PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $490,000 in August, a 5.4% jump over the same month last year amid declining sales, according to The Warren Group.
The median price of a single-family home in all of Massachusetts was $600,000 in August, a 6.2% increase from one year prior.
Median sales prices for both single-family and condominiums across the commonwealth reached new all-time highs for the month of August as sales activity continued to decline, The Warren Group said Tuesday.
Last month, there were 4,397 single-family home sales in Massachusetts, a 23.6% decrease from August 2022 when there were 5,753 transactions.
“The hits keep coming for prospective homebuyers in Massachusetts,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “The shrinking single-family inventory continues to push prices to new highs. Couple this with the fact that interest rates are nearly double where they were a year ago, and the homebuying process is becoming more complicated – and expensive – for buyers.”
Condominium sales in Bristol County, Mass., totaled 71 in August, a 29.7% decrease from 101 in August 2022. Sale prices for a condo in the area increased 10.9% year over year to $340,000.
The median price for a condo for the entire state was $525,000, a 9.4% increase, a new all-time high for August.
“While year-over-year condo sales experienced a notable decline of 17.4%, a testament to the evolving dynamics of the real estate landscape, the median condo price tells a different story,” Norton said. “Historically, condos have been a more affordable alternative to single-family homes, but with median prices soaring to a new all-time high of $525,000 for the month of August, homeownership will continue to elude many buyers.”
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