Record High Prices and Insufficient Inventory Made It A Tough Year for Buyers
Home sales across Massachusetts sank to a 12-year low in 2023, the first year in office for Gov. Maura Healey, whose road to the corner office was paved with promises to boldly tackle the state’s housing crisis.
The Warren Group reported Tuesday that record high prices and an insufficient inventory made it a tough year for buyers, and home sales were down by nearly 22.5 percent in 2023, compared to 2022.
The median sale price for a single-family home in Massachusetts last year was $570,000, up about 3.6 percent over 2022.
In December, there were 3,150 single-family home sales in Massachusetts, the fewest for any December since 2008. The median single-family home sale price increased 5.9 percent in December to $540,000, a new all-time high for the month.
“Limited inventory and high interest rates are the driving force behind this trend, with prospective buyers facing a challenging landscape,” Cassidy Norton, media relations director of The Warren Group, said. “As demand outpaces supply, home prices continue to climb, making it increasingly difficult for many to enter the housing market.”
Healey in October filed major housing legislation but Beacon Hill has been slow to dive into production and affordability solutions. Healey is expected to talk about the housing crisis in her State of the State address Wednesday; her bill is up for a public hearing Thursday.
