Skip to main content

Massachusetts Median Home Prices Hit New Peak

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.”

 
About the author
Published
Jun 26, 2019
Broker Action Coalition Unveils Inaugural Board Of Directors

Newly formed nonprofit organization BAC announces industry professionals to guide its mission of legislative change and educational initiatives in the mortgage industry.

Feb 21, 2024
GSEs Report Strong Earnings

Robust performance marks growth for both Fannie Mae and Freddie Mac, despite a dip in home purchases.

Feb 15, 2024
Friendly Competition Joins Forces

The merger aims to enhance local fulfillment and sales support, marking Guild’s sixth acquisition since 2021 and expanding its licensed originators to over 2,100 amidst a challenging market.

Feb 14, 2024
Guild Mortgage Announces Acquisition Of Competitor Academy Mortgage, Bolsters National Presence

The strategic move will see Guild Mortgage enhance its market share and become the 8th largest non-bank retail lender in the U.S., welcoming over 600 loan officers from Academy.

Feb 13, 2024
Proprietary Capital-Led Group Acquires Multichannel Lender AFR

Colorado-based fund manager Proprietary Capital finalizes acquisition of American Financial Resources.

Feb 13, 2024
Are Trigger Leads Harmful? Prove it

Trade associations claim trigger leads are dangerous to consumers.

Feb 08, 2024