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Last month, there were 2,563 single-family home sales in Massachusetts, a 7.4 percent decline from March 2023 according to The Warren Group, publisher of Banker & Tradesman. 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, 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.
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.
There were also 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.
In March, there were 1,076 condo sales in the Greater Boston market, 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.
The Warren Group defines the Greater Boston market as an area encompassing over 100 communities within the Interstate 495 corridor.
