PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $510,000 in June, a 7.4% jump over the same month last year, The Warren Group said Tuesday.
The median price of a single-family home in all of Massachusetts was $665,000 in June, an 8.1% increase from one year prior and a new all-time high for the month. Rhode Island
also saw an all-time high median sales price for June at $494,000.
However, the number of single-family homes and condominiums sold across the commonwealth, including in Bristol County, dropped significantly year over year. There were 4,441 single-family home sales in Massachusetts last month, a decrease from 4,876 in June 2023.
In Bristol County, there were 317 single-family homes sold in June, down 12.2% from June 2023, according to The Warren Group.
Condominium sales in Bristol County, Mass., totaled 68 in June, down 26.9% from 93 in June 2023. Sale prices for a condo in the area increased 9.1% year over year to $360,000.
The median price for a condo for the entire state was $570,000, a 5.2% increase year over year and a new all-time high for June. Across the commonwealth, there were 1,938 condominiums sold in June, compared with 2,324 in June 2023 – a 16.6% decrease.
The Warren Group spokesperson Cassidy Norton said in a statement that a lack of inventory is “clearly driving” this record-setting appreciation. Norton said that despite the record prices, higher mortgage rates have slowed price growth and the median “may have been even higher without those changes.”
“It wasn’t that long ago that the prospect of the median single-family home price exceeding $600,000 seemed like a long shot, but here we are with a median price approaching $700,000,” Norton said.