Median single-family home price up 6.6 percent on year-over-year basis to $650,000.
PEABODY, August 20, 2024 – Massachusetts single-family home and condo sales both increased in July 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 | July 2023 | July 2024 | % Change 2023-2024 |
Single-Family Home Sales | 4,090 | 4,427 | 8.2% |
YTD Single-Family Sales | 22,687 | 22,879 | 0.8% |
Median Single-Family Home Price | $610,000 | $650,000 | 6.6% |
YTD Median Single-Family Home Price | $565,000 | $618,500 | 9.5% |
Last month, there were 4,427 single-family home sales in Massachusetts, an 8.2 percent increase from July 2023. Meanwhile, the median single-family sale price increased 6.6 percent on a year-over-year basis to $650,000, up from $610,000 in July 2023 – a new high for the month of July.
“Yes, a median sale price of $650,000 was a new all-time high for the month of July, and month after month prices are setting new records, but price gains are smaller than they could be,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “Interest rates are more than double where they were two years ago, and I’m certain prices would be even higher without those changes. That does lead to a lack of inventory that may have abated price gains somewhat. Unfortunately, the lack of inventory will continue to be the biggest factor driving prices for the foreseeable future.”
Year-to-date, there have been 22,879 single-family home sales in Massachusetts, a 0.8 percent increase from the first seven months of 2023. Meanwhile, the year-to-date median single-family home price increased 6.6 percent on the same basis to $650,000.
Condominiums
MA Condominiums | July 2023 | July 2024 | % Change 2023-2024 |
Condominium Sales | 1,886 | 1,947 | 3.2% |
YTD Condominium Sales | 11,261 | 10,901 | -3.2% |
Median Condominium Price | $555,000 | $565,000 | 1.8% |
YTD Median Condominium Price | $519,900 | $545,000 | 4.8% |
There were 1,947 condominium sales in July 2024, compared to 1,886 in July 2023 – a 3.2 percent increase. Meanwhile, the median sale price rose 1.8 percent on a year-over-year basis to $565,000 – a new all-time high for the month of July.
“The median condo price also reached a new high for July, but prices were down moderately from the previous month,” Norton added. “This could be an early indicator that condo prices are starting to plateau.”
Year-to-date, there have been 10,901 condo sales, a 3.2 percent decrease from the first seven months of 2023 with a median sale price of $545,000, a 4.8 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 |
July 2023 | July 2024 | % Change 2023-2024 |
Single-Family Home Sales | 2,067 | 2,311 | 11.8% |
YTD Single-Family Sales | 11,068 | 11,313 | 2.2% |
Median Single-Family Home Price | $775,000 | $800,000 | 3.2% |
YTD Median Single-Family Home Price | $714,500 | $774,000 | 8.3% |
There were 2,311 single-family home sales in the Greater Boston housing market in July 2024, which marked an 11.8 percent increase from July 2023 when there were 2,067 transactions. Meanwhile, the median single-family sale price increased 3.2 percent on a year-over-year basis to $800,000.
Greater Boston Condominiums | July 2023 | July 2024 | % Change 2023-2024 |
Condominium Sales | 1,404 | 1,447 | 3.1% |
YTD Condominium Sales | 8,237 | 8,019 | -2.6% |
Median Condominium Price | $650,000 | $650,000 | 0.0% |
YTD Median Condominium Price | $605,000 | $630,000 | 4.1% |
In July, there were 1,447 condo sales in the Greater Boston housing market, up from 1,404 sales in July 2023, marking a 3.1 percent increase on a year-over-year basis. Meanwhile, the median condo price remained unchanged on the same basis to $650,000.
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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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