New Threshold Crossed in November
Massachusetts crossed another threshold in November when the median home sale price hit $600,000, a record high for the month.
The Warren Group reported Tuesday that statewide home sales rose 2.7% in November, compared to November 2023, and the median single-family home sale price increased 3.4% to the $600,000 mark.
The median home sale price in the state has been at or above $600,000 for eight consecutive months.
Data indicate a big spread in median home sale prices by county. The median year-to-date home sale price in Nantucket was $2.65 million, compared to a year-to-date median of $319,900 in Hampden County. In general, year-to-date median home sale prices are below the statewide median in western Massachusetts.
Higher interest rates and inventory limitations continue to curb options for buyers and sellers.
“The recent data suggests that mortgage rates are likely to remain relatively high, perpetuating the issue of potential sellers with lower interest rates reluctant to enter the market, contributing to the state’s supply issue,” Cassidy Norton, associate publisher of The Warren Group, said.
Year-to-date single-family home sales in Massachusetts are up only 1.7% from the first 11 months of 2023. The year-to-date median single-family home sale price has risen 7.3% over the same time period to $615,000.
The year-to-date median condo sale price is $535,662, an increase of 4.4% over the first 11 months of 2023.
