2023 brought a double whammy to the Massachusetts housing market: a 22.4% plunge in single-family home sales and a record-breaking surge in median sale prices.
Some Key Data Points:
- Single-family home sales: Lowest since 2011, down 22.4% from 2022.
- Median single-family home price: Up 3.6% from 2022 to $570,000.
- Condo sales: Lowest since 2012, down 18.7% from 2022.
- Median condo price: Up 4.4% from 2022 to $510,000.
- “Limited inventory and high interest rates are the driving force behind this trend,” said Cassidy Norton, of The Warren Group.
- “As demand outpaces supply, home prices continue to climb, making it increasingly difficult for many to enter the housing market.”
- “The condo market followed similar trends, with buyers willing to pay a premium for convenience and lifestyle.”
Greater Boston:
- Single-family home sales down 23.8%, year-end median price up 2.9%.
- Condo sales down 18.2%, year-end median price up 3.3%.
What’s Next?:
- Market watchers are unsure if the trend will continue in 2024.
- Affordability remains a major concern for potential buyers.
Call to Action:
- Contact Robb Enterprises today for more information on the market and our creative ways of finding you a property to move into or invest in.
information and statistics partially provided by The Warren Group
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