Photo: Kristen Eck/WBZ NewsRadio
BOSTON (WBZ NewsRadio) — According to a report released by the Greater Boston Association of Realtors, the median price of a single-family home in the Greater Boston area has surpassed $1 million for the first time in history.
New homebuyers aren’t getting off easy as prices have risen 4.5% in the last year, and month-to-month prices have risen 2.4%.
More homes were sold in June compared to May, causing a 19.6% increase. Numbers also increased for homes sold this June compared to last year, with a 5.8% increase.
There is, however, light at the end of the tunnel for condominium buyers.
Median price for condominiums in the Greater Boston area dropped 3.3% from both last month and last year, going from $750,000 to $725,000.
Additional data from the report shows the price has been floating just below the million-dollar mark since April, and increased condo development in the area could be a cause for the pricey jump.
WBZ NewsRadio’s Brooke McCarthy (@brookeWBZ) reports.