Median MA home price tops $600,000 for first time in June
The median sale price of a single-family home sold in Massachusetts topped the $600,000 mark for the first time last month as rising mortgage rates proved out of proportion with a continuing imbalance between supply limited and robust demand.
The Warren Group, a Peabody-based real estate and banking data provider, recently reported that the median price of a single-family home sold in Massachusetts was $610,000 last month, up 9.9% from last month. the June 2021 median of $555,000 – and a whopping 38.6% more than two years ago ($440,000).
Sales, however, are down, reflecting less available inventory. The 6,182 single-family homes sold in Massachusetts last month represent an 11.5% drop from the comparable month a year ago, when 6,987 homes were sold.
Tim Warren, CEO of The Warren Group, noted that it’s only been 14 months since the statewide median home sale price eclipsed $500,000.
“I doubt we’ve seen the end of it,” Warren said in a statement. “Experts continue to speculate that with the recent rise in interest rates, prices may plateau in the near future, but I’m not sure at the tipping point just yet.”
Over the past year, the average rate on a 30-year mortgage – the most commonly used loan for initial home purchases – has fallen from an all-time low of 2.98% to 5.52 %, according to Freddie Mac.
For a $400,000 loan, that’s a difference of almost $600 ($2,276 vs. $1,682) on a monthly payment.
“Price increases are moderating this year, but they are far from stagnant,” Warren said. “There are so many buyers and not enough homes to go around. I expect potential buyers to continue paying steep premiums in the months ahead, even as it gets more expensive to borrow money.”
Potential buyers hoping for relief by shopping for traditionally cheaper condominiums may also be disappointed.
The median price of a condominium sold last month in Massachusetts was $539,000, up 10.2% from a year ago ($489,000) and 34.8% from it two years ago ($400,000).
Condo sales totaled 2,748 statewide last month, representing an even steeper year-over-year decline — 13.8%, or 3,189 in June 2021 — than it did. was the case for single-family homes.
Warren noted that while condominiums, on the whole, are less expensive than single-family homes, they are “still prohibitively expensive for many buyers, especially as purchasing power declines due to rising rates. mortgages”.
Here is an overview of housing counts for some MetroWest communities:
Framingham bucked the statewide trend, as it saw 79 single-family homes sold last month, compared to 77 sold in June 2021. The median sale price was $657,000 for June, up 9.9% from $598,000 the same month a year earlier.
There were 98 condominium apartments sold in the city last month, down from 106 in June 2021. The median sale price last month was $260,000, down 1.3% from $263,500 a year ago. one year old.
Only 39 single-family homes were sold in Natick last month, down significantly from 59 in June 2021. The median selling price for June sales was even $900,000, up 12.5% from at the June 2021 median of $800,000.
Seventeen condominiums were sold in Natick last month, up from 20 in June 2021. But their median sale price was $700,000, up 40.7% from the figure of $497,500 a year ago. year.
There were 40 single-family homes sold in Marlborough last month, down from 33 in the same month a year earlier. Last month’s median sale price was $570,000, up 14.2% from the June 2021 median of $499,000.
There was an apparent opportunity for entry-level buyers in the city’s condo market. Thirty-four condominiums were sold in Marlborough last month, twice as many as in June 2021. And the median sale price was a modest $180,000, down more than half from the median June 2021 of $365,000.
There were 24 single-family homes sold in Milford last month, compared to 28 sold in June 2021. The median sale price last month was $559,000, up 12.5% from the figure of $497,000 one year ago.
Fourteen condominiums were sold in the city last month, compared to 11 sold in June 2021. The median sale price was $404,500, up 7.3% from the median of $377,000 a year ago .
Single-family home sales fell 31% in Franklin in June, from 58 last year to 40 this year. The median price for those sold last month was $687,500, up 1.9% from the median of $675,000 a year ago.
Twenty condominiums were sold in Franklin last month, compared to 22 sold in June 2021. The median sale price rose 13.7%, year-over-year, from $397,000 last year to $451,483 this year.
There were 38 single-family homes sold in June in Sudbury, down 24 per cent from the 50 sold the same month a year ago. The median sale price of a single-family home in Sudbury, which topped $1 million for the first time last summer, is now over $1.5 million — $1,519,000 last month. That’s a 39.3% jump from the June 2021 median of $1,090,750.
Twelve condominiums were sold in Sudbury last month, compared to 13 in June 2021. Their median sale price was $770,335, up 30.6% from the median of $589,900 a year ago. .
There were 25 single-family homes sold in Ashland last month, down from 31 in June 2021. The median selling price of a home sold in the city last month was $600,000, down 4% from the figure for $625,000 a year ago.
Twelve condominiums were sold in Ashland in June, compared to 20 in the same month a year earlier. But their median sale price rose sharply – 42.6% – from $430,000 to $613,000.
There were 29 single-family homes sold in Hopkinton last month, up from 21 in June 2021. The median sale price topped $1 million — it was $1.05 million — and that was 15.4% higher higher than the June 2021 median sale price of $910,000.
Thirteen condominiums were sold in Hopkinton in June, one more than a year ago. The median selling price was $771,000, up 73.5% from the median of $444,500 a year ago.
There were 28 single-family homes sold in Holliston last month, up from 34 in June 2021. The median sale price was $732,000, up 11.8% from the median of $655,000 a year ago. a year.
Twenty-two condominiums were sold in Holliston last month, up from 20 in June 2021. Their median sale price was $477,500, up 20.9% from the median of $395,000 a year ago. year.
Twenty-four single-family homes were sold in Bellingham in June, compared to 19 in the same month a year ago. The median selling price was $404,500, down 7.6% from the median selling price of $438,000 a year ago.
Two condominiums were sold in the city last month, compared to six in June 2021. No monthly median sale price was given, although year-to-date it was $380,750, a gain of 3 .6% from the six-month median of $367,500 a year ago.