Massachusetts Median Home Prices Hit New Peak

Massachusetts Median Home Prices Hit New Peak

June 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.”