PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., remained at $440,000 in May – the same price as May 2022 – amid a declining number of sales, according to The Warren Group.
The median price of a single-family home in all of Massachusetts was $589,000 in May, a 0.2% decline from one year prior. Despite single-family home prices falling for the second time year over year since 2018, the market is still dealing with a lack of inventory, according to the report released Tuesday.
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“With 3,611 sales recorded and a noticeable 25.1% dip in year-over-year figures, the single-family market continues to exhibit trends we’ve seen in recent months,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “The big differentiator in May is that the median single-family home price declined for the second straight month on a year-over-year basis. With elevated interest rates, it’s even more expensive for buyers to purchase homes, and price trends are reflecting that.”
Condominium sales in Bristol County, Mass., totaled 67 in May, a 29.1% decrease from 93 in May 2022. Sale prices for a condo in the area fell 6% year over year to $300,000.
The median price for a condo for the entire state was $526,000, a 0.2% increase.
“The Massachusetts condo market has not been immune to the imbalance in supply and demand,” Norton said. “Amidst this dynamic environment, one might think that opportunity is knocking for sellers. However, with such limited supply, it’s a question of where sellers will go after they list their condos.”
