.8% of the population in Millis, MA, and this percentage has increased by 36.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 87.0% | -4.5% |
% Black | 1.3% | -38.1% |
% Hispanic | 2.0% | -57.4% |
% Asian | 4.0% | 185.7% |
% Foreign Born | 10.8% | 36.7% |
Mortgage and Risk — Millis, MA
According to HUD data as of 2023, there were 197 mortgage originations in Millis, MA, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 6.0% above 90% LTV (normal). This implies small mortgage risk in Millis, MA. Investor activity is low, as 1.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 197 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Millis, MA
As of 2024, the percent of homes in Millis, MA under the Section 8 program is 7.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Millis, MA, because HUD payments exceed market rent, while 1-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 56 |
Total Units Section 8 | 56 |
% Rentals under Section 8 | 7.9% |
% Occupied Section 8 | 92.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$310 | $2,550 | $2,240 |
| 2 Bedroom | $50 | $2,600 | $2,650 |
| 3 Bedroom | $340 | $2,850 | $3,190 |
| 4 Bedroom | $10 | $3,500 | $3,510 |
Affordability — Millis, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $685,000 |
| Median Household Income | $149,000 |