Home Economy Economic Activity Median home sale prices in Bristol County, Mass., up 10.9% in November

Median home sale prices in Bristol County, Mass., up 10.9% in November

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PBN Staff

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12/19/2023

Pending Home Sales — THE MEDIAN price of single-family homes sold in Bristol County, Mass., rose to $480,000 in November, a 10.9% jump over the same month last year, The Warren Group said Monday. / ASSOCIATED PRESS FILE PHOTO / ROGELIO V. SOLIS

PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $480,000 in November, a 10.9% jump over the same month last year, The Warren Group said Monday. The median price of a single-family home in all of Massachusetts was $579,140 in November, an 8.4% increase from one year prior and

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PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $480,000 in November, a 10.9% jump over the same month last year, The Warren Group said Monday. The median price of a single-family home in all of Massachusetts was $579,140 in November, an 8.4% increase from one year prior and an all-time high for the month. "Market conditions and trends remained relatively unchanged in November as limited inventory in Massachusetts pushed single-family prices to a new all-time high for the month and sales fell by more than 10% on a year-over-year basis," said Cassidy Norton, associate publisher and media relations director of The Warren Group. "I don’t expect the pressure building behind this pent-up demand to be relieved this year; I think we can expect to see more of the same in the coming months due to elevated interest rates. However, the Federal Reserve has indicated it intends to reduce interest rates in 2024, which may help relieve some of that pressure." Last month, there were 3,447 single-family home sales in Massachusetts, a 10.6% decrease from November 2022 when there were 3,854 transactions. Condominium sales in Bristol County, Mass., totaled 61 in November, a 23.8% decrease from 80 in November 2022. Sale prices for a condo in the area increased 16.5% year over year to $340,000. The median price for a condo for the entire state was $500,000, a 5.3% increase year over year, a new all-time high for November. "Condo activity was nearly lockstep with single-family trends in November," Norton added. "Condo sales were down by more than 10% on a year-over-year basis while median sale prices reached new all-time highs for the month. However, when looking at condo trends over the last three months, there may be a glimmer of hope for prospective buyers, as the median sale prices appears to have plateaued. The median condo price has now been at $500,000 for the last three months."