What is the Massachusetts medium home price? The median sale price of a home in Massachusetts topped $900,000 in July, breaking records, despite softening demand and rising mortgage rates.
July’s median sale price for both single-family homes and condominiums rose 8% year over year, even as July saw the lowest level of activity for the month in nearly 12 years, according to the Greater Boston Association of Realtors (GBAR) July housing report.
The median sales price of a single-family home in July rose to an all-time monthly high last month to $910,000, up 8.3% from July 2022’s $840,000, topping May 2023’s previous record high of $900.000. Sales prices also improved month over month, up 2.2% from June.
The condominium median sale prices also set a new record in July of $735,000, up 7.8% from last year’s $682,000. Despite setting a new July record, prices were down 1.3% from their June 2023 record high of $745,000.
“Prices have held up quite well in the face of declining sales activity mostly due to the fact competition in the market has become more heated as the number of listings has shrunk,” said GBAR President Alison Socha. “With fewer properties available for sale, sellers are taking advantage by commanding top dollar. We’re also seeing more multiple offer situations and sales over asking price which is putting additional upward pressure on prices.”
The latest report indicates prices have recovered nicely after several months of softening.
Socha said there’s been a steady rebound in prices this spring and summer, allowing most sellers to regain any equity they may have lost as the market cooled late last year.
“For those looking to move up or trade down, the current period of low inventory and high prices offers a real opportunity to capitalize on the market’s strength,” Socha said.
A sluggish buying season
Year over year, sales of both single-family homes and condominiums declined in July. Socha said Greater Boston hasn’t…