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MA Single-Family Home, Condo Prices Surge in January to New Highs

by | Feb 26, 2020 | Press Releases

Median condo price surpasses single-family price.

PEABODY, February 26, 2020 – Massachusetts single-family home and condominium prices surged in January on a year-over-year basis, as the local housing market continued its upward climb at the start of the new year, according to a new report from The Warren Group, a leading provider of real estate and transaction data.

Last month, there were 3,507 single-family home sales recorded in Massachusetts, an 8.1 percent increase from January 2019 when there were 3,244 transactions. Meanwhile, the median single-family sale price increased 6.8 percent on a year-over-year basis to $393,000, up from $355,000 in January 2019 and a new all-time high for the month of January.

“The considerable momentum in the single-family housing market in 2019 clearly has carried over into the new year,” said Tim Warren, CEO of The Warren Group. “The median sale price of $393,000 marked an all-time high for the month of January, and if this is any indicator, we can expect 2020 to be another record-setting year for Massachusetts real estate.”

In January, there were 1,517 condominiums sold, compared to 1,248 in January 2019 – a 21.6 percent increase and the most transactions recorded for the month of January since 2007. The median sale price followed a similar trend, rising 12.4 percent on a year-over-year basis to $399,000.

“The median condo price surpassing the median single-family home price is truly a rarity,” Warren continued. “The last time this occurred was in March 2018, and has now occurred just five times in history. Newly built and renovated condos are driving the market – especially in the Greater Boston area – and commanding higher prices.”

ABOUT THE WARREN GROUP

Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record and The Registry Review. For more information visit www.thewarrengroup.com.