Boston single-family home prices hit record high – March home sales higher than some might have expected
Strong buyer interest and low inventory put March home sales higher than some might have expected, considering the stay-at-home orders that brought the U.S. economy to a grinding halt last month.
Both the Greater Boston Association of Realtors and the Massachusetts Association of Realtors reported single-digit changes in year-over-year sales for both single-family homes and condominiums.
Single-family took a bigger hit in Greater Boston, dropping 6.8% year over year with 746 homes sold. Statewide, the year-over-year decline was 1.1% for single-family homes with 3,471 homes sold. Perhaps most notably, the median sales price for a single-family home in Greater Boston increased 6.8% year over year to a record high of $640,000.
The median sales price statewide was also up, rising 6.5% from March 2019 to $416,000. Year-over-year condominium sales were up in Greater Boston (7.9% with 762 condos sold) but down statewide (2.7% with 1,462 sold).
The median sales price for a condo in Greater Boston increased 12.7% to $619,950 from the previous March and was up 14.3% to $428,500 in Massachusetts overall. “COVID-19, while sending shockwaves through every sector of our economy, did not have a significant impact on the housing market in Massachusetts in March, as inventory remains at historic lows and … Read More
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