• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us

Agency Checklists

Massachusetts Insurance News & Job Opportunities

You are here: Home / State House News / Analyst Sees Housing Affordability “Rapidly Waning”

Analyst Sees Housing Affordability “Rapidly Waning”

April 25, 2022 by State House News Service

Massachusetts Home Prices

Low Inventory Plagues Massachusetts Marketplace


Sales of both single-family houses and condominiums in Massachusetts declined in March as housing prices rose even further, continuing a pattern that real estate market analysts at The Warren Group said is pushing homeownership further away for many residents.

There were 3,591 single-family home sales in Massachusetts last month, a 6.9 percent decrease from March 2021. Meanwhile, the median home sale price increased 12 percent on a year-over-year basis to $515,000, up from $460,000 in March 2021, The Warren Group said Wednesday. The 1,826 condo sales in March were down 19.5 percent compared to 2,268 condo sales in March 2021 and the median sale price climbed 4.1 percent year-over-year to a new March record high of $460,000.

“Low inventory continues to plague the real estate market in Massachusetts. The number of homes for sale has been declining for a decade or more and that trend has led to a lower sales volume and is pushing prices higher. Couple this with rising mortgage rates — which recently hit 5 percent for the first time since 2011 — and housing affordability is rapidly waning,” Tim Warren, CEO of The Warren Group, said. “First-time homebuyers are flocking to rural communities and blue-collar cities to take advantage of attractive purchase prices.”

Because inventory in the condo market is not quite as depleted as for single-family homes, some would-be homebuyers might think about turning their attention in the coming months to condos, though Warren said it likely won’t be enough to significantly boost the condo market.

“Condos are perfect for a lot of people as city life picks up and with restaurants and cultural events and socialize becoming more popular, more people will consider them as a home. But I think people pretty much know what they want. It will be hard for someone who had been shopping aggressively for a single-family home to suddenly switch and to decide to start looking for a condo,” he said. “So I don’t think we’re going to see a big increase in condo sales this year.”

So far in 2022 there have been 9,711 single-family home sales in Massachusetts, a 9.7 percent drop from the first three months of 2021. At the same time, the year-to-date median single-family home price has increased 10.9 percent to $499,000. There have been 4,490 condo sales so far this year, a 17.2 percent decrease from the first three months of 2021 with a median sale price of $450,000, a 5.9 percent increase over the same period in 2021.

Primary Sidebar

New Episode

MA Insurance Lawyers

SPONSORED

Career News

Davis & Towle Insurance Group Announces Christopher Nicolopoulos to be CEO: Other Leadership Changes

AAU Announces Hire of Roderiques in Boston, MA

AAU Announces Hire of Roderiques in Boston, MA

MIB Elects New Chair, Vice Chair, and Directors to its Board

Plymouth Rock Home Assurance Corporation Names Colleen Finn as Chief Marketing Officer 

Plymouth Rock Home Assurance Corporation Names Colleen Finn as Chief Marketing Officer 

View More Career News

In Memoriam

In Memoriam: William C. Blanker, Director Emeritus A.I.M. Mutual

In Memoriam: Cheryl Ann (Rounsevell) Kuechler, 1945-2025

In Memoriam: Howard Shea, 1937-2025

Company News

Agency Checklists, Arbella's New Cyber Endorsement, Cyber Extortion Insurance, CyberBullying Insurance, Online Fraud Insurance for Homeowners, Data Breach Insurance for Homeowners, CyberBullying Insurance for your children

Massachusetts RMV Cautions Public to Beware of Text Scams

RMV, AAA Northeast Promote Safe Driving for Teens Ahead of Summer

Arbella Insurance Foundation Launches Annual “Let’s Drive Out Hunger” Program to Raise Funds for Hunger Relief Programs Across New England

Arbella Insurance Foundation Launches Annual “Let’s Drive Out Hunger” Program to Raise Funds for Hunger Relief Programs Across New England

Progressive Drives Small Business Forward with $1 Million in Commercial Vehicle Grants

Footer

Agency Checklists

Contact us

We offer a variety of ways to get help promote your company or product.

Announcements
Email Sponsorships
Partnerships
Custom Collaborations

*Affiliate Disclosure

Please note that any of Agency Checklists’ articles might contain one or more affiliate links. This means that any subsequent purchase resulting from these links may result in a commission for us, but at no additional cost to you. For example, as an Amazon Associate, Agency Checklists earns a commission from all qualifying purchases. By working with affiliates we can continue to keep Agency Checklists subscription free. Thank you for your support.

Explore Our Archives

Copyright © 2025 · Agency Checklists · All rights reserved.

 

Loading Comments...