The Average MA Home Is 10 Percent More Expensive Than In 2023

MASSACHUSETTS — It's been quite some time since the Massachusetts home market has gotten a legitimate piece of positive news, but that seems to have happened in April.

The Warren Group's most recent homes report found that single-family home sales increased by nearly 7 percent in April, the largest year-over-year increase since June 2021.

April 2024 saw 3,100 homes sold, an uptick from 2,902 in April 2023. When the picture broadens to include the first three months of the year, 2024 looks similar to 2023 in terms of home sale volume, with just eight more homes sold.

This, of course, begs the question: Did the increase in home sales mean a decrease in home prices?

Hard no.

In fact, the median home price climbed to over $600,000 for the first time in 2024. April's median price for a single-family home was $610,000, just $5,000 short of the Warren Group's all-time high mark of $615,000 in June of last year.

April's busy and expensive month brought the median home price for 2024 to $575,000, a nearly 10 percent increase from this time in 2023.

So what does this mean for the health of the market, generally?

"The number of single-family homes sold in Massachusetts increasing by such a large percent over the year prior is a positive sign for both buyers and sellers," said Warren Group Associate Publisher and Media Relations Director Cassidy Norton. "The market has been exceedingly tight in recent years as mortgage rates and building costs rose."

There were also nearly 8 percent more condos sold in April 2024 than the previous year, with a relatively subtle price jump from $515,000 last April to $532,500 in 2024.

Overall, the median price for a condo in this market in 2024 sits at $525,000.