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In August, prices continued to rise but so did sales, signaling that the demand is there in the single-family market.
The median single-family home price reached a new high as it increased to $630,000 in August of 2024 according to new data from The Warren Group, publisher of Banker & Tradesman – a 5 percent increase year-over-year. On a year-to-date basis, prices increased by 8.8 percent to $620,000.
“With the continued shortage of housing units to compete with the demand, prices continue to increase year over year,” Massachusetts Association of Realtors CEO Theresa Hatton said in a statement. “The elevated interest rates the past few months did remove a pool of buyers from the marketplace. There continues to be multiple offers on homes, however, there are 3-5 offers per home compared to previous months that experienced 15-20 offers per home. As the fed is reported to decrease rates soon, we expect an uptick in demand which may lead to another elevation in median sales prices.”
On top of home prices continuing to rise, the number of sales also increased. In August 2024 there were 4,499 single-family home sales in Massachusetts, a 2.2 percent increase from August of last year. Year-to-date, there have been 27,376 single-family home sales in Massachusetts, a 1.1 percent increase from the first eight months of 2023.
Within Interstate 495, The Warren Group reported, single-family home prices continued to rise along with sales. There were 2,199 single-family home sales in August 2024, a 1.2 percent increase from August 2023. The median sale price for those towns also increased to $795,000 in August 2024, a 4.6 percent increase from August 2023.
The condominium market has also seen price increases but sales have dropped, indicating an overall lack of inventory. Year-to-date, there have been 12,704 condo sales statewide, a 3.3 percent decrease from 2023.
“August was another strong month for the Massachusetts condo sector,” Cassidy Norton, associate publisher and media relations director of The Warren Group, said in a statement. “Despite the challenges we’ve seen with inventory, the demand for homes continues to push prices upward. In fact, the [statewide] median price for condos also reached an all-time high for August, climbing to $542,635. This is a clear indicator of how resilient the market is, especially in the condo space, where buyers are still eager to find opportunities even in a competitive environment.”
Graphic by Sam Minton | Banker & Tradesman Staff
