Massachusetts March home, condo prices soar, set new records MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 The prices of single-family homes and condos in the Bay State continued to soar in March all while setting new records, according to a new Warren Group report. The news builds on February’s success where median home sale prices reached a new high and sales remained flat. Sales themselves declined in March. Last month two thousand five hundred and sixty three single-family homes sold, down seven point four percent from March 2023. Meanwhile, the median single-family sale price grew seven point four percent to $580,000, a new high for the month.

 Cassidy Norton, associate publisher and media relations director of the Warren Group said it’s no surprise Massachusetts median single-family home prices continued to set records in March. “Despite the increase, we actually aren’t seeing the rapid, double-digit percent increases we were experiencing at the height of the pandemic and the subsequent months,” Norton said. “Despite this slowdown, limited inventory will probably continue to be the biggest barrier to homeownership in the coming months.”

 Since January, seven thousand and one homes have sold, down two point eight percent from the first three months of 2023. During the same period, the median single-family home price rose nine point eight percent to $560,000. The Bay State condo market fared similarly last month, except median prices grew even higher. Condo sales fell five point nine percent to one thousand four hundred and thirty one transactions, compared to one thousand five hundred and twenty in March 2023. Meanwhile, the median sale price increased ten percent to $550,000, also marking a new high for the month.

 Last month, Massachusetts saw the fewest number of condo sales for the month of March since 2015, according to Norton. “At the same time, the median condo price reached a new all-time high for the month of March,” Norton said. “In fact, this is the first time the median condo price has surpassed $500,000 in the month of March ever, so a median price of $550,000 is pretty unprecedented.”
So far this year, three thousand four hundred and eighty two condos sold across the state, down six point two percent from 2023, with a median sale price that’s up eight point three percent to $520,000.

 The Warren Group’s report also included activity in the Greater Boston housing market, which encompasses the one hundred and thirty nine communities located within Route 495. Greater Boston single-family home sales in March fell eight point two percent from 2023 to one thousand and two hundred and fifteen. Meanwhile, the median single-family sale price increased ten point four percent to $740,000.Condo sales in Greater Boston also fell last month but just by two point one percent to one thousand and seventy six transactions, compared to one thousand and ninety nine in March 2023. The median sale price increased year over year by nine point four percent to $640,000.

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