PROVIDENCE – The median price of a single-family home sold in Bristol County, Mass., in December was $405,000, a rise of 9.5% year over year, The Warren Group said Tuesday.
Statewide in Massachusetts, the median price of a single-family home increased 9.3% year over year in December to $500,000. There were 5,588 total sales in the state for the month, a decrease of 13.4% year over year.
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“Last year was a wild ride for Massachusetts real estate, and not necessarily one I would want to be on if I were in the market for a new home,” said Tim Warren, CEO of The Warren Group, in a statement. “The year-end median sale price of $510,000 is a strong indicator that the lack of inventory is increasing competition, pushing prices up and stretching buyers’ budgets thin. Higher mortgage interest rates may moderate the increases in home prices, but they will keep monthly mortgage payments sky-high. Demand remains high as buyers eagerly await the spring market for a wave of new homes coming to market. But many current homeowners are opting to stay put, which is compounding the inventory issue.”
In Bristol County, Mass., sales of single-family homes totaled 469 in December, a drop of 14.9% from a year prior.
Condominium sales in the county totaled 65 for the month, a decline of 45.8 % year over year. The median price of a condo sold in the area in December was $270,000, a rise of 8% year over year.
Statewide, condo sales fell 15% year over year to 2,176. Meanwhile, the median price rose 7% to a record-high $438,500.
“The condo market had a strong showing in 2021, as anxieties surrounding COVID-19 continued to wane and life got back to normal,” Warren said. “Even when comparing activity on a two-year basis, it’s clear that there is strong demand for condos, which are typically concentrated around urban centers, close to public transportation and jobs. The median full-year sale price of $454,000 marked an all-time high for condos, and as inventory in the single-family market continues to dwindle, this could yield even more competition in the condo market in 2022 as buyers look at condos as an alternative for single-family homes.”
