PROVIDENCE – The median price of single-family homes in Bristol County, Mass., sold in December was $595,000, a 0.1% 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 $510,000 in December, a 2% rise from one year prior. Despite being a new all-time high median price for the month, percentage increases year-over-year have been shrinking for the past three months, according to the report.
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Sales in Bristol County, Mass., totaled 331, a 29.4% decrease from 469 in December 2021. Statewide sales fell 31.7% year over year, to 3,883.
“The Massachusetts single-family market finally hit that wall we’ve all been anticipating,” said Tim Warren, CEO of The Warren Group. “For the last few years, housing market activity has been so hot that inventory was unable to keep up – and our numbers reflect that. Add in economic uncertainties and the fact that mortgage rates are nearly double what they were a year ago, and you have the making for a cooling housing market.”
Condominium sales in Bristol County, Mass., totaled 70 in December, a 7.7% increase from 65 in December 2021. Sale prices for a condo in the area increased 11.1% year over year to $310,000.
The median price for a condo in the state was $445,000, a 1.4% increase, the smallest year-over-year increase recorded in 2022. Total sales fell 29% year over year to 1,568, the largest year-over-year decline recorded in 2022.
“Year-end condo market trends were in lockstep with single-family homes,” Warren added. “However, the bright side of the condo market is that there were a number of developments that broke ground in 2022 in major metro areas that will bring additional units to the market in 2023. This should provide additional options for homeownership in the near future.”
