Median single-family home price up more than six percent on year-over-year basis to $600,000.
PEABODY, October 16, 2024 – Massachusetts single-family home and condo sales both declined in September on a year-over-year basis as median prices continued to reach new highs, 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 | September 2023 | September 2024 | % Change 2023-2024 |
| Single-Family Home Sales | 3,617 | 3,482 | -3.7% |
| YTD Single-Family Sales | 30,708 | 30,858 | 0.5% |
| Median Single-Family Home Price | $565,000 | $600,000 | 6.2% |
| YTD Median Single-Family Home Price | $570,000 | $617,500 | 8.3% |
Last month, there were 3,482 single-family home sales in Massachusetts, a 3.7 percent decrease from September 2023. Meanwhile, the median single-family sale price increased 6.2 percent on a year-over-year basis to $600,000, up from $565,000 in September 2023 – a new high for the month of September.
“The Massachusetts single-family housing market in September saw a slight cooling in sales, with 3,482 homes sold – a 3.7 percent decline from the same time last year,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “Elevated interest rates and limited inventory are likely key factors slowing the pace of transactions, despite continued demand. At the same time, prices remain robust, with the median home price reaching $600,000, a 6.2 percent increase year-over-year and a record for September. However, the rapid rise in prices appears to be flattening compared to previous years, signaling a potential shift in market dynamics.”
Year-to-date, there have been 30,858 single-family home sales in Massachusetts, a 0.5 percent increase from the first nine months of 2023. Meanwhile, the year-to-date median single-family home price increased 8.3 percent on the same basis to $617,500.
Condominiums
| MA Condominiums | September 2023 | September 2024 | % Change 2023-2024 |
| Condominium Sales | 1,668 | 1,490 | -10.7% |
| YTD Condominium Sales | 14,800 | 14,194 | -4.1% |
| Median Condominium Price | $500,000 | $515,000 | 3.0% |
| YTD Median Condominium Price | $517,500 | $540,000 | 4.3% |
There were 1,490 condominium sales in September 2024, compared to 1,668 in September 2023 – a 10.7 percent decrease. Meanwhile, the median sale price rose 3.0 percent on a year-over-year basis to $515,000 – a new all-time high for the month of September.
“The Massachusetts condo market saw a significant slowdown in September, with just 1,490 transactions—a 10.7 percent decrease compared to last year,” Norton added. “This marks the fewest number of condo sales for the month since September 2011. With median prices at record highs and interest rates remaining elevated, these factors are likely contributing to the drop in activity.”
Year-to-date, there have been 14,194 condo sales, a 4.1 percent decrease from the first nine months of 2023 with a median sale price of $540,000, a 4.3 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 |
September 2023 | September 2024 | % Change 2023-2024 |
| Single-Family Home Sales | 1,633 | 1,665 | 2.0% |
| YTD Single-Family Sales | 14,873 | 15,174 | 2.0% |
| Median Single-Family Home Price | $705,000 | $730,000 | 3.5% |
| YTD Median Single-Family Home Price | $720,000 | $770,000 | 6.9% |
There were 1,665 single-family home sales in the Greater Boston housing market in September 2024, which marked a 2.0 percent increase from September 2023 when there were 1,633 transactions. Meanwhile, the median single-family sale price increased 3.5 percent on a year-over-year basis to $730,000.
| Greater Boston Condominiums | September 2023 | September 2024 | % Change 2023-2024 |
| Condominium Sales | 1,174 | 1,031 | -12.2% |
| YTD Condominium Sales | 10,757 | 10,380 | -3.5% |
| Median Condominium Price | $579,950 | $600,000 | 3.5% |
| YTD Median Condominium Price | $602,500 | $625,000 | 3.7% |
In September, there were 1,031 condo sales in the Greater Boston housing market, down from 1,174 sales in September 2023, marking a 12.2 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 3.5 percent on the same basis to $600,000.
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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