Massachusetts Housing Market Sees Record-High Prices Despite Decreasing Sales

The latest report from The Warren Group reveals that both single-family homes and condominiums in Massachusetts reached new all-time highs in median sale price for the month of October. However, the number of sales for both types of properties declined significantly compared to the previous year.

Single-Family Homes:

• Sales: 3,515 (16.9% decrease from October 2022)
• Year-to-date sales: 34,182 (23.9% decrease from 2022)
• Median price: $570,000 (10.6% increase from October 2022)
• Year-to-date median price: $570,000 (3.6% increase from 2022)

Condominiums:

• Sales: 1,562 (9.4% decrease from October 2022)
• Year-to-date sales: 16,362 (19.7% decrease from 2022)
• Median price: $500,000 (4.4% increase from October 2022)
• Year-to-date median price: $515,500 (4.9% increase from 2022)

Key Takeaways:

• While prices continue to climb, the number of homes sold has reached its lowest point for October since 2011.
• Limited inventory and rising interest rates are making it more difficult for buyers to purchase homes in Massachusetts.
• Condos offer a different kind of homeownership experience but are approaching a similar price point as single-family homes.

Greater Boston Market:

• The Greater Boston area saw similar trends with decreasing sales and increasing prices.
• Single-family home sales declined by 16.7% year-over-year, with a median price increase of 10% from $649,900 to $714,950.
• Condo sales decreased by 9.3% year-over-year, with a median price increase of 3.6%.

 

This analysis was completed using available data from The Warren Group.