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Home / Housing News / Massachusetts’ 2018 Median Home Price Was Higher Than Ever

Massachusetts’ 2018 Median Home Price Was Higher Than Ever

January 28, 2019 by Susan Gittelman

Click here to view original web page at www.bostonmagazine.com

Real Estate

It was a pricey year for the Bay State.

Photo via iStock

Things are tough for house hunters in Massachusetts right now. According to a new report from real-estate tracking firm the Warren Group, median prices for both single-family homes and condos in the Bay State broke records in 2018—but not in way that’s advantageous to first-time buyers. They reached an all-time high “for any calendar year,” per the report, rising 5.5 percent to an average of $385,000.

The reason prices are so high? Low inventory. There aren’t enough houses for sale across the state to meet the demand of buyers, leading to a spike in costs. In fact, the total amount of sales dropped in December 2018. They were down 7.1 percent compared to December 2017.

“It’s no surprise that we saw year-end sales decline and prices increase, as that was a common trend during the course of 2018,” said Tim Warren, CEO of the Warren Group, in a statement. “Every month last year, we saw home prices either increase or remain unchanged on a year-over-year basis. Meanwhile, eight out of the 12 months we saw home sales decline on a year-over-year basis.”

Throughout the year, single-family home sales dropped 1.5 percent since 2017, totaling 59,801 transactions. “This is the first time in three years that year-end sales failed to exceed 60,000 transactions,” reads the report. Condos, meanwhile, clocked a 7.7 percent increase in sales since the previous December. Overall, prices jumped 7 percent to a year-end median of $365,000.

“Condos proved to be a hot commodity during the course of 2018,” Warren said.

The question for 2019 is whether the market will level off or not. Let’s hope so.

Filed Under: Housing News

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