PROVIDENCE – The median price of single-family homes in Bristol County, Mass., sold in June was $450,000, a 5.9% increase over the same month last year, The Warren Group said on Tuesday.
The median price of a single-family home across Massachusetts reached an all-time high of $610,000 in June, marking a 9.9% rise from one year prior.
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“This is the first time that the Massachusetts median single-family home price has ever exceeded the $600,000 mark,” said Tim Warren, CEO of The Warren Group. Keep in mind that it was only 14 months ago when the median price of $500,000 was exceeded for the first time. I doubt we’ve seen the end of it.”
Sales in Bristol County totaled 440, a 10.4% decrease from 491 in June 2021. Statewide sales fell 11.5% year over year to 6,182.
“Experts keep speculating that with the recent hike in interest rates that prices could plateau in the near future, but I’m not sure we’re at the tipping point just yet. Price increases are moderating this year, but they are far from flatlining,” Warren said. “There are just so many buyers and not enough homes to go around. I expect prospective buyers to continue paying significant premiums in the coming months, even as it gets more expensive to borrow money.”
Condominium sales in Bristol County, Mass., totaled 88, a decrease of 29.6% from the same month last year. Sales prices for a condo in the area increased 19.6% year over year to $335,000.
The median price for a condo in the state was $539,000, a 10.2% increase from a year earlier and the third consecutive month the price has topped $500,000. Total sales, however, fell 13.8% year over year to 2,748.
“Historically, condos have been a more affordable alternative for homeownership in Massachusetts,” Warren said. “Even though the median sale price of $539,000 is significantly lower than the median single-family home price of $610,000, it’s still prohibitively expensive for many buyers, especially as purchasing power declines due to rising mortgage rates.”
