Massachusetts Home and Condo Prices Hit Record Highs

Now might be a great time to put the house on the market if you want to make a nice profit, but finding a new home for yourself might be difficult.

Single-family home and condo prices in Massachusetts are out of the stratosphere, partly because there are fewer on the market these days. Many folks are afraid to put their homes up for sale due to escalating costs for a replacement home and rising interest rates.

A press release from the real estate market watchers The Warren Group says, "The median single-family home price of $560,000 marked an all-time high for Massachusetts." The release states, "Under normal conditions, this would be a reason to celebrate, but only if you currently own a home and you're looking to sell and don't need to buy a new home."

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"With such limited inventory – not only across Massachusetts but also across the country – finding that next place to live will prove to be challenging," said Warren Group CEO Tim Warren.

Condo prices are also on the rise. The Warren Group says, "There were 2,149 condominium sales in April 2022, compared to 2,534 in April 2021 – a 15.2 percent decrease on a year-over-year basis. Meanwhile, the median sale price increased 11.6 percent to $530,000 – a new single all-time high for condos."

The Warren Group provides information about single-family home sales by county and community. The graphic allows potential home shoppers to compare and contrast prices and trends.

Every month home prices and borrowing rates increase it becomes more difficult for families to afford to buy a home or condo in Massachusetts.