The median sale price of a single-family home in March climbed to $485,000, according to the Massachusetts Association of Realtors, whose latest monthly report shows a slight uptick in inventory to start the spring and a competitive market.
The association this week reported that 3,385 single-family home sales closed in March and 5,804 new properties were listed, up from 2,779 closed sales in February and 3,393 new listings. The market for condominiums is also heating up with 1,922 sales closed in March, up from 1,298 in February and 26 percent higher than the 1,523 condos sold in March 2020 at the start of the pandemic.
“We’re seeing a very busy, competitive spring market this year as more buyers line up and sellers are feeling more comfortable putting their homes on the market compared to this time last year,” Steve Medeiros, 2021 President of MAR and a realtor at Keller Williams Realty, said in a statement. “While prices are increasing along with mortgage rates, we’re encouraged by the increase of new listings and seeing some more inventory come on the market.”
The $485,000 median price tag on a single-family home is up 16.9 percent from last year and the median price of condominiums hit an all-time high of $459,450, up 6.9 percent from last year.
Despite the uptick in new listings, inventory remains low. The Association of Realtors said there is less than one month’s supply of single-family units, and inventory for both single-family and condo homes hit an all-time low since the data reporting started in 2004.
