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Home Buyer Blues in Massachusetts: Sales Plummet to 12 year low While Prices Hit Record Highs

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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

November: Massachusetts Homes Remain Under Pressure: Sales Plummet While Prices Hit Records

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Massachusetts Homes Remain Under Pressure: Sales Plummet While Prices Hit Records

November Review: Massachusetts residential real estate saw dramatic shifts in November, with plummeting sales but record-high prices for both single-family homes and condos. The Warren Group, a leading data provider, reports that the market continues to be squeezed by limited inventory and elevated interest rates.

Single-Family Homes:

  • Sales dive: November saw a 10.6% year-over-year decline in single-family home sales, with only 3,447 transactions compared to 3,854 in 2022. This marks the lowest November sales figure since 2011.
  • Record-breaking prices: Despite the sales drop, the median single-family home price soared 8.4% to $579,900, a new high for the month. Year-to-date, prices have risen 4.0% to $572,000.
  • Limited inventory: Cassidy Norton, Associate Publisher at The Warren Group, attributes the price hike to “pent-up demand due to limited inventory.”

Condominiums:

  • Similar trends: Condos mirrored the single-family market, with sales falling 10.3% from 1,658 in November 2022 to 1,487 in 2023.
  • Price plateauing?: However, condo prices showed a glimmer of hope for buyers, remaining steady at $500,000 for the past three months. Year-to-date, the median price rose 4.7% to $512,900.

Greater Boston:

  • Sales slump: The Greater Boston market echoed the statewide trend, with single-family sales down 10.1% and condo sales down 10.7% year-over-year.
  • Price increases: Single-family prices in the region climbed 6.9% to $700,000, while condo prices remained flat at $550,000.

Future outlook:

  • Norton anticipates continued tightness in the market due to interest rates but predicts some relief in 2024 if the Federal Reserve lowers rates as planned.

 

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Massachusetts Median Home and Condo Prices Reach New All- Time High for Month of January

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MA Median Single-Family Home, Condo Prices Reach New All- Time High for Month of January:

MA Median Single-Family Home, Condo Prices Reach New All- Time High for Month of January

Single-family home sales down 32.6 percent on a year-over-year basis.

PEABODY, February 22, 2023 – Massachusetts single-family home and condominium prices continued to set records in January as sales activity plummeted by double digits, according to a new report from The Warren Group, a leading provider of real estate and transaction data.

Single-Family Homes

Last month, there were 2,379 single-family home sales in Massachusetts, a 32.6 percent decrease from January 2022 when there were 3,528 transactions. This marked the fewest number of single-family homes sales for the month of January since 2011. Meanwhile, the median single-family sale price increased 0.8 percent on a year-over-year basis to $499,000, a new all-time high for the month of January.

January 2021

January 2022

January 2023

% Change 2022-2023

% Change 2021-2023

Single-Family Home Sales

3,858

3,528

2,379

-32.6%

-38.3%

Median Single- Family Home Price

$446,000

$495,000

$499,000

0.8%

11.9%

“The lack of inventory in the housing market continued to add upward pressure to the median single-family home price,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “The 2,379 single-family home sales marked the fewest number of transactions for the month of January since 2011 and the lack of inventory is mostly to blame. Add in the fact that interest rates are nearly double what they were a year ago and the rising cost of consumer goods, and we can expect sales numbers to continue their downward trend in the coming months.”

Condominiums

In January, there were 1,178 condominium sales, compared to 1,633 in January 2022 – a 27.9 percent decrease and the fewest transactions recorded for the month of January since 2015. Meanwhile, the median sale price spiked 9.2 percent on a year-over-year basis to $480,500 – a new all-time high for the month of January.

January 2021

January 2022

January 2023

% Change 2022-2023

% Change 2021-2023

Condominium Sales

1,696

1,633

1,178

-27.9%

-30.5%

Median Condominium Price

$400,000

$440,000

$480,500

9.2%

20.1%

“Condo sales activity followed similar trends to single-family homes in January, but the biggest different was the 9.2 percent increase in the median condo price,” Norton continued. “The median condo price of $480,500 marked a new all-time high for the month of January.

Historically, condos were a more affordable alternative to single-family homes, but that doesn’t appear to be the case any longer.”

LOCAL STATISTICS: Click for a town stats and county stats breakdown.

 

 

ABOUT THE WARREN GROUP

Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. Established in 1872, The Warren Group recently celebrated its 150th anniversary this year. It is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record and The Registry Review. For more information visit www.thewarrengroup.com.