PROVIDENCE – The median price of single-family homes in Bristol County, Mass., sold in October was $441,000, a 5.1% 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 $520,000 in October, a 4% rise from one year prior. Despite being a new all-time high median price for the month of October, this was the smallest percentage
increase on a year-over-year basis since June 2020.
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Sales in Bristol County, Mass., totaled 344, a 20.6% decrease from 433 in September 2021. Statewide sales fell 21.5% year over year to 4,183.
“A dwindling inventory, rising interest rates, and the high cost of consumer goods continued to have an impact on homebuying activity across Massachusetts in October,” Tim Warren, CEO of The Warren Group, said on Wednesday in a news release. “In fact, this is the fewest number of single-family home sales for the month of October since 2012. It’s also important to note that even though the median sale price continued to increase, the 4% gain was very modest when compared to the price hikes we’ve been seeing over the last few years.”
Condominium sales in Bristol County, Mass., totaled 63, a 10% decrease from 70 in October 2021. Sale prices for a condo in the area increased 16.3% year over year to $335,000.
The median price for a condo in the state was $479,000, a 12.7% increase year over year and new all-time high for the month of October. Total sales, however, fell 15.6% year over year to 2,479.
“The spike in the median condominium price is likely the result of prospective buyers turning to the condos as an alternative to single-family homes.” Warren added.
