Mass. Median Home Price Hits All-Time High For May
BOSTON, June 27, 2017 – The median price of a single-family home in Massachusetts rose to its highest point on record for the month of May, according to a new report from The Warren Group, publisher of Banker & Tradesman.
The median sale price of a single-family home in May increased 6.9 percent to $370,000. This marks 14 straight months of year-over-year price increases going back to April of 2016.
There were 5,396 single-family homes sold in May, edging out the 5,315 in May 2016 for a 1.5 percent increase, and bringing that total to its highest point since May of 2004.
Year-to-date, single-family home sales were up 0.6 percent through May compared to the same period in 2016, while the median price jumped 6.8 percent.
“Though single-family sales are on the rise, they’re not rising as swiftly as the median price, which smashed the previous record of $352,500 from May 2005,” said Timothy Warren, CEO of The Warren Group. “Low inventory of homes for sale has many industry experts on edge. Buyers are finding very little choice and are forced to bid aggressively to make a purchase.”
There were 2,430 condominiums sold in May 2017, compared to 2,147 last year – an increase of 9.0 percent. The median condo sale price rose by 8.0 percent, hitting $361,750. This is also the highest on record for the month, and the 15th straight month of year-over-year increases for that figure.
“Condos are hugely popular, especially in Greater Boston, where inventory is coming online at a rapid clip,” said Cassidy Murphy, Editorial and Media Relations Director of The Warren Group. “As prices continue to climb at a dizzy pace, condos are an increasingly viable – and desirable – option for many first-time buyers who may have historically opted for a single-family home. But with a median price within $10,000 of the single-family median, condos may not be an affordable option for much longer.”
Year-to-date condo sales were up 8.2 percent through May compared to the same period in 2016, while the median price was up 7.3 percent over the same period.
The Warren Group