Mass. Home Prices Reach All-Time High in November
Massachusetts’ median single-family home price reached an all-time high last month, even as the condo market remained subdued.
Massachusetts’ median single-family home price reached an all-time high last month, even as the condo market remained subdued.
After struggling for much of the year, the Massachusetts condominium market spent October hitting its first month of year-on-year price growth since April.
Buyers of condos and single-family houses came out of hiding as the fall market opened, with sizable increases in the number of units sold.
Anyone looking to buy a Massachusetts condo last month had more choice and less competition than they’ve faced in a while.
The median-single-family sale price in Greater Boston hit another high last month even as the number of homes for sale on the market grew.
Single-family home sales in Massachusetts continued to flatten out in April even as inventory of unsold homes continues to grow modestly.
Massachusetts home sales ticked down last month and prices rose again, even before the latest bout of economic uncertainty clouded over the nation.
Sales activity increased in February, a possible indicator that buyers may indeed be coming off the sidelines even as the number of homes coming onto the market shrank further.
The number of home sales rose 16 percent year-over-year last month, and the annual median single-family sale price ended the year up 7.9 percent.
The statewide median single-family sale price hit $600,000 in Massachusetts in November even as lower buyer demand – linked to election worries, in one observer’s eyes – kept year-on-year increases low.
According to data from The Warren Group, publisher of Banker & Tradesman, single-family home sales increased 11.6 percent year-over-year.
While home prices continue to rise across the state, the number of sales took a downward turn after showing positive year-over-year growth in August.
In August, prices continued to rise but so did sales, signaling that the demand is there in the single-family market.
The month of July saw home prices reach an all-time high but home sales also managed to skip upwards. Still, the state has a long way to go to become a balanced market, a top market-watcher says.
Statewide sales of single-family and condominium homes are ticking up in the wake of an increase in home listings in many of Massachusetts’ housing markets while home prices also rose.
The report comes after economists at listing portals Redfin and Zillow reported last week that Greater Boston saw an uptick in new listings in February.
With home sales effectively flat across the state last month, January offered few signs of encouragement that the 2024 housing market will be a significant improvement over last year’s.
The statewide housing market ended 2023 with record-low numbers of home sales, but a narrowing year-over-year gap in numbers of newly-listed single-family homes.
Massachusetts home sales followed a familiar pattern in November, with the numbers of both single-family houses and condominiums dropping by double-digit percentages while both property types’ median sale price marched upwards.