Median Condo Sale Price Exceeds Median Home Sale Price

BOSTON (State House News Service) — Buyers picked up new single-family homes and condos in Massachusetts at an accelerated pace in January, despite a significant surge in median sale prices.

The more than 3,500 single-family home sales recorded last month marked an 8.1 percent increase over January 2019, according to The Warren Group.

The median home sale price of $393,000 was up 6.8 percent from $355,000 in January 2019, a new high for the month.

"The considerable momentum in the single-family housing market in 2019 clearly has carried over into the new year," said Warren Group CEO Tim Warren, who added that the median sale price in January suggests "we can expect 2020 to be another record-setting year for Massachusetts real estate."

The condominium market was hot, too. Condo sales were up 21.6 percent in January, compared to a year ago, and the 1,517 sales were the most condo transactions for the month since January 2007. The median condo sale price in January rose 12.4 percent over the year to $399,000.

"The median condo price surpassing the median single-family home price is truly a rarity," Warren said. "The last time this occurred was in March 2018, and has now occurred just five times in history. Newly built and renovated condos are driving the market – especially in the Greater Boston area – and commanding higher prices."

The rise in home and condo sales and prices comes as Beacon Hill is paralyzed over ways to adjust state and local housing policies to boost the inventory of housing in Massachusetts and create more affordable options for individuals and families who feel squeezed by rising housing costs.

More than 11 months into the two-year session, Democratic legislative leaders and Gov. Charlie Baker have little to show in the way of progress on the issue after decision makers also failed to make any forward progress during the 2017-2018 legislative session.

By Michael P. Norton, State House News Service

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