Median Price for Homes in Massachusetts Over $400K in May
Condominium median prices hit all-time high at $413,000.
by Eric Berman - email@example.com - 781-839-5507
WALTHAM, Mass. – June 26, 2019 – The Massachusetts Association of Realtors® (MAR) reported today that median price for both single-family homes and condominiums was over $400,000 in May, with condominiums hitting an all-time at $413,000. Despite these high median prices, closed sales for single-family homes and condominiums increased year-over-year from May of 2018. Last month marked the lowest number of single-family homes for sale in the month of May since MAR began reporting the data in 2004. However, this is the fifth month in a row of year-over year condominium inventory increases.
“With median home prices over $400,000, you have to ask, ‘How much higher can they go?’,” said 2019 MAR President Anne Meczywor, broker/associate at Roberts & Associates Realty Inc. in Lenox. “With inventory at all-time lows, it’s hard for first-time home buyers to find what they are looking for at a price they can afford.”
May Inventory and Days on Market:
“The demand for condominiums is pushing prices to all-time highs even with five straight months of year-over-year increases of condominiums on the market,” said Meczywor. “This underscores the need for more homes to be built to make sure that everyone who is qualified gets that opportunity to be a homeowner.”
About the Massachusetts Association of Realtors®: Organized in 1924, the Massachusetts Association of Realtors® is a professional trade organization with more than 25,000 members. The term Realtor® is registered as the exclusive designation of members of the National Association of Realtors® who subscribe to a strict code of ethics and enjoy continuing education programs.
Editors and reporters: Please note that the term Realtor® is properly spelled with an initial capital “R”, per the Associated Press Stylebook.