PROVIDENCE – The median price of single-family homes in Bristol County, Mass., sold in August was $465,000, a 9.4% increase over the same month last year amid declining sales, The Warren Group said on Tuesday.
The median price of a single-family home across Massachusetts was $565,000 in August, marking a 5.6% rise from one year prior and all-time high for the month.
Sales in Bristol County totaled 444, a 15.3% decrease from 524 in August 2021. Statewide sales fell 9.9% year over year to 5,732.
“This is the fewest single-family home sales we’ve seen in the month of August since 2014,” said Tim Warren, CEO of The Warren Group. “Interest rates are rising, and the number of homes for sale is falling, which are two of the biggest factors that contributed to the decline. Add concerns about inflation, declines in the stock market and a weak economy and consumer confidence is taking a hit. This puts many potential homebuyers on the sideline. I fully expect to see year-over-year declines in the single-family sales volume throughout the remainder of 2022.”
Condominium sales in Bristol County, Mass., totaled 101, same as August 2021. Sale prices for a condo in the area increased 12.2% year over year to $302,000.
The median price for a condo in the state was $480,000, a 2.1% increase year over year and new all-time high for the month of August. Total sales, however, fell 18% year over year to 2,298. The median price for a condo in the state in July was $521,000.
“This is the first time the median condo price dipped below $500,000 in five months and the pace of increase in median price is slowing dramatically,” Warren added. “This is likely the result of rising interest rates making it much more expensive to borrow money and prospective buyers unwilling to saddle themselves with exorbitant monthly payments.”
