Massachusetts sees double-digit increase in January home sales MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

Massachusetts single-family home sales rose double digits in January as sales leveled off,  and prices of single-family homes and condominiums continued to show year-over-year growth, according a new Warren Group report January single-family home sales rose point two pwecent from last year to two thousand three hundred and ninety six. Meanwhile, the median single-family sale price increased ten point two percent to $550,000, a new high for the month. Cassidy Norton, associate publisher and media relations director of the Warren Group, said although single-family sales were relatively flat from January 2023, the slight uptick is the only year-over-year increase we’ve recorded since the middle of 2021.

“The issues that pained the Massachusetts housing market in 2023, like limited inventory, economic uncertainties and higher interest rates, are still at the forefront of prospective buyers,” she said. “The Warren Group will keep a close eye on activity in the coming months, but in the coming months relief for prospective homebuyers with realistic budgets seems unlikely.” While single-family home sales saw an increase to start the year, condominium sales were not so lucky. Condo sales dropped seventeen point one percent to nine hundred and seventy five transactions, compared to one thousand one hundred and seventy six in January of 2023, marking the fewest transactions recorded for the month since 2011.

Meanwhile, the median sale price increased five point five percent to $507,000, also marking a new high for the month. “Predictable condo trends continued into January,” Norton said. “The median sale price recorded a new all-time high for the month of January as the number of sales declined by double digits. In fact, this is the fewest condo sales for the month of January since 2011. Condos are a hot commodity, but supply can’t keep up with demand.” The Greater Boston Market The Warren Group’s report also included activity in the Greater Boston housing market encompassing the one hundred and thirty nine communities located within Rte. 495.

Greater Boston single-family home sales in January grew three point twp percent from 2023 to one thousand one hundred and ten. Meanwhile, the median single-family sale price increased ten point four percent to $690,000, up from $625,000 a year earlier. Condo sales in Greater Boston followed a similar pattern to the Boston market, falling twenty point five percent to six hundred and seventy one transactions, compared to eight hundred and forty four in January 2023. The median sale price increased year over year by thirteen point four percent to $625,000.

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