PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $474,900 in July, a 3.4% 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 $610,000 in July, a 4.3% increase from one year prior.
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Median sales prices for both single-family and condominiums across the commonwealth reached new all-time highs for the month of July as sales activity continued to decline, The Warren Group said Tuesday.
Last month, there were 4,085 single-family home sales in Massachusetts, a 23.1% decrease from July 2022 when there were 5,314 transactions. Meanwhile, the median single-family sale price increased 4.3% on a year-over-year basis to $610,00, a new all-time high for the month of July.
“Once again, median single-family home prices continued to set records across Massachusetts, despite mortgage interest rates that are nearly double what they were this time last year,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “Demand is obviously still strong among prospective buyers, but inventory can’t keep up.”
Condominium sales in Bristol County, Mass., totaled 77 in July, a 6.9% increase from 72 in July 2022. Sale prices for a condo in the area increased 30.8% year over year to $374,000.
The median price for a condo for the entire state was $555,000, a 6.5% increase, a new all-time high.
“Condo prices and sales activity followed similar trends to single-family homes in July,” Norton said. “Sales were down while the median price continued to set records. Historically, condos have been a more affordable alternative to single-family homes, but with the median price hovering above $500,000 for the last three months, prospective buyers will be hard-pressed to find an easy route to homeownership.”
