Massachusetts home, condo prices reach new highs #MABA #MassachusettsRealEstate #FirstTimeHomeBuyers #MaBuyerAgent

Median home and condo sale prices reached new highs for October last month, spurred by inventory falling far below historical norms, according to a new Warren Group report. October single-family home sales fell sixteen point nine percent from last year to three thousand five hundred and fifteen, marking the lowest sales for the month since 2011. Meanwhile, the median single-family sale price increased then point six percent to $570,000, a new high for the month.

“Home sale prices in October climbed to the highest they’ve ever been during this time of year,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “However, the number of homes sold was the lowest it’s been in eleven years. Inventory is far below historical norms, and limited choices make it more difficult to find a home. And record high prices paired with rising interest rates make the task of buying a home that much more formidable.”

Since January, thirty four thousand five hundred and fifteen homes have sold, down twenty three point nine percent from the first ten months of 2022. During the same period, the median single-family home price rose three point six percent to $570,000. Similarly, condo sales fell, while prices rose last month. Condo sales dropped nine point four percent to one thousand five hundred and sixty two transactions, compared to one thousand seven hundred and twenty five last October. Meanwhile, the median sale price increased by four point four percent to $500,000, also marking a new high for October.

“Massachusetts condo prices soared to a record high in October, setting a new benchmark. Condos previously offered a more affordable purchase option; arguably, at just $75,000 less than a single-family home, those times are over,” Norton said. “Condo ownership also comes with benefits such as shared maintenance responsibilities, amenities and a sense of community, offering a different kind of homeownership experience for families in the Bay State.” So far this year, sixty four thousand three hundrd and thirty two condos sold across the state, down nineteen point seven percent from 2022, with a median sale price that’s up four point nine percent to $515,500.

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