Median prices reach new highs for the month of March.

PEABODY, April 20, 2022 – Massachusetts single-family home and condominium sales declined in March on a year-over-year basis as median prices reached new highs in the process, according to a new report from The Warren Group, a leading provider of real estate and transaction data.

Single-Family Homes

Last month, there were 3,591 single-family home sales in Massachusetts, a 6.9 percent decrease from March 2021 when there were 3,857 transactions. Meanwhile, the median single-family sale price increased 12 percent on a year-over-year basis to $515,000, up from $460,000 in March 2021 – a new all-time high for the month of March.

March
2020
March
2021
March
2022
% Change 2021-2022 % Change 2020-2022
Single-Family Home Sales 3,755 3,857 3,591 -6.9% -4.4%
YTD Single-Family Sales 9,955 10,750 9,711 -9.7% -2.5%
Median Single-Family Home Price $402,000 $460,000 $515,000 12.0% 28.1%
YTD Median Single-Family Home Price $394,000 $450,000 $499,000 10.9% 26.7%

 

“Low inventory continues to plague the real estate market in Massachusetts,” said Tim Warren, CEO of The Warren Group. “The number of homes for sale has been declining for a decade or more and that trend has led to a lower sales volume and is pushing prices higher. Couple this with rising mortgage rates – which recently hit 5 percent for the first time since 2011 – and housing affordability is rapidly waning. First-time homebuyers are flocking to rural communities and blue-collar cities to take advantage of attractive purchase prices.”

Year-to-date, there have been 9,711 single-family home sales in Massachusetts, a 9.7 percent decrease from the first three months of 2021. Meanwhile, the year-to-date median single-family home price increased 10.9 percent on the same basis to $499,000.

Condominiums

There were 1,826 condominium sales in March 2022, compared to 2,268 in March 2021 – a 19.5 percent decrease. Meanwhile, the median sale price increased 4.1 percent on a year-over-year basis to $460,000 – a new all-time high for the month of March.

March

2020

March
2021
March

2022

% Change 2021-2022 % Change 2020-2022
Condominium Sales 1,699 2,268 1,826 -19.5% 7.5%
YTD Condominium Sales 4,623 5,425 4,490 -17.2% -2.9%
Median Condominium Price $429,000 $442,000 $460,000 4.1% 7.2%
YTD Median Condominium Price $412,000 $425,000 $450,000 5.9% 9.2%

“Condo sales took a big hit in March on a year-over-year basis, but activity was actually up 7.5 percent when comparing activity to what we saw in March 2020,” Warren continued. “The condo inventory isn’t quite as depleted as the single-family market, so more buyers could turn to condos in the coming months as an alternative to single-family homes.”

Year-to-date, there have been 4,490 condo sales, a 17.2 percent decrease from the first three months of 2021 with a median sale price of $450,000, a 5.9 percent increase on the same basis.

LOCAL STATISTICS: Click for a breakdown of town sales and county sales statistics.


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. Established in 1872, The Warren Group is celebrating its 150th anniversary this year. It 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.