Median Sales Price for Massachusetts Homes Continue to Rise in April
FOXBOROUGH — The number of closed sales of homes continued to rise in April from the previous month, according to the Massachusetts Assoc. of Realtors (MAR), substantiating the expectations of a busy spring market that will likely last well into summer.
For single-family homes in March 2021, there were 3,385 closed sales and 5,804 new listings, while in April there were 3,923 closed sales and 6,721 new listings. For condominiums, March saw 1,959 closed sales and 3,040 new listings, whereas April brought 2,109 closed sales and 3,394 new listings. The market continues to see many multiple-offer situations, driving sales above asking price. Median sales price for single-family homes increased by 9% since March, from $485,000 to $529,000, and condominiums by 5.5%, from $459,945 to $485,000.
Though the market paused slightly in the early spring of 2020, thanks to an increase in buying activity throughout the pandemic, the market landscape has seen quite a change since then. Months supply of inventory for single-family homes in April 2020 was 2.3, dropping by 65.2% year over year to 0.8 for the same month this year. A similar trend was noted for condominium supply, dropping 44% year over year from 2.5 to 1.4. Compared to April 2020, the median sales price for single-family homes rose by almost $100,000, increasing by 20.8%, and 11.5% for condominiums.
“As anticipated, April 2021 was another strong month for home sales,” said Steve Medeiros, 2021 president of MAR and a Realtor at Keller Williams Realty. “While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.”