Median home price in Massachusetts tops $600K for the first time

Kennith Bogan

By Colin A. Youthful, Condition Property News Services

Condition Home, BOSTON, JULY 19, 2022 (State Home News Assistance) – For the initially time, the median one-loved ones home rate in Massachusetts exceeded the $600,000 mark final month and just one housing industry analyst says prices may not have strike their apex just nevertheless.

The median sale cost registered at $610,000 in June, The Warren Group reported Tuesday, up from a median of $555,000 in June 2021 and $440,000 in June 2020. The intense level of competition for houses in the Bay Point out obtained even extra fraught final month as inventory shrank — the number of revenue final declined 11.5 p.c from last June to 6,182 sales.

“Hold in intellect that it was only 14 months in the past when the median price tag of $500,000 was exceeded for the 1st time. I question we have noticed the end of it,” Tim Warren, CEO of The Warren Group, explained. “Experts hold speculating that with the modern hike in curiosity costs that rates could plateau in the in close proximity to foreseeable future, but I’m not positive we’re at the tipping position just nevertheless. Price boosts are moderating this 12 months, but they are much from flatlining. There are just so many prospective buyers and not plenty of properties to go around. I hope future potential buyers to keep on having to pay significant rates in the coming months, even as it gets much more highly-priced to borrow cash.”

Halfway via 2022, there have been 24,553 single-spouse and children home income in Massachusetts, down 10.5 per cent from the to start with 6 months of 2021. At the very same time, the yr-to-date median solitary loved ones residence cost has greater 10 % to $550,000 and is up practically 33 p.c due to the fact June 2020, The Warren Group stated.

Excepting Nantucket ($2.195 million median) and Dukes County ($1.2 million median), the most costly Massachusetts county for single-household households this yr has been Middlesex County with a median sale rate of $750,000, adopted by Suffolk County’s $726,000 median cost and Norfolk County’s median of $700,000. The most affordable counties so much this year have been Hampden County ($275,000 median), Franklin County ($287,000 median) and Berkshire County ($290,000).

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