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Despite constraints by rising prices, historically high mortgage interest rates and limited inventory, the number of single-family home sales in Massachusetts increased 2.4 percent compared to May 2024, and 2.2 percent for the year, according to The Warren Group, publisher of Banker & Tradesman.
On a year-over-year basis, the median single-family sale price increased 4.7 percent to $666,125, and 5.1 percent for the year.
“We talk a lot about lack of inventory, which is a problem, but still the state has seen an increase in the number of single-family sales since last year, as well as a rise in the median sale price,” Cassidy Norton, associate publisher and media relations director at The Warren Group, said in a statement. “Median sale prices tend to follow a curve throughout the year, with the high point usually in June, so buyers who can hold on may see deals later in the year.”
Overall, year-to-date single-family sales prices increased by 5.1 percent to $620,000. In April, the year-to-date single-family sales price increased by 4.3 percent.
At the county level, most are following the statewide trend of small increases in both sales numbers and median sale prices for single-family homes. Outliers for number of sales include Norfolk, up 16 percent compared to May 2024; Dukes, up 21 percent; Franklin, 32 percent; and Nantucket, up 67 percent compared to last year (although that is the difference between six sales and 10). In the other direction, Suffolk County is down 9 percent for the month and 13 percent for the year.
Median sale price increases hovered in the single digits, except for Nantucket County, up 19 percent versus May 2024; Franklin, up 17 percent; and Essex, up 10 percent.
The condominium market in Massachusetts is facing a similar situation to the single-family market as year-to-date condominium sales increased by 4.4 percent in May, but there does appear to be some price growth constraint in comparison to single-family homes. On a year-over-year basis, condo prices remained exactly level at zero percent. On a year-to-date basis, condo prices in Massachusetts increased by just 1.9 percent to $539,900.
