PROVIDENCE – The median price of a single-family home in Bristol County. Mass., in May was $323,000, a 12.2% increase year over year, according to The Warren Group Wednesday. There were 455 single-family sales in May in Bristol County, a 1.3% uptick year over year.
The median price of a single-family home in Massachusetts was $410,000 in May. The Rhode Island median sale price was $300,500 in May according to the Rhode Island Association of Realtors. Sales in the Bay State increased 7.3% year over year to 5,675.
“The [Massachusetts] median single-family home price reached an all-time high for the month of May,” said Timothy Warren Jr., CEO of The Warren Group. “Inventory levels and new listings are down so far this year, and pending sales are on the rise. As such, I fully expect the median single-family home price to reach new highs in the coming months.”
Meanwhile, condominium sales in Bristol County, Mass., declined 14.2% to total 97 for the month. The median price of a condo in the county was $240,000, a 4.8% increase year over year.
In all of Massachusetts, the median price of a condo was $400,500 in May. Total sales increased 4.3% in May to 2,552.
“In over 32 years of tracking condo sales, we have never seen the median sale price exceed $400,000,” Warren said. “I didn’t expect to see such a significant spike in the condo market last month, as the median sale price declined on a year-over-year basis for the previous three consecutive months. The recent development is truly unprecedented.”
Year to date, the median price of a single-family home in Bristol County, Mass., was $310,000 through May, compared with $385,00 statewide. The median price year to date of a condo that month was $222,500, less than the statewide median of $369,900.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.