Median single-family home price up 11.4 percent in 2020 – The best showing since 2002.
PEABODY, January 19, 2021 –Single-family home and condominium sales continued their surge across Massachusetts in December finishing out the year on another strong note, according to a new report from The Warren Group, the leading provider of real estate transaction and property data.
Last month, there were 6,410 single-family home sales in Massachusetts – the most transactions ever recorded in December. This marked a 28.6 percent increase from December 2019 when there were 4,984 transactions. Meanwhile, the median single-family home price spiked 14.4 percent on a year-over-year basis to $455,000 – an all-time high for single-family homes in the month of December. The median single-family home price in Massachusetts has now exceeded $450,000 for six consecutive months.
“Once again home sales were strongest in counties that are popular as vacation destinations,” said Tim Warren, CEO of The Warren Group. “The counties with the highest percentage sales gains were Barnstable, Berkshire, Nantucket, and Dukes, in that order. The counties showing the least gain from the prior year were Suffolk, Essex, Norfolk, and Middlesex. Urban and suburban homes still posted strong sales and gains in pricing, but less dense, rural areas with vacation attractions are the most popular with buyers who are looking for a second home or perhaps a secluded spot for working remotely.”
Year-to-date, there were 61,469 single-family home sales in 2020 – a 3.9 percent increase from 2019 when there were 59,178 transactions. Meanwhile, the median single-family sale price hit $445,500 – an 11.4 percent increase on the same basis.
“In the wake of the first COVID-19 lockdown way back in March, single-family home sales took a nosedive for the entire second quarter,” Warren continued. “If you told me back then that by the end of the year that the total number of sales would surpass 2019, there’s no way I would have believed you… yet here we are. Another record-setting year in the books for Massachusetts real estate.”
Additionally, there were 2,545 condo sales in December, a 20.6 percent increase from December 2019 when there were 2,110 transactions. Meanwhile, the median sale price increased 8 percent on a year-over-year basis to $410,000 – a new all-time high for the month of December. Year-to-date, there were 24,193 condo sales in 2020 – a 1.4 percent decrease from 2019 – with a median sale price of $415,000, a 9.2 percent increase on the same basis.
“Since the majority of the Massachusetts condo market is centered on densely-populated urban areas, condos were more susceptible to the impact of COVID-19 in 2020,” Warren added. “At the beginning of the year, condo market activity was poised to rival trends normally reserved for single-family homes, but that didn’t turn out to be the case.”
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