Massachusetts Real Estate home values up 15% from 2019

Single-family home sales dipped slightly (0.8%) in August from the previous year, and condo sales were down 2.4%, according to the Massachusetts Association of Realtors. But in an era defined by bidding wars and scarce inventory, the median price for single-family homes and condos jumped 14.7% and 5.6%, respectively. New listings — 6,531 single-family homes and 2,685 condominiums — were down slightly from the previous month, but the year-over-year drop was dramatic, down 56.1% for single-family homes and 22.5% for condos.

It’s the lowest inventory of single-family units since MAR began the report in 2004 and the highest median price for three months running in the report’s history. “Historically, we see housing activity in Massachusetts begin to slow a bit as we head into early fall, though this year all signs point to a very busy fall housing market,” said 2020 MAR President Kurt Thompson, broker at Keller Williams Realty North Central in Leominster.

“We expect to continue to see healthy housing demand over the next several months, even with a possible seasonal resurgence of COVID-19 and the upcoming elections.”

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FIRST TIME HOMEBUYERS

First Time Home Buying in Massachusetts

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