PROVIDENCE – The median sale price of a single-family home in Bristol County, Mass., was $410,000 in May, a rise of 20.6% year over year, but lower than the state’s average of $525,000 at that time, The Warren Group said on Wednesday.
The median sale price in the county was $394,000 in April.
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Total sales in the county for the month totaled 411, a rise of 23.8% from one year prior. Statewide, sales in the Bay State rose 15.3% to a total of 5,139 for the month.
“I’ve been saying for quite a while that it’s only a matter of time before demand wouldn’t be able to keep up with supply, and this could be the first time we have a concrete data point indicating its coming to fruition,” said Tim Warren, CEO of The Warren Group. “As inventory continues to dwindle, we’ll continue to see declining sales and inflated prices in the coming months.”
The prices and number of sales of condominiums in the Bristol County metro area also saw increases in May. Sales totaled 89, a 29% increase from one year prior. The median sale price of a condo in the area was $268,000, a rise of 12.1% year over year.
Statewide, condo sales rose 94.6% year over year to 2,723 and the median price rose 20.8% in that time to $490,000.
“Condos continued to rebound in May as life in urban centers continued to get back to normal,” said Warren. “If activity in the condo market continues at this clip, I fully expect the median sale price of both single-family homes and condos to surpass $500,000 in the coming months, which would be a first.”
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
