The median price of a single-family home in Massachusetts rose to its highest point on record for the month of May, according to a new report from The Warren Group, publisher of Banker & Tradesman.
The median sale price of a single-family home in May increased 6.9 percent to $370,000. This marks 14 straight months of year-over-year price increases going back to April of 2016.
There were 5,396 single-family homes sold in May, edging out the 5,315 in May 2016 for a 1.5 percent increase, and bringing that total to its highest point since May of 2004.
Year-to-date, single-family home sales were up 0.6 percent through May compared to the same period in 2016, while the median price jumped 6.8 percent.
“Though single-family sales are on the rise, they’re not rising as swiftly as the median price, which smashed the previous record of $352,500 from May 2005,” Timothy Warren, CEO of The Warren Group, said in a statement. “Low inventory of homes for sale has many industry experts on edge. Buyers are finding very little choice and are forced to bid aggressively to make a purchase.”
There were 2,430 condominiums sold in May 2017, compared to 2,147 last year – an increase of 9.0 percent. The median condo sale price rose by 8.0 percent, hitting $361,750. This is also the highest on record for the month, and the 15th straight month of year-over-year increases for that figure.
“Condos are hugely popular, especially in Greater Boston, where inventory is coming online at a rapid clip,” Cassidy Murphy, editorial and media relations director of The Warren Group, said in a statement. “As prices continue to climb at a dizzy pace, condos are an increasingly viable – and desirable – option for many first-time buyers who may have historically opted for a single-family home. But with a median price within $10,000 of the single-family median, condos may not be an affordable option for much longer.”
Year-to-date condo sales were up 8.2 percent through May compared to the same period in 2016, while the median price was up 7.3 percent over the same period.
