Home Economy Economic Activity Median home sale prices in Bristol County, Mass., up 8.2% in December

Median home sale prices in Bristol County, Mass., up 8.2% in December

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PBN Staff

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01/16/2024

THE MEDIAN PRICE of single-family homes sold in Bristol County, Mass., rose to $461,000 in December, an 8.2% jump over the same month last year, The Warren Group says. / AP FILE PHOTO/ROGELIO V. SOLIS

PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $461,000 in December, an 8.2% 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 $540,000 in December, a 5.9% 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 $461,000 in December, an 8.2% 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 $540,000 in December, a 5.9% increase from one year prior and an all-time high for the month. Massachusetts single-family home sales fell to a 12-year low in 2023 as limited inventory and record-high prices continued to strain activity. Single-family home sales for all of 2023 were down more than 22% from 2022, according to the report. "With 40,828 single-family home sales in 2023, we've witnessed a staggering 22.4% decline from the previous year, marking the lowest number of sales since 2011,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “Amid this decline in sales, the [full year 2023] median single-family home price has climbed 2.6% to a record high of $570,000. Limited inventory and high-interest rates are the driving force behind this trend, with prospective buyers facing a challenging landscape. As demand outpaces supply, home prices continue to climb, making it increasingly difficult for many to enter the housing market.” Last month, there were 3,150 single-family home sales in Massachusetts, an 18.4% decrease from December 2022 when there were 3,862 transactions. Condominium sales in Bristol County, Mass., totaled 47 in December, a 32.9% decrease from 70 in December 2022. Sale prices for a condo in the area increased 5% year over year to $314,900. The median price for a condo for the entire state was $496,774, an 11.6% increase year over year, a new all-time high for November. "The Massachusetts condo market followed similar trends to single-family homes in 2023,” Norton said. “With 19,199 condo sales, we've experienced an 18.7% decline from the previous year, marking the lowest number of condo sales since 2012. Meanwhile, the year-end median sale price has surged to an unprecedented all-time high of $510,000, reflecting a 4.4% increase from 2022. “This scenario underscores the evolving dynamics of the condo market, where buyers are willing to pay a premium for the convenience and lifestyle they offer. It also prompts us to consider the changing preferences and priorities of homeowners in Massachusetts, as they seek both quality and value in their housing choices,” Norton said.