PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $480,000 in October, a 7.7% jump over the same month last year amid declining sales, according to The Warren Group.
The median price of a single-family home in all of Massachusetts was $575,140 in October, a 10.6% increase from one year prior and an all-time high for the month.
“Home sale prices in October climbed to the highest they’ve ever been during this time of year,” said Cassidy Norton, associate publisher of The Warren Group. “However, the number of homes sold was the lowest it’s been in 11 years. Inventory is far below historical norms, and limited choices make it more difficult to find a home. And record high prices paired with rising interest rates make the task of buying a home that much more formidable.”
Last month, there were 3,515 single-family home sales in Massachusetts, a 16.9% decrease from October 2022 when there were 4,228 transactions.
Condominium sales in Bristol County, Mass., totaled 67 in October, a 6.3% decrease from 63 in October 2022. Sale prices for a condo in the area fell 7.5% year over year to $340,000.
The median price for a condo for the entire state was $500,000, a 4.4% increase, a new all-time high for October.
“Massachusetts condo prices soared to a record high in October, setting a new benchmark. Condos previously offered a more affordable purchase option; arguably, at just $75,000 less than a single-family home, those times are over,” Norton said. “Condo ownership also comes with benefits such as shared maintenance responsibilities, amenities and a sense of community, offering a different kind of homeownership experience for families in the Bay State.”
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