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.”
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