Peabody, Massachusetts

Market Quick Stats

About Peabody

Peabody sits in Essex County, 15 miles north of Boston. This community of 55,418 residents blends historic identity with modern living. Known as the Leather City for its heritage in leather tanning, Peabody now offers diverse neighborhoods, strong job centers like Analogic Corp, and good schools.

Real estate in Peabody ranges from downtown urban living to suburban family homes. The median home price is $620,000. Neighborhoods vary from walkable downtown to residential areas with larger lots. Commute times to Boston average 27 minutes via MBTA bus routes, making Peabody attractive to professionals working in the city.

Families, professionals, and retirees find appeal here. The cost of living runs about 9% higher than Massachusetts statewide but remains reasonable for North Shore communities. Peabody offers the accessibility of a mid-sized city with authentic New England character.

Housing Market Overview

📊 Price Trends

The median home price in Peabody is $620,643. Year-over-year comparisons show homes appreciating 9.4% from the previous year. Price per square foot averages $417, reflecting steady demand in the Essex County market.

Home prices range by neighborhood. Downtown Peabody features more modest values near $380,000 for rental-heavy areas. Single-family homes in residential neighborhoods range from $450,000 to $850,000. Premium properties on larger lots command $1M+.

📊 Days on Market

Homes in Peabody sell after an average of 20 days on market. Competition remains moderate compared to more expensive Boston communities. Inventory levels favor prepared buyers with financing in place.

📊 Rental Market

Median gross rent in Peabody is $2,059 per month. Rental demand stays strong, especially in downtown and South Peabody, making investment properties viable options.

Neighborhoods & Districts

🏘️ Downtown Peabody

Downtown Peabody is the urban heart of the city. This densely populated area features small to medium-sized apartment buildings, retail, and services. The median home price runs $380,000 with median rent at $1,700 — the lowest price tier in the city. This neighborhood attracts renters, younger professionals, and those seeking walkability. Downtown offers the closest MBTA bus access and local restaurants and shops.

🏘️ South Peabody

South Peabody lies south of Interstate 95, making it ideal for commuters. This neighborhood is one of Peabody's most culturally diverse areas. Residents include 32% Irish, 8% Portuguese, and a blend of American, Hispanic, and other communities. The area contains restaurants, small stores, and family-friendly residential blocks. Home prices run higher than downtown but remain accessible for first-time and growing families.

🏘️ West Peabody

West Peabody offers quieter residential streets with larger lots and single-family homes. This area attracts families seeking suburban living while remaining close to city amenities. Schools serve these neighborhoods, and commute routes to Boston flow efficiently through this section.

Schools & Education

🎓 Peabody Public Schools

The Peabody Public Schools system serves 5,832 students across 11 schools. Elementary schools include West Memorial and John E Burke, both recognized as top performers. Peabody Veterans Memorial High School serves grades 9-12. The district also offers Peabody Personalized Remote Education Program for students needing alternative formats.

Schools face challenges with math proficiency at 34% (versus state average of 43%) and reading proficiency at 32% (versus state average of 45%). The district ranks 14th for athletic programs in Essex County and 5th for diversity. Average school ranking is 3/10 in Massachusetts statewide comparisons.

Families should review individual school ratings and programs. Peabody offers structure and access but requires active parental involvement for optimal outcomes.

🏛️ Higher Education

Peabody has no colleges but sits near major institutions. Salem State University is adjacent. Boston-area schools including Northeastern, BU, Harvard, and MIT are 20-35 minutes away. This proximity makes Peabody ideal for students and university employees.

Taxes & Cost of Living

💵 Property Tax Rates

Peabody's effective property tax rate is 0.95%, which is below the national median of 1.02% and below Massachusetts state average of 1.23%. For fiscal year 2025, the residential tax rate is $9.26 per $1,000 of assessed value.

The median annual property tax bill in Peabody is $4,985. For a $620,000 home, expect annual taxes around $4,600-$5,100. This remains competitive for the Boston area.

🛒 Cost of Living Index

Peabody's cost of living index is 129.0 (U.S. average = 100), indicating costs run 29% higher than national averages. Compare this to Massachusetts statewide at 145/100. Peabody is 9% more affordable than the Massachusetts average, making it an attractive option for professionals seeking Boston-area living at lower cost.

Utilities, groceries, transportation, and services all factor into overall cost. MBTA public transit offers alternatives to car ownership, reducing transportation costs for some residents.

💵 Housing Affordability

With median home prices at $620,000 and property taxes below state average, Peabody offers reasonable housing costs for the region. Inventory includes options from $350,000 to $1M+, allowing flexibility across price points. Rental options at $2,059 median monthly rent provide entry options for those not ready to buy.

Lifestyle & Community

🌴 Local Character

Peabody's identity as the Leather City runs deep. Historically, 91 tanneries operated here in 1919, making it the world's largest leather producer. While most tanneries have closed or relocated, the city honors this heritage and continues reinventing itself as a modern community.

Downtown reflects urban renewal efforts with shops, restaurants, and gathering spaces. The North Shore location places Peabody between Salem to the north and Lynn to the south, creating a vibrant regional network.

🍽️ Dining & Shopping

South Peabody and downtown cores feature ethnic restaurants reflecting community diversity. From Portuguese to Irish to Asian cuisines, dining options abound. Northshore Mall and local retailers provide shopping within city limits. Larger retail options are minutes away in Salem and surrounding communities.

🌳 Parks & Recreation

Parks dot the city, offering green space for families. Beach access comes via 20-minute drives to nearby coastlines. Urban trails and neighborhood playgrounds support active outdoor living. Seasons bring seasonal activities from summer concerts to fall festivals celebrating local culture.

Jobs & Economy

Peabody has a strong employment base serving residents and the region. Major employers include:

💼 Analogic Corporation

A leading manufacturer of instruments for measurement and testing of electrical and electronic signals. Analogic provides technical jobs and supports the regional economy with hundreds of employees.

💼 Northshore Mall

A major retail and employment hub serving retail, food service, and customer-facing roles. The mall anchors retail commerce in Peabody and creates diverse job opportunities.

💼 Boston Jobs

Peabody's 15-mile proximity to Boston means many residents commute to city jobs. Marketing, finance, healthcare, education, and tech roles abound in Boston. The 27-minute average commute makes this viable for professionals seeking Boston opportunities with Peabody cost of living and community.

Transportation & Commuting

🏘️ Boston Commute

Peabody is 15 miles north of Boston. Average commute time to work is 27 minutes. Several commuting paths serve residents. Many drive via I-95 or local roads. MBTA bus route 435 runs through Peabody, connecting to Lynn and Salem. The closest commuter rail stop is in adjacent Salem, offering Red Line connections to downtown Boston.

🏘️ Public Transit

MBTA service includes bus routes throughout Peabody. Route 435 provides regular bus service. While Peabody lacks a train station, Salem's commuter rail is minutes away. Public transit works for some residents but car ownership provides more flexibility for this community.

🏘️ Road Access

I-95 runs south of Peabody, providing quick access to Boston and points north. Local roads including Route 128 and Route 1 offer additional commuting corridors. Road infrastructure supports car-based commuting efficiently.

Who Should Live Here

Peabody fits several buyer profiles:

Boston Commuters— Professionals working in Boston gain 27-minute commutes, lower housing costs, and community feel compared to in-city living.

Growing Families— Access to schools, parks, residential neighborhoods, and community services makes Peabody a family destination.

First-Time Homebuyers— Homes starting under $450,000, combined with below-average property taxes, reduce ownership costs for entry-level buyers.

Investors— Rental demand supports investment property returns. Downtown and South Peabody offer steady tenant markets.

Retirees— Proximity to healthcare, cultural options, and urban services appeals to retirees. Walkable neighborhoods and transit options support aging in place.

Professionals & Students— Salem State University proximity and Boston college access make this ideal for academic and professional advancement.

Investment Insights

💰 Market Strength

Peabody's housing market shows stability with homes selling in 20 days and price-per-square-foot gains of 9.4% year-over-year. Demand remains steady due to Boston commute proximity and below-average tax rates.

💰 Rental Income

Median monthly rent of $2,059 provides attractive yields on investment properties. South Peabody and downtown areas show strong tenant demand, particularly with younger professionals and families.

💰 Tax Advantages

Low property taxes at 0.95% effective rate reduce annual ownership costs compared to neighboring communities. This advantage improves investment cash flow and ownership economics.

💰 Growth Catalysts

Infrastructure improvements, downtown revitalization, and continued Boston area growth support long-term appreciation. Regional job growth in tech and professional services benefits Peabody residents and property values.

Zip Codes & Neighborhoods

🏘️ 01960

Peabody's primary zip code covers most residential and commercial areas. Downtown, South Peabody, and West Peabody neighborhoods all operate under 01960.

🏘️ 01961

Secondary zip code assigned to parts of Peabody. Both 01960 and 01961 serve the city, with most listings showing 01960.

Browse Active Listings in Peabody

See what's available now. View homes by price, neighborhood, or style.

Financing Your Peabody Home

Winslow Homes works with Ryan & Megan Winslow, a federally licensed mortgage company serving all 50 states. Our loan officers provide competitive rates, flexible programs, and expert guidance through purchase and refinance.

🏦 Loan Programs

Conventional, FHA, VA, and USDA loans available. Down payment assistance programs support first-time homebuyers. Expert rates and terms for all credit profiles.

🏦 Quick Preapproval

Get preapproved in minutes. Shop with confidence knowing your buying power. Streamlined process means faster offers and closings.

🏦 Contact

Phone:386-690-5858Website:www.winslowloan.comNMLS #2426605

Loan Officers:Ryan Winslow — NMLS #2426605Megan Winslow — NMLS #2692933

Important Disclaimers

The information provided on this page is compiled from public sources, regional data providers, and market reports. While we strive for accuracy, market conditions change rapidly. Property prices, tax rates, school ratings, and neighborhood characteristics can vary. Always consult with local professionals including real estate agents, tax advisors, and educators for current information specific to your situation.

Winslow Homes and its agents do not guarantee the accuracy or completeness of any information presented. Data sources include U.S. Census Bureau, NeighborhoodScout, Redfin, Zillow, and municipal assessor offices. School ratings from Niche and GreatSchools. Market statistics subject to change.

This guide is for informational purposes. Reliance on any information is at your own risk. Prior to purchase or investment decisions, conduct independent verification and consult with licensed professionals.

About Winslow Homes LLC

Winslow Homes LLC is a full-service real estate brokerage licensed in Florida, Massachusetts, Connecticut, and Rhode Island. Ryan and Megan Winslow combine experience with commitment to client success and market expertise.

🏘️ Brokerage Services

Buyer representation guides clients through property selection, negotiation, and closing. Seller marketing strategies position properties competitively. Investment advisory services assist buyers seeking income-producing properties. Relocation assistance helps families moving to new communities.

📊 Market Expertise

The Winslow Homes team brings specialized knowledge of Peabody neighborhoods, property values, market trends, and investment opportunities. Regular market analysis keeps agents informed on current conditions.

📞 Contact Information

Winslow Homes LLC
Email: Broker@WinslowHomesLLC.com
Phone: 386-690-5858

MLS Disclaimer & Legal Information

All real estate information provided by Winslow Homes LLC is derived from the Multiple Listing Service (MLS) and public sources. Information is deemed accurate but not guaranteed. Buyers should verify all information independently before making purchase decisions.

This website and all information provided does not constitute legal, financial, or tax advice. Buyers should consult qualified professionals including real estate attorneys, tax advisors, and financial planners before making property decisions.

Equal Housing Opportunity: Winslow Homes LLC operates under fair housing principles. Discrimination based on race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity is prohibited.