Single-family home sales down 7.4 percent from March 2023.
PEABODY, April 17, 2024 – Massachusetts single-family home and condo prices continued their upward climb in March, setting new records in the process, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Single-Family Homes
| MA Single-Family Homes | March 2023 | March 2024 | % Change 2023-2024 |
| Single-Family Home Sales | 2,769 | 2,563 | -7.4% |
| YTD Single-Family Sales | 7,203 | 7,001 | -2.8% |
| Median Single-Family Home Price | $540,000 | $580,000 | 7.4% |
| YTD Median Single-Family Home Price | $510,000 | $560,000 | 9.8% |
Last month, there were 2,563 single-family home sales in Massachusetts, a 7.4 percent decline from March 2023. Meanwhile, the median single-family sale price increased 7.4 percent on a year-over-year basis to $580,000, up from $540,000 in March 2023 – a new all-time high for the month of March.
“Not surprisingly, Massachusetts median single-family home prices continued to set records in March,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “Despite the increase, we actually aren’t seeing the rapid, double-digit percent increases we were experiencing at the height of the pandemic and the subsequent months. Despite this slowdown, limited inventory will probably continue to be the biggest barrier to homeownership in the coming months.”
Year-to-date, there have been 7,001 single-family home sales in Massachusetts, a 2.8 percent decrease from the first three months of 2023. Meanwhile, the year-to-date median single family home price increased 9.8 percent on the same basis to $560,000.
Condominiums
| MA Condominiums | March 2023 | March 2024 | % Change 2023-2024 |
| Condominium Sales | 1,520 | 1,431 | -5.9% |
| YTD Condominium Sales | 3,713 | 3,482 | -6.2% |
| Median Condominium Price | $499,995 | $550,000 | 10.0% |
| YTD Median Condominium Price | $480,000 | $520,000 | 8.3% |
There were 1,431 condominium sales in March 2024, compared to 1,520 in March 2023 – a 5.9 percent decrease. Meanwhile, the median sale price rose 10 percent on a year-over-year basis to $550,000 – a new all-time high for the month of March.
“Last month, Massachusetts saw the fewest number of condo sales for the month of March since 2015,” Norton continued. “At the same time, the median condo price reached a new all-time high for the month of March. In fact, this is the first time the median condo price has surpassed $500,000 in the months of March ever, so a median price of $550,000 is pretty unprecedented.”
Year-to-date, there have been 3,482 condo sales, a 6.2 percent decrease from the first three months of 2023 with a median sale price of $520,000, an 8.3 percent increase on the same basis.
TOWN & COUNTY STATISTICS: Click for breakdown of town sales and county sales statistics.
Greater Boston Single-Family Home and Condo Markets
Included in this release is an overview of activity in the Greater Boston housing market. This analysis encompasses the 139 towns located within 495. Click here for a full list of the communities included in the analysis.
| Greater Boston Single-Family Homes |
March 2023 | March 2024 | % Change 2023-2024 |
| Single-Family Home Sales | 1,324 | 1,215 | -8.2% |
| YTD Single-Family Sales | 3,313 | 3,213 | -3.0% |
| Median Single-Family Home Price | $670,000 | $740,000 | 10.4% |
| YTD Median Single-Family Home Price | $642,000 | $707,000 | 10.1% |
There were 1,215 single-family home sales in the Greater Boston housing market in March 2024, which marked an 8.2 percent decrease from March 2023 when there were 1,324 transactions. Meanwhile, the median single-family sale price increased 10.4 percent on a year-over-year basis to $740,000.
| Greater Boston Condominiums | March 2023 | March 2024 | % Change 2023-2024 |
| Condominium Sales | 1,099 | 1,076 | -2.1% |
| YTD Condominium Sales | 2,656 | 2,523 | -5.0% |
| Median Condominium Price | $585,000 | $640,000 | 9.4% |
| YTD Median Condominium Price | $565,000 | $615,000 | 8.8% |
In March, there were 1,076 condo sales, down from 1,099 sales in March 2023, marking a 2.1 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 9.4 percent on the same basis to $640,000, up from $585,000 a year earlier.
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 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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