Median Price for Single-Family Homes Remain Over $400K in September 

Closed sales are up slightly but the number of single-family homes for sale remain at record monthly lows 

 

WALTHAM, Mass. – October 23, 2019 – The Massachusetts Association of Realtors® (MAR) reported today that median price for single-family homes increased five percent from last year to $410,000. Median prices for condominiums also saw a 10 percent increase to $375,450. Closed sales for single-family homes and condominiums increased year-over-year from September of 2018. This month, single-family closed sales increased less than one percent and condominiums increased almost three percent. September also had the lowest number of single-family homes for sale in the month of September since MAR began reporting the data in 2004.   

 

September 2019 Closed Sales:    

Single-Family 

September 2019 

September 2018 

% Change 

Sales 

4,733 

4,690 

+0.9 

Median Price 

$410,000 

$390,000 

+5.1% 

  • Closed sales have been up or flat for six out of the last 12 months. 

  • Median prices have been up or flat for 35 out of the last 36 months.  

Condominium 

September 2019 

September 2018 

% Change 

Sales 

1,766 

1,722 

+2.6% 

Median Price 

$375,450 

$340,000 

+10.4% 

  • Closed sales have been up or flat for four out of the last 12 months. 

  • Median prices have been up or flat for 32 out of the last 36 months.  

 
“With the median cost of a single-family home over $400,000, we’re still getting summer prices in the fall” said 2019 MAR President Anne Meczywor, broker/associate at Roberts & Associates Realty Inc. in Lenox. “Typically, home prices start to come down in September compared to the summer, but strong demand and the sparse selection have kept prices where they were.” 

September Inventory and Days on Market: 

Single-Family 

September 2019 

September 2018 

% Change 

Houses for Sales 

14,129 

17,826 

-20.7% 

Months of Supply 

3.0 

3.8 

-21.1% 

Days on Market 

57 

55 

+3.6% 

New Listings 

7,235 

7,301 

-0.9% 

  • 91st time in the last 92 months of year-over-year inventory decreases.  

  • Lowest number of homes for sale in the month of September since MAR began reporting in 2004.  

Condominiums 

September 2019 

September 2018 

% Change 

Houses for Sales 

4,794 

5,104 

-6.1% 

Months of Supply 

2.6 

2.8 

-7.1% 

Days on Market 

55 

45 

+22.2% 

New Listings 

3,064 

2,794 

+9.7% 

 “While the condominiums for sale were down again, the increase in the number of new condos added to the market in September is a positive,” said Meczywor. “We need more people who want to sell, to put their homes on the market to meet the buyer demand.”   

  

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