Although the median single-family house value continues to leap in Massachusetts, housing items are being taken off the market at a quicker charge than a yr in the past.
The Bay State noticed 2,136 single-family house gross sales in February, a charge that’s 4.2% greater than the two,050 transactions in February 2024, regardless of median costs rising 4.9% from the yr earlier than to $575,000, in accordance with the Warren Group.
“In a continuation of trends set at the end of 2024, the number of single-family home sales and the median sale price are both up slightly from a year before,” stated Cassidy Norton, Affiliate Writer and Media Relations Director of the Warren Group.
Final yr, the Massachusetts housing market recorded an all-time excessive for the median single-family house value because it reached $615,000, a 7.9% rise on a year-over-year foundation.
If the primary two months of this yr are any indicator, costs may attain one more all-time excessive because the median sing-family house gross sales spiked 5.5% to $580,000 in January and February, in accordance with knowledge the Warren Group revealed on Tuesday.
Greater than 4,765 single-family houses have been taken off the market up to now this yr, a 7% enhance within the quantity by way of the primary two months of 2024.
Norton additionally famous that condominium gross sales adopted broadly the identical patterns as single-family houses, with 2,266 condos offered within the first two months of 2025, a ten.5% enhance from 2024.
“The 10% year-to-date increase in sales may reflect an increase in inventory,” Norton stated in a press release, “potentially illustrating a loosening in the market.”
In a report final week, the Massachusetts Affiliation of Realtors highlighted how the median gross sales value for single-family houses decreased in February from January – the fourth consecutive month that prices have lowered from the month earlier than.
Costs for single-family houses dropped by 1.6% to $600,000 and condominiums lowered by 4.5% to $534,950 from January, the MAR report signifies.
“Following a strong surge of new listings in January, February brought snowstorms and freezing temperatures, which delayed activity, with sellers remaining hesitant to put their homes on the market and buyers deterred from searching,” the report states.
“With the weather improving and median sales price decreasing,” the report provides, “it offers sellers the opportunity to put their properties back on the market and for buyers to enter a more active market.”
Massachusetts’ ongoing housing disaster stays on the prime of thoughts for state policymakers.
Gov. Maura Healey launched a “comprehensive housing plan” final month, outlining methods to decrease prices and construct 220,000 new items over the following decade to mitigate the state’s ongoing housing disaster.
Methods that might result in a 7% enhance in housing items statewide by 2035 embody defending, preserving and restoring inexpensive houses; offering direct subsidies and rising entry to homeownership for first-time homebuyers; stopping evictions and foreclosures; and dealing with employers on workforce housing wants.
“At the root of our challenge with the costs is a shortage of homes,” Healey stated final month. “And it’s a shortage, as I say, that has built up over many years, as our state was not building the housing that we needed to keep pace with our economic growth.”
