BOSTON – Massachusetts single-family homes rose to their all-time high median price for May, according to a new report from The Warren Group, a real estate and financial information company based in Boston, on Tuesday. The median sale price of a single-family home in the Bay State was $370,000, the result of 14 consecutive months of year-over-year increases.
In May, 5,396 single-family homes were sold, a 1.5 percent increase for Massachusetts from May 2016.
“Though single-family sales are on the rise, they’re not rising as swiftly as the median price, which smashed the previous record of $352,500 from May 2005,” said Timothy Warren, CEO of The Warren Group, in a press release. “Low inventory of homes for sale has many industry experts on edge. Buyers are finding very little choice and are forced to bid aggressively to make a purchase.”
The median condominium sale price rose by 8 percent in Massachusetts to $361,750. Condo sale prices also increased 15 consecutive months year-over-year. The state sold 2,430 condos in May, a 9 percent increase.
“Condos are hugely popular, especially in Greater Boston, where inventory is coming online at a rapid clip,” said Cassidy Murphy, editorial and media relations director of The Warren Group, in the release. “As prices continue to climb at a dizzy pace, condos are an increasingly viable – and desirable – option for many first-time buyers who may have historically opted for a single-family home. But with a median price within $10,000 of the single-family median, condos may not be an affordable option for much longer.”
Chris Bergenheim is the PBN web editor.
