Median single-family home price increases 8.3 percent year-over-year to $585,000.

PEABODY, August 16, 2022 – Single-family home and condominium sales declined dramatically in July. The market has cooled in Massachusetts after being confronted with high prices and rising mortgage rates, 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 5,266 single-family home sales in Massachusetts, a 17.4 percent decrease from July 2021 when there were 6,374 transactions. Meanwhile, the median single-family sale price spiked 8.3 percent on a year-over-year basis to $585,000, up from $540,000 in July 2021 – a new all-time high for the month of July.

July 2020 July 2021 July 2022 % Change 2021-2022 % Change 2020-2022
Single-Family Home Sales

6,861

6,374 5,266 -17.4% -23.3%
YTD Single-Family Sales 29,608 33,807 29,819 -11.8% 0.7%
Median Single-Family Home Price $460,000 $540,000 $585,000 8.3% 27.2%
YTD Median Single-Family Home Price $425,000 $507,500 $553,000 9.0% 30.1%

“Mortgage rates are now over five percent while a year ago they were under three percent. The single-family home median price is $45,000 higher than a year ago. Increases in wages and salaries are not keeping pace with inflation that is now running at 8.5 percent. Plus, homebuyers face a very low inventory of homes for sale. All this leads us to a cooler real estate market,” said Tim Warren, CEO of The Warren Group. “We’ve seen the same trend occur for many consecutive months now; prices reach new highs while the total number of sales declines on a year-over-year basis. Evidence of the cooling is seen in prices. They are rising at a slower rate, gaining just 9 percent so far this year after gaining 14 percent last year.”

Year-to-date, there have been 29,819 single-family home sales in Massachusetts, an 11.8 percent decrease from the first seven months of 2021. Meanwhile, the year-to-date median single-family home price increased 9 percent on the same basis to $553,000.

Condominiums

There were 2,201 condominium sales in July 2022, compared to 2,916 in July 2021 – a 24.5 percent decrease on a year-over-year basis. Meanwhile, the median sale price increased 10.9 percent on a year-over-year basis to $521,000 – the fourth consecutive month that the median condo price has hovered above $500,000.

July 2020 July 2021 July 2022 % Change 2021-2022 % Change 2020-2022
Condominium Sales 2,487 2,916 2,201 -24.5% -11.5%
YTD Condominium Sales 11,950 16,794 14,465 -13.9% 21.1%
Median Condominium Price $430,000 $470,000 $521,000 10.9% 21.2%
YTD Median Condominium Price $415,000 $460,000 $500,000 8.7% 20.5%

“The median condo price has now been above $500,000 for four consecutive months, and $521,000 marked a new all-time high for the month of July,” Warren added. “The median condo price is up 10.9 percent in July, outpacing the 8.3 percent gain in the single-family median price.”

Year-to-date, there have been 14,465 condo sales, a 13.9 percent decrease from the first seven months of 2021 with a median sale price of $500,000, an 8.7 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.