PROVIDENCE – The median price of single-family homes in Bristol County, Mass., sold in January was $424,000, a 0.3% increase over the same month last year amid declining sales, according to The Warren Group.
The median price of a single-family home across Massachusetts was $459,000 in January, a 0.8% rise from one year prior. Despite being a new all-time-high median price for the month, the market it still dealing with a lack of inventory, according to the report released on Wednesday.
Sales in Bristol County, Mass., totaled 206, a 30.2% decrease from 295 in January 2022. Statewide sales fell 32.6% year over year, to 2,379.
“The lack of inventory in the housing market continued to add upward pressure to the median single-family home price,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “The 2,379 single-family home sales marked the fewest number of transactions for the month of January since 2011 and the lack of inventory is mostly to blame. Add in the fact that interest rates are nearly double what they were a year ago and the rising cost of consumer goods, and we can expect sales numbers to continue their downward trend in the coming months.”
Condominium sales in Bristol County, Mass., totaled 42 in January, a 40% decrease from 70 in January 2022. Sale prices for a condo in the area increased 12.4% year over year to $304,500.
The median price for a condo in the state was $480,500, a 9.2% increase, a new all-time high for January. Total sales fell 27.9% year over year to 1,178.
“Condo sales activity followed similar trends to single-family homes in January, but the biggest different was the 9.2% increase in the median condo price,” Norton said. “Historically, condos were a more affordable alternative to single-family homes, but that doesn’t appear to be the case any longer.”
