Median condo price spikes 12.7 percent on a year-over-year basis.
PEABODY, November 16, 2022 – Single-family home sales across Massachusetts declined by double digits in October as a tightening inventory and rising interest rates continued to impact activity in the housing market, 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 4,183 single-family home sales in Massachusetts, a 21.5 percent decrease from October 2021 when there were 5,327 transactions. This marked the largest year-over-year decline in activity so far in 2022. Meanwhile, the median single-family sale price increased 4 percent on a year-over-year basis to $520,000, up from $500,000 in October 2021. Despite being a new all-time high for the month of October, this was the smallest percent increase on a year-over-year basis since June 2020.
| October 2020 |
October 2021 |
October 2022 |
% Change 2021-2022 | % Change 2020-2022 | |
| Single-Family Home Sales | 6,724 | 5,327 | 4,183 | -21.5% | -37.8% |
| YTD Single-Family Sales | 49,546 | 51,319 | 44,697 | -12.9% | -9.8% |
| Median Single-Family Home Price | $455,000 | $500,000 | $520,000 | 4.0% | 14.3% |
| YTD Median Single-Family Home Price | $443,500 | $510,000 | $550,000 | 7.8% | 24.0% |
“A dwindling inventory, rising interest rates, and the high cost of consumer goods continued to have an impact on homebuying activity across Massachusetts in October,” said Tim Warren, CEO of The Warren Group. “In fact, this is the fewest number of single-family home sales for the month of October since 2012. It’s also important to note that even though the median sale price continued to increase, the 4 percent gain was very modest when compared to the price hikes we’ve been seeing over the last few years.”
Year-to-date, there have been 44,697 single-family home sales in Massachusetts, a 12.9 percent decrease from the first 10 months of 2021. Meanwhile, the year-to-date median single family home price increased 7.8 percent on the same basis to $550,000.
Condominiums
There were 1,729 condominium sales in October 2022, compared to 2,105 sales in October 2021 – a 17.9 percent decrease on a year-over-year basis. This marked the 14th consecutive month that condo sales have declined on a year-over-year basis. Meanwhile, the median sale price increased 12.7 percent on a year-over-year basis to $479,000 – a new all-time high for the month of October.
| October 2020 |
October 2021 |
October 2022 |
% Change 2021-2022 | % Change 2020-2022 | |
| Condominium Sales | 2,479 | 2,105 | 1,729 | -17.9% | -30.3% |
| YTD Condominium Sales | 19,506 | 24,195 | 20,432 | -15.6% | 4.8% |
| Median Condominium Price | $410,000 | $425,000 | $479,000 | 12.7% | 16.8% |
| YTD Median Condominium Price | $415,000 | $456,000 | $491,000 | 7.7% | 18.3% |
“The spike in the median condominium price is likely the result of prospective buyers turning to the condos as an alternative to single-family homes,” Warren added.
Year-to-date, there have been 20,432 condo sales, a 15.6 percent decrease from the first 10 months of 2021 with a median sale price of $491,000, a 7.7 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.
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