Home, condo prices reach new November highs MABA MassachusettsRealEstate MaBuyerAgent FirstTimeHomeBuyers

Median home and condo prices in the Bay State reached new highs for November last month, despite sales activity declining by double digits from 2022, according to a new Warren Group report. November single-family home sales fell ten point six percent from last year to three thousand four hundred and forty seven, marking the lowest sales for the month since 2011. Meanwhile, the median single-family sale price increased eight point four percent to $579,900, a new high for the month. Cassidy Norton, associate publisher and media relations director of the Warren Group said market conditions and trends low inventory and high demand remained relatively unchanged in November.

“I don’t expect the pressure building behind this pent-up demand to be relieved this year; I think we can expect to see more of the same in the coming months due to elevated interest rates,” Norton said. “However, the Federal Reserve has indicated it intends to reduce interest rates in 2024, which may help relieve some of that pressure.”

Since January, thirty seven thousand six hundred and twenty nine homes have sold, down twenty two point nine percent from the first eleven months of 2022. During the same period, the median single-family home price rose four percent to $572,000. Condominium activity was nearly “lockstep with single-family trends in November,” Norton said. Condo sales dropped then point three percent to one thousand four hundred and eighty seven transactions, compared to one thousand six hundred and fifty eight last November. Meanwhile, the median sale price increased by five point three percent to $500,000, also marking a new high for November.

“Condo sales were down by more than ten percent on a year-over-year basis while median sale prices reached new all-time highs for the month,” Norton said. “However, when looking at condo trends over the last three months, there may be a glimmer of hope for prospective buyers, as the median sale prices appear to have plateaued. The median condo price has now been at $500,000 for the last three months.” So far this year, seventeen thousand eight hundred and forty nine condos sold across the state, down nineteen percent from 2022, with a median sale price that’s up four point seven percent to $512,900.

The post Home, condo prices reach new November highs appeared first on Boston Agent Magazine.

FIRST TIME HOMEBUYERS

Buyer’s Agents Explained