Skip to main content

Massachusetts Median Home Prices Hit New Peak

Phil Hall
Jun 26, 2019
Photo credit: Getty Images/Belyay

The median sale price for both single-family home and condominiums set new records for the month of May, according to data released by The Warren Group.
 
Last month, Massachusetts saw 5,675 single-family home sales, a 7.3 percent increase from the May 2018 level of 5,290 transactions. The median single-family sale price rose 4.1 percent on a year-over-year basis to $410,000, a new record for the month of May. Year-to-date, Massachusetts recorded 19,699 single-family home sales, a two percent increase from the first five months of 2018, while the year-to-date median sale price of $385,000 is a 5.4 percent increase on the same basis.
 
“Inventory levels and new listings are down so far this year and pending sales are on the rise,” said Tim Warren, CEO of The Warren Group. “As such, I fully expect the median single-family home price to reach new highs in the coming months.”
 
Also in May, Massachusetts recorded 2,552 condominiums sales, up 4.3 percent from the 2,447 sales in May 2018. The median sale price for this sector rose 5.7 percent to $400,500, the highest price ever recorded for the month of May and the first time the median sale price has exceeded $400,000 in any month. Year-to-date, there have been 8,743 condominium sales with a median sale price of $370,000.
 
“In over 32 years of tracking condo sales, we have never seen the median sale price exceed $400,000,” Warren added. “I didn’t expect to see such a significant spike in the condo market last month, as the median sale price declined on a year-over-year basis for the previous three consecutive months. The recent development is truly unprecedented.”

 
Published
Jun 26, 2019
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022