Median Mass. Home Price Soars 30 Percent In Two Years

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BOSTON (State House News Service) — With prices continuing to set new record highs, home sales in Massachusetts last month dropped nearly 8 percent compared to last November, but remained elevated compared to the pre-pandemic month of November 2019.

The Warren Group reported Tuesday morning that the median sale price of a single-family home in Massachusetts last month was $510,000, up 11 percent over November 2020 and 30 percent higher than the $391,000 November 2019 median. November marked the eighth consecutive month that the median home sale price has exceeded $500,000, and Warren Group CEO Tim Warren doesn't see any relief in sight on the price front.

"In the coming year I think we will continue to see median prices increase, but at a more moderate pace," he said. "Sales volume is likely to be flat given the short supply, high prices, and rising interest rates."

While down compared to last November, home sales last month were up 16 percent over the totals in November 2019, and Warren said "activity is still well above where it was during a 'normal' marketplace."

Massachusetts home sales in 2021 are up 2.3 percent over the first 11 months of 2020. While flat in November, year-to-date condominium sales are up 21.6 percent with a median sale price of $455,000, a 9.6 percent increase over the first 11 months of last year.

Rising housing costs are playing a role in the area's ability to attract and retain workers while also creating new challenges for the array of government programs and policies aimed at making housing more affordable and building more of it.

Written by Michael P. Norton, SHNS

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