Massachusetts Residential Sales and Prices Continue to Surge in October
Median single-family home price spikes by 17 percent on a year-over-year basis.
PEABODY, November 17, 2020 – The Massachusetts real estate market continued to show no signs of slowing down in October as both single-family home and condominium sales surged on a year-over-year basis, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Last month, there were 6,655 single-family home sales in Massachusetts, a 27.1 percent increase from October 2019 when there were 5,235 transactions. This marked the second consecutive month that the number of statewide sales increased by more than 27 percent on a year-over-year basis – a clear sign that there is no shortage of demand from buyers. Meanwhile, the median single-family home price increased 17.0 percent on a year-over-year basis to $455,000 – an all-time high for single-family homes in the month of October.
“Despite higher COVID-19 infection rates, consumers across Massachusetts continued their real estate buying binge in October,” said Tim Warren, CEO of The Warren Group. “Strong demand from buyers, scant supply from sellers, and rock bottom interest rates continued to push the median single-family home price higher, and it has now been above $450,000 for four consecutive months.”
Year-to-date, there have been 49,240 single-family home sales – a 0.7 percent decrease from the first ten months of 2019. The median sale price of $442,500 is 10.6 percent higher than last year.
Additionally, there were 2,477 condo sales in October, a 16.9 percent increase from October 2019 when there were 2,119 transactions. Meanwhile, the median sale price increased 10.8 percent of a year-over-year basis to $410,000 – an all-time high for the month of October. Year-to-date, there have been 19,516 condo sales – a 4.9 percent decrease from the first ten months of 2019 – with a median sale price of $416,000, a 9.2 percent increase on the same basis.
“The condo market slightly trailed the trends in the single-family market in October,” Warren continued. “Condo sales and prices are showing healthy gains, but not quite the frenzied interest buyers are showing for single-family homes.”