Photo: WBZ NewsRadio
BOSTON (WBZ NewsRadio) — The Greater Boston Association of Realtors (GBAR) reports the median price of a single-family home in Greater Boston has fallen back below $1 million.
This new data comes one month after the median price of a single-family home in Greater Boston surpassed the milestone $1 million mark ($1,003,250.00).
In a press release, President of GBAR Mark Triglione said that July is usually an inconsistent month for real estate, and that was the case this year. He said the real estate market, though, is strong.
“Typical residential real estate markers are down from June but strong compared to last July. Well-priced properties continue to sell fast, for over asking price and with favorable terms for the seller," Triglione said. "The single-family market has more inventory this year than last, and some of it stays on the market longer before an accepted offer. Savvy buyers are discovering value in properties that have been on the market for one to three weeks, and it shows with twenty-two median days on market.”
The median price for a single-family home in Greater Boston in July fell to $967,000.00.
That's a decrease of 3.4% from June, but up 5.5% from last July.
GBAR reports similar trends for Greater Boston-area condominiums.
The median price is down 4.1% from June to $699,500.00.