Millis, MA 02054 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Millis, MA—02054

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$678,000

0.6% YoY Growth

Household Income

$149,000

40.1% YoY Growth

Days on Market

9.0% Shorter YoY

Home Price Forecast

1.7%

Median Rent

$2,750

10.1% YoY Growth

1-Bed Rent

$2,550

38.2% YoY Growth

2-Bed Rent

$2,600

18.3% YoY Growth

3-Bed Rent

$2,850

11.0% YoY Growth

Home Price Trends — Millis, MA

As of Dec '25, the median home price in Millis, MA is $678,000, with a year-over-year change of 0.6%. This indicates that home prices in Millis, MA are flat. According to Zillow, the 1-year price projection is 1.7%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$678,000	0.6%
Single Family	$684,000	0.3%
Condos	$591,000	3.3%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

1 Bedroom

24.7%

2 Bedrooms

55.4%

3 Bedrooms

19.9%

Property Listings — Millis, MA

As of Dec '25, Realtor.com reports that the median days on market for a home in Millis, MA is 40. This is a decrease of -8.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 40.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$1,050,000	12.0%
Listing Count	12	-4.0%
Listings as % of Homes	0.6%	-4.0%
Days on Market	58	-9.0%

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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%

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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%

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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%

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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

Millis, MA—02054

Key Metrics at a Glance

Home Price Trends — Millis, MA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Millis, MA

% of Rental Stock

Property Listings — Millis, MA

Demographics — Millis, MA

Race and Ethnicity

Mortgage and Risk — Millis, MA

Mortgages

Rentals and Section 8 — Millis, MA

Section 8 Market Size

Section 8 Opportunity

Affordability — Millis, MA

Home Price to Income Ratio

Millis, MA — ZIP Code Boundary Map

Nearby ZIP Codes

Medfield, MA

Norfolk, MA

Sherborn, MA

Medway, MA

Holliston, MA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4
Median Home Price	$678,000
Median Household Income	$149,000

Millis, MA—02054

Key Metrics at a Glance

Home Price Trends — Millis, MA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Millis, MA

% of Rental Stock

Property Listings — Millis, MA

Demographics — Millis, MA

Race and Ethnicity

Mortgage and Risk — Millis, MA

Mortgages

Rentals and Section 8 — Millis, MA

Section 8 Market Size

Section 8 Opportunity

Affordability — Millis, MA

Home Price to Income Ratio

Millis, MA — ZIP Code Boundary Map

Nearby ZIP Codes

Medfield, MA

Norfolk, MA

Sherborn, MA

Medway, MA

Holliston, MA

Frequently Asked Questions

What is the average home price in Millis, MA 02054?

How have home prices in Millis, MA 02054 changed over the past year?

What is the home price projection for Millis, MA 02054?

What are the demographics of Millis, MA 02054?

How long does it take homes to sell in Millis, MA 02054?

What is the average rent price in Millis, MA 02054?