November single-family home sales hit an eight-year low.
PEABODY, December 21, 2022 – Massachusetts single-family homes sales declined in November on a year-over-year basis as higher interest rates, constricted inventory, and economic uncertainties continued to impact activity, 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 3,806 single-family home sales in Massachusetts, a 29.4 percent decrease from November 2021 when there were 5,394 transactions. This marked the fewest single-family home sales in the month of November since 2014. Meanwhile, the median single-family sale price increased 3.9 percent on a year-over-year basis to $530,000, up from $510,000 in November 2021. Despite being a new all-time high for the month of November, this was the smallest percent increase on a year-over-year basis since June 2020.
| November 2020 |
November 2021 |
November 2022 |
% Change 2021-2022 | % Change 2020-2022 | |
| Single-Family Home Sales | 5,830 | 5,394 | 3,806 | -29.4% | -34.7% |
| YTD Single-Family Sales | 55,376 | 56,713 | 48,504 | -14.5% | -12.4% |
| Median Single-Family Home Price | $460,000 | $510,000 | $530,000 | 3.9% | 15.2% |
| YTD Median Single-Family Home Price | $445,000 | $510,000 | $550,000 | 7.8% | 23.6% |
“The significant drop in single-family home sales came as no surprise in November,” said Tim Warren, CEO of The Warren Group. “A tightening inventory, higher interest rates, and economic uncertainties have had a big impact on consumer confidence, and real estate activity has taken a hit in recent months. The more important development is the slowdown in median price hikes. The 3.9 percent increase we saw in November was the smallest percent increase on a year-over-year basis since June 2020.”
Year-to-date, there have been 48,504 single-family home sales in Massachusetts, a 14.5 percent decrease from the first 11 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 1,663 condominium sales in November 2022, compared to 2,127 sales in November 2021 – a 21.8 percent decrease on a year-over-year basis. This marked the 15th consecutive month that condo sales have declined on a year-over-year basis. Meanwhile, the median sale price increased 6 percent on a year-over-year basis to $475,000 – a new all-time high for the month of November.
| November 2020 | November 2021 |
November 2022 |
% Change 2021-2022 | % Change 2020-2022 | |
| Condominium Sales | 2,123 | 2,127 | 1,663 | -21.8% | -21.7% |
| YTD Condominium Sales | 21,629 | 26,322 | 22,094 | -16.1% | 2.2% |
| Median Condominium Price | $410,000 | $448,000 | $475,000 | 6.0% | 15.9% |
| YTD Median Condominium Price | $415,000 | $455,000 | $490,000 | 7.7% | 18.1% |
“The condo market followed very similar trends to the single-family market in November – a massive year-over-year decline in sales paired with a more modest increase in price,” Warren added. “It’s clear that neither market is immune from current economic conditions.”
Year-to-date, there have been 22,094 condo sales, a 21.8 percent decrease from the first 11 months of 2021 with a median sale price of $490,000, 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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