PROVIDENCE – The median price of a single-family home in Massachusetts increased 6.5 percent year over year in May, to $394,000 from $370,000, according to The Warren Group Tuesday.
The number of single-family homes sold in the Bay State decline, however, 2.1 percent year over year to 5,288.
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“The Massachusetts median sale price has now increased for 26 consecutive months on a year-over-year basis,” said Timothy Warren Jr., CEO of The Warren Group, in a statement. “Given the scale of recent increase in the median sale prices, when paired with a serious lack of inventory, it seems certain that home prices will continue to rise. I wouldn’t be surprised if in the near future the median single-family home price exceeds $400,000 for the first time in history.”
There were 2,447 condominium sales in Massachusetts in May, a 4.6 percent increase from May 2017. The median price of condos in the state increased 4.8 percent in that time, to $379,000 from $361,750.
“The double-digit price gain among condos on a year-to-date basis is truly impressive,” Warren said. “However, we need to remember that the gain is mostly fueled by a condo boom in the Boston metro area.”
In Bristol County, Mass., single-family homes accounted for 449 sales in May, an increase of 5.4 percent year over year. The median price of a home declined in that time 2.1 percent to $288,000 from $294,250.
The number of condos sold in Bristol County increased from 88 in May 2017 to 113 in May 2018, while the median price increased 11.6 percent to $229,000 from $205,250.
Chris Bergenheim is the PBN web editor.
