MELROSE — During the first half of 2024, the city saw 91 single-family homes sold for a median price of $870,000, according to the latest report from The Warren Group, a leading provider of real estate and transaction data.
That median sales price is $40,000 more than that of the 85 single-families sold through the same time last year.
According to the report, 32 single-family homes sold in Melrose last month for a median price of $937,500. In June 2023, 25 single-families sold for a median of $1,000,000.
Across Massachusetts, there were 4,441 single-family home sales, an 8.9 percent decrease from June 2023. Meanwhile, the median single-family sale price increased 8.1 percent on a year-over-year basis to $665,000, up from $615,000 in June 2023 – a new all-time high.
“It wasn’t that long ago that the prospect of the median single-family home price exceeding $600,000 seemed like a long shot, but here we are with a median price approaching $700,000,” said Cassidy Norton, associate publisher and Media Relations director of The Warren Group. “A lack of inventory is clearly driving this record-setting appreciation. Despite these record prices, higher mortgage interest rates have actually slowed price growth – the median may have been even higher without those changes – but it has also contributed to low inventory.”
Year-to-date, there have been 18,451 single-family home sales in Massachusetts, a 0.8 percent decrease from the first six months of 2023. Meanwhile, the year-to-date median single-family home price increased 9.8 percent on the same basis to $609,900.
Condominiums
There were 1,938 condominium sales in June 2024, compared to 2,324 in June 2023 – a 16.6 percent decrease. Meanwhile, the median sale price rose 5.2 percent on a year-over-year basis to $570,000 – a new all-time high for condos.
“Massachusetts condo sales followed similar activity to single-family homes,” Norton added. “Sales were down on a year-over-year basis while the median sale price reached a new all-time high. The median Massachusetts condo price may well exceed $600,000 in the coming months.”
Year-to-date, there have been 8,954 condo sales, a 4.5 percent decrease from the first six months of 2023 with a median sale price of $540,000, a 5.9 percent increase on the same basis.
Five condos sold in the city last month for a median price of $600,000. Though the end of June, 24 condos were sold here for a median price of $557,000.
Greater Boston single-family homes
There were 2,341 single-family home sales in the Greater Boston housing market in June 2024, which marked a 6.2 percent decrease from June 2023 when there were 2,496 transactions.
Meanwhile, the median single-family sale price increased 8.4 percent on a year-over-year basis to $835,000.
Greater Boston condominiums
In June, there were 1,439 condo sales, up from 1,705 sales in June 2023, marking a 15.6 percent decrease on a year-over-year basis. Meanwhile, the median condo price rose 4.8 percent on the same basis to $660,000, up from $630,000 a year earlier.
