Mass. House Gross sales Sink Decrease Than Depressed 2023 Ranges

Midyear Stats Present Gross sales Down Almost 1 P.c, Median House Sale Value Up Nearly 10 P.c

STATE HOUSE, BOSTON, JULY 23, 2024…..The median sale costs of each single-family houses and condos hit new all-time highs in Massachusetts final month, actual property market analysts stated as a bunch of six Beacon Hill lawmakers makes an attempt to provide a compromise housing production-inducing invoice by the tip of July.

There have been 4,441 single-family dwelling gross sales in Massachusetts in June, based on The Warren Group, an 8.9 % lower in comparison with June 2023. On the similar time, the median sale worth elevated 8.1 % year-over-year to hit $665,000, a brand new all-time excessive.

“It wasn’t that way back that the prospect of the median single-family dwelling worth exceeding $600,000 appeared like a protracted shot, however right here we’re with a median worth approaching $700,000,” Cassidy Norton, affiliate writer of The Warren Group, stated. “An absence of stock is clearly driving this record-setting appreciation. Regardless of these file costs, increased mortgage rates of interest have truly slowed worth development – the median could have been even increased with out these modifications – but it surely has additionally contributed to low stock.”

The 18,451 single-family dwelling gross sales in Massachusetts this yr by way of June represents a 0.8 % lower in comparison with the primary six months of 2023. However the year-to-date median dwelling worth has elevated 9.8 % in comparison with the place it was a yr in the past, having climbed to $609,900, The Warren Group stated.

Gross sales quantity was down final month in each county, starting from a 1.8 % decline in Essex County to 29.2 % declines in Berkshire and Franklin counties (Nantucket truly posted the biggest proportion drop in whole gross sales, 71.4 %, but it surely represented a drop from 7 gross sales to 2 gross sales).

Not counting Cape Cod or the islands, Middlesex County had the very best median sale worth in July, $885,510. And Hampden County had the bottom median sale worth in July, at $325,000. The median worth was $749,900 for Barnstable County, $1.245 million on Martha’s Winery and $2.875 million on Nantucket, The Warren Group stated.

As soon as considered a more-affordable or more-accessible possibility within the red-hot Massachusetts housing market, condominiums adopted most of the similar tendencies as single-family houses right here final month.

The Warren Group counted 1,938 rental gross sales in June 2024, in comparison with 2,324 in June 2023 – a 16.6 % drop. In the meantime, the median rental sale worth was up 5.2 % to $570,000 – a brand new all-time excessive for condos — final month.

“The median Massachusetts rental worth could nicely exceed $600,000 within the coming months,” Norton stated.

There have been 8,954 rental gross sales right here to date in 2024, down 4.5 % from the primary six months of 2023 whereas the median sale worth of $540,000 represents a 5.9 % improve from one yr in the past, The Warren Group stated.

House gross sales throughout Massachusetts fell to a 12-year low in 2023 and housing right here is inaccessible or unaffordable for a lot of residents. Gov. Maura Healey final yr recognized housing as “the number-one challenge going through this state” and stated there’s a scarcity of 200,000 models throughout the state.

A six-person convention committee started negotiating July 11 with the aim of sending a compromise housing coverage and borrowing invoice to the governor’s desk by the point formal classes finish July 31.

A MassINC Polling Group survey launched Tuesday confirmed that greater than 70 % of Bay States really feel that the quantity they pay every month for housing is “considerably of a burden” (34 %) or a “very large burden” (37 %) on them. And housing was tied with migrants and immigration as the one largest challenge going through state authorities (18 %).