Massachusetts home, condo prices break August records MABA MassachusettsRealEstate MaBuyerAgent FirstTimeHomeBuyers

The median sale price of single-family homes and condominiums in Massachusetts broke new records in August despite double-digit declines in activity, according to a new Warren Group report. The median single-family sale price increased six point two percent to $600,000 in August, a new high for the month. Last month, 5,753 single-family homes sold in the Bay State, down twenty three point six percent from 4,397 in August 2022. “The hits keep coming for prospective homebuyers in Massachusetts,” said Cassidy Norton, associate publisher and media relations director of the Warren Group.

“The shrinking single-family inventory continues to push prices to new highs. Couple this with the fact that interest rates are nearly double where they were a year ago, and the homebuying process is becoming more complicated – and expensive – for buyers.” Since January, 27,055 homes have sold, down twenty four point four percent from the first eight months of 2022. During the same period, the median single-family home price rose two point seven percent to $570,000.mAs has been the case all summer, condo prices and sales activity followed similar trends. Sales fell seventeen point four percent to 1,871 transactions, compared to 2,266 last August. Meanwhile, the median sale price increased by nine point four percent to $525,000.

“While year-over-year condo sales experienced a notable decline of seventeen point four percent, a testament to the evolving dynamics of the real estate landscape, the median condo price tells a different story,” Norton said. “Historically, condos have been a more affordable alternative to single-family homes, but with median prices soaring to a new all-time high of $525,000 for the month of August, homeownership will continue to elude many buyers.” So far this year, 13,131 condos sold across the state, down twenty one point six percent from 2022, with a median sale price that’s up four percent to $520,000.

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