MA Homes Are 10 Percent More Expensive Than Last Year: Warren Group

MASSACHUSETTS — A lack of home inventory continues to be the leading reason for record-breaking home sale prices, according to The Warren Group.

In the company's latest data, The Warren Group found that the same number of homes were sold in February 2023 and 2024. The price, however, spiked by 10 percent.

The median single-family home price in February 2023 was $498,369. That median price spiked to $548,250 in February 2024, a new high for February home sales in Massachusetts.

The year-to-date median price is also up 10 percent from $498,869 in 2023 to $550,000 in 2024.

“February was another record-setting month for median single-family home prices as sales activity was flat on a year-over-year basis,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group.

“A lack of inventory is the biggest factor driving these trends, and with fewer and fewer homes hitting the market, we can fully expect to see more recording-setting prices paired with a low sales volume in the coming months.”

Condo sales are also more expensive so far in 2024, with the year-to-date median price of $499,900 up from the $469,900 mark in 2023. The $490,000 median sale price in February 2024 is also a new high for Massachusetts.

“Although condo sales increased 5.8 percent in February on a year-over-yearbasis, activity is still nowhere near what we saw even two or three years ago,” Norton said.

“Record high prices and high interest rates with are likely a big factor in the long-term decline in activity, and prospective buyers shouldn’t expect much relief in the near future.”

The Greater Boston market is also climbing in price, as the year-to-date mark for single-family homes in the area rose nearly 11 percent from $625,000 to $692,250. Boston-area condo buyers beware, the median price for condos in the area is also creeping toward $600,000 in 2024.