Massachusetts Home Prices Continue Climb Into 2024

MASSACHUSETTS — For prospective homebuyers hoping January 2024 would signal hope for a friendlier market the message from a new report is simple: Keep waiting.

In The Warren Group's first Massachusetts housing market report of the new year all signs point to 2024 continuing the trend of 2023 with higher prices for both single-family homes and condos.

There was a relatively minor bright spot for home sellers in that the publication saw a small increase in sales.

“Single-family sales were relatively flat from January 2023, but the slight uptick is the only year-over-year increase we’ve recorded since the middle of 2021,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “The issues that pained the Massachusetts housing market in 2023, like limited inventory, economic uncertainties, and higher interest rates are still at the forefront of prospective buyers. The Warren Group will keep a close eye on activity in the coming months, but in the coming months relief for prospective homebuyers with realistic budgets seems unlikely.”

Yikes.

To be specific, the median cost of single-family homes in Massachusetts rose 10 percent in January from the prior year. In 2023 the median price sat at $499,000. In 2024 it rose to $550,000.

If you've been following this column for a while now these next few words will come as no surprise, but the January price point is a new all-time high for the month.

Officials said the number of sales is particularly interesting, as January marked the lowest number of condo sales since 2011.

"Condos are a hot commodity, but supply can’t keep up with demand," Norton said.

Home and condo prices in the Greater Boston area rose by 10 and 13 percent, respectively, in January as well, signaling that as hard as it is to buy a home anywhere in Massachusetts, it's continuing to get even harder to buy in the Boston metro.