PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $420,000 in March, a 3.1% 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 $540,000 in March, a 4.9% rise from one year prior. Despite being a new all-time-high median price for the month, the market is still dealing with a lack of inventory, according to the report released on Wednesday.
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“The 2,756 single-family home sales we saw last month marked the fewest number of transactions we’ve seen in the month of March since 2011,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “A lack of inventory across Massachusetts continues to be the biggest factor in the declining sales volume. But when paired with rising interest rates and uncertainties about the economy, we can expect to see similar trends as the spring housing market starts to heat up.”
Condominium sales in Bristol County, Mass., totaled 66 in March, a 30.5% decrease from 95 in March 2022. Sale prices for a condo in the area increased 7.4% year over year to $335,000.
The median price for a condo in the state was $500,000, a 7.5% increase.
“Once again, the condo market followed almost identical trends as the single-family market,” Norton continued. “However, with rising interest rates and single-family home prices setting new records, condos might be a slightly more affordable option for homeownership for prospective buyers across Massachusetts.”
