Bristol County, Mass., median home sale prices rise 5.7%

THE MEDIAN PRICE of single-family homes in Bristol County, Mass., sold in March was $407,000, a 5.7% increase year over year, The Warren Group said on Wednesday. / ROGELIO V. SOLIS / ASSOCIATED PRESS FILE PHOTO

PROVIDENCE – The median price of single-family homes in Bristol County, Mass., sold in March was $407,000, a 5.7% increase year over year, The Warren Group said on Wednesday.

The median price of a single-family home across Massachusetts was $515,000 in March, marking a 12% rise from one year prior.

Sales in Bristol County totaled 303, a 10.4% decrease from 338 in March 2021. Statewide sales fell 6.9% year over year to 3,591.

“Low inventory continues to plague the real estate market in Massachusetts,” said Tim Warren, CEO of The Warren Group. “The number of homes for sale has been declining for a decade or more and that trend has led to a lower sales volume and is pushing prices higher. Couple this with rising mortgage rates – which recently hit 5% for the first time since 2011 – and housing affordability is rapidly waning. First-time homebuyers are flocking to rural communities and blue-collar cities to take advantage of attractive purchase prices.”

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Condominium sales in Bristol County, Mass., totaled 86, a decrease of 4.4% from the same month last year. Sales prices for a condo in the area increased 19.3% year over year to $322,000.

The median price for a condo in the state was $460,000, a 4.1% increase from a year earlier. Total sales, however, fell 19.5% year over year to 1,826.

“Condo sales took a big hit in March on a year-over-year basis, but activity was actually up 7.5% when comparing activity to what we saw in March 2020,” Warren continued. “The condo inventory isn’t quite as depleted as the single-family market, so more buyers could turn to condos in the coming months as an alternative to single-family homes.”

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