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Median condominium price exceeds $400,000 for first time in Massachusetts.

PEABODY, June 26, 2019 – The median sale price for both single-family home and condominiums spiked last month on a year-over-year basis; setting records in the process, according to a new report from The Warren Group, publisher of Banker & Tradesman.

Last month, there were 5,675 single-family home sales recorded in Massachusetts, a 7.3 percent increase from May 2018 when there were 5,290 transactions. Meanwhile, the median single-family sale price rose 4.1 percent on a year-over-year basis to $410,000, which marked an all-time high for the month of May. Year-to-date, there have been 19,699 single-family home sales – a 2 percent increase from the first five months of 2018 – with a median sale price of $385,000 – a 5.5 percent increase on the same basis.

“The median single-family home price reached an all-time-high for the month of May,” said Tim Warren, CEO of The Warren Group. “Inventory levels – especially new listings – are down this year. As such, I fully expect the median single-family home price to reach new highs in the coming months.”

Concurrently, there were 5,108 purchase mortgages for single-family homes in May, marking an 8.4 percent increase on a year-over-year basis. April purchase mortgages totaled $2.10 billion – an 11.5 percent increase from a year earlier. Year-to-date, single-family homes have accounted for 17,705 purchase mortgages across Massachusetts totaling $6.99 billion.

In May, there were 2,552 condominiums sales, compared to 2,447 sales in May 2018 – a 4.3 percent increase. Meanwhile, the median sale price spiked 5.7 percent to $400,500 – the highest price ever recorded for the month of May and the first time the median sale price has exceeded $400,000 in any month. Year-to-date, there have been 8,743 condo sales with a median sale price of $370,000.

“In over 32 years of tracking condo sales, we have never seen the median sale price exceed $400,000,” Warren continued. “I didn’t expect to see such a significant spike in the condo market last month, as the median sale price declined on a year-over-year basis for the previous three consecutive months. The recent development is truly unprecedented.”

Condos accounted for 1,966 purchase mortgages last month, totaling $760 million. Year-to-date, condos have accounted for 6,607 purchase mortgages totaling $2.41 billion.


Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and 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