PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $429,000 in February, a 7.3% 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 $498,369 in February, a 6% 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.
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“Despite another record-setting month for the median single-family home price, the 6% gain we saw was a much more moderate gain compared to what we’ve seen over the last couple of years,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “A lack of inventory, higher interest rates, and economic uncertainties continue to be the biggest barriers to entry for prospective homebuyers. Speaking of the economy, the most recent bank failures may shake consumer confidence in the coming months, which could yield even further declines in transactions not associated with a lack of inventory.”
Condominium sales in Bristol County, Mass., totaled 42 in February, a 40.8% decrease from 71 in February 2022. Sale prices for a condo in the area decreased 1.3% year over year to $323,750.
The median price for a condo in the state was $460,500, a 4.5% increase.
“Condo trends were in lockstep with single-family homes in February,” Norton said. “Inventory is down, there aren’t enough new listings to keep up with demand and the median condo price continues to climb – just at a more modest pace.”
