Massachusetts home prices reach an all time high for November

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Massachusetts home prices reach an all time high for November

Massachusetts home and condominium sale prices reached all-time highs for the month of November, according to the Warren Group’s November 2024 Sales Report.

Last month single-family home sales were up 2.7% year over year to 3,545 transactions, and the year-over-year median price increased 3.4% to $600,000, setting a new high for the month and marking the first time single-family home prices reached $600,000 in November.

Cassidy Norton, associate publisher and media relations director of the Warren Group, said the Bay State’s single-family housing market continues to demonstrate strong demand, and $600,000 marks not only a record for the month but also the eighth consecutive month at or above this threshold.

“This marks a 3.4% year-over-year increase, a smaller increase than we’ve seen in the past but still an increase,” she said. “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.”

Since January, 38,329 homes have sold, marking a 1.7% increase from the first 11 months of 2023. During the same period, the median single-family home price rose 7.3% to $615,000.

Meanwhile, condo sales fell last month, but that didn’t stop sale prices from setting a new record.

Condo sales fell 2.6% to 1,449 transactions, compared to 1,487 in November 2023. Meanwhile, the median sale price increased 2.4% to $511,955, marking a new all-time high for the month.

“The Massachusetts condo market set a new record in November, with the median price reaching $511,955,” Norton said. “Much like the single-family market, price growth is slowing significantly. This trend reflects the impact of elevated interest rates, which are tempering the pace of increases even as prices continue to edge upward.”

So far this year, 17,293 condos sold, a 3.1% decrease from 2023, with a median sale price that’s up 4.4% to $535,662.

Peace be with you

Updated: Boston Real Estate Blog 2024