PROVIDENCE – The median price of single-family homes in Bristol County, Mass., sold in May was $450,000, a 9.8% 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 $525,000 in May, marking a 12.4% rise from one year prior.
Sales in Bristol County totaled 386, a 6.3% decrease from 412 in May 2021. Statewide sales fell 7.3% year over year to 4,788.
“I might sound like a bit of a broken record announcing that the median single-family home price reached yet another new all-time high, but it’s truly indicative of current market conditions,” said Tim Warren, CEO of The Warren Group. “The balance between supply and demand has been way out of sync for some time, and this is the manifestation of that imbalance. To cope, many buyers are setting their sights on markets further and further from major hubs – and even outside of Massachusetts.”
Condominium sales in Bristol County, Mass., totaled 93, an increase of 4.5% from the same month last year. Sales prices for a condo in the area increased 21.3% year over year to $325,000.
The median price for a condo in the state was $525,000, a 7.1% increase from a year earlier and the second consecutive month the price has hovered over $500,000. Total sales, however, fell 11.6% year over year to 2,414.
“The median condo price has now been above $500,000 for two straight months, and the median price of $525,000 marked a new all-time high for the month of May,” Warren said. “It’s apparent that demand for condos is strong, which may make it difficult for prospective homebuyers who are looking at condos as an alternative to single-family homes.”
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