Home Economy Economic Activity Median home price in Bristol County, Mass., up 10.5% in July

Median home price in Bristol County, Mass., up 10.5% in July

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PBN Staff

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08/20/2024

Pending Home Sales — THE MEDIAN PRICE of single-family homes sold in Bristol County, Mass., rose to $525,000 in July, a 10.5% jump over the same month last year, The Warren Group said Tuesday. / ASSOCIATED PRESS FILE PHOTO/ROGELIO V. SOLIS

PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $525,000 in July, a 10.5% jump over the same month last year, The Warren Group said Tuesday. Even with the year-to-year increase, the median single-family home price within Bristol County is lower compared to all such prices across the commonwealth.

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PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $525,000 in July, a 10.5% jump over the same month last year, The Warren Group said Tuesday. Even with the year-to-year increase, the median single-family home price within Bristol County is lower compared to all such prices across the commonwealth. The median price of a single-family home in all of Massachusetts was $660,000 in July, a 6.6% increase from one year prior and a new all-time high for the month. “Yes, a median sale price of $650,000 was a new all-time high for the month of July, and month after month prices are setting new records, but price gains are smaller than they could be,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “Interest rates are more than double where they were two years ago, and I’m certain prices would be even higher without those changes. That does lead to a lack of inventory that may have abated price gains somewhat. Unfortunately, the lack of inventory will continue to be the biggest factor driving prices for the foreseeable future.” There were 4,427 single-family home sales in Massachusetts last month, an increase from 4,090 in July 2023. In Bristol County, there were 327 single-family homes sold in July, up 7.6% from July 2023, according to The Warren Group. Condominium sales in Bristol County, Mass., totaled 67 in July, down 13% from 77 in July 2023. Sale prices for a condo in the area decreased 6.4% year over year to $350,000. The median price for a condo for the entire state was $565,000, a 1.8% increase year over year and a new all-time high for July. Across the commonwealth, there were 1,947 condominiums sold in July, compared with 1,886 in July 2023 – a 3.2% increase. “The median condo price also reached a new high for July, but prices were down moderately from the previous month,” Norton said. “This could be an early indicator that condo prices are starting to plateau.”