Average Massachusetts Home Price in June Was an All-Time Record
The median price for a single-family home in Massachusetts hit a jaw-breaking $610,000 in June. For the first time since the Massachusetts-based Warren Group began tracking transaction data in 1987, the median sales price has exceeded $600,000.
In its monthly press release, the Warren Group reported June was also the third consecutive month that the average condominium sales price exceeded $500,000.
The Warren Group is, according to the company's website, "a leading provider of real estate and transaction data."
Along with the sharply-rising prices comes an equally sharp decline in single-family home sales.
"There were 6,182 single-family home sales in Massachusetts in June, an 11.5 percent decrease from June 2021 when there were 6,987 transactions," the Warren Group reported.
The sales price "spiked" by 9.9 percent from $555,000 in June 2021 – a new all-time high for single-family homes since the Warren Group began tracking in 1987.
Warren Group CEO Tim Warren said he doesn't think we've seen the end of rising home prices yet.
"Experts keep speculating that with the recent hike in interest rates that prices could plateau in the near future, but I'm not sure we're at the tipping point just yet," he said.
"There are just so many buyers and not enough homes to go around," Warren said.
There was a 13.8 percent decline in condo sales in June compared to June 2021. The average sales price jumped 10.2 percent on a year-to-year basis to $539,000. Warren said costs have become prohibitive for many as "purchasing power declines due to rising mortgage rates."