BOSTON — The median price for both single-family homes and condominiums in Massachusetts has dropped for the first time in five years as the lack of inventory and elevated interest rates continue to weigh on market activity, according to a new report.
The Warren Group, a leading provider of real estate and transaction data, announced Tuesday that the average price for a single-family home has fallen to $553,000, which is down 1.2 percent from April 2022 when the average price was about $560,000.
In addition to the dip in prices, the actual number of home sales is down as well.
There were fewer than 3,000 single-family home sales in April 2023, a decline of 25 percent from a year ago. Condo sales plummeted by more than 30 percent.
“In the ever-evolving landscape of the Massachusetts housing market, April saw a notable decline in sale prices, the first time the median sale price decreased in five years,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “Limited housing inventory was a persistent hurdle, constraining buyer options and intensifying competition. The scarcity of available properties may have prompted hesitant homeowners to delay listing their homes further exacerbating the supply-demand imbalance.”
The Warren Group described the Massachusetts housing market as “cooling,” despite the area being home to the fifth-highest home prices in America.
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