MELROSE — Last month the city’s housing market mirrored one state trend that saw the number of homes sold decline over that of September 2023 while defying another, according to a report from The Warren Group, a leading provider of real estate and transaction data.
While down just one single-family house, the September 2024 median sales price was off nearly $84,000 from a year ago.
Last month in Melrose, 14 single-families sold for a median price of $776,250. In September 2023, 15 single-family homes sold here for a median of $860,000.
Through the first nine months of this year, 145 single-families were sold for a median price of $865,000. Through the same period in 2023, 128 single-families sold for a median of $858,500.
Statewide, single-family home and condo sales both declined in September on a year-over-year basis but median prices continued to reach new highs, according to The Warren Group report.
Last month, there were 3,482 single-family home sales in Massachusetts, a 3.7 percent decrease from September 2023. Meanwhile, the median single-family sale price increased 6.2 percent on a year-over-year basis to $600,000, up from $565,000 in September 2023 – a new high for the month of September.
“The Massachusetts single-family housing market in September saw a slight cooling in sales, with 3,482 homes sold – a 3.7 percent decline from the same time last year,” said Cassidy Norton, associate publisher and Media Relations director of The Warren Group. “Elevated interest rates and limited inventory are likely key factors slowing the pace of transactions, despite continued demand. At the same time, prices remain robust, with the median home price reaching $600,000, a 6.2 percent increase year-over-year and a record for September. However, the rapid rise in prices appears to be flattening compared to previous years, signaling a potential shift in market dynamics.”
Year-to-date, there have been 30,858 single-family home sales in Massachusetts, a 0.5 percent increase from the first nine months of 2023. Meanwhile, the year-to-date median single-family home price increased 8.3 percent on the same basis to $617,500.
Condominiums
There were 1,490 condominium sales in September 2024, compared to 1,668 in September 2023 – a 10.7 percent decrease. Meanwhile, the median sale price rose 3.0 percent on a year-over-year basis to $515,000 – a new all-time high for the month of September.
“The Massachusetts condo market saw a significant slowdown in September, with just 1,490 transactions—a 10.7 percent decrease compared to last year,” Norton added. “This marks the fewest number of condo sales for the month since September 2011. With median prices at record highs and interest rates remaining elevated, these factors are likely contributing to the drop in activity.”
Year-to-date, there have been 14,194 condo sales, a 4.1 percent decrease from the first nine months of 2023 with a median sale price of $540,000, a 4.3 percent increase on the same basis.
In Melrose, 10 condos sold last month for a median price of $632,500. In September 2023, four condos sold for a median price of $379,450.
Through the first nine months of this year, 52 condos were sold in Melrose for a median price of $600,000. In the same period last year, 54 condos were sold for a median price of $437,450.
Greater Boston single-family homes
There were 1,665 single-family home sales in the Greater Boston housing market in September 2024, which marked a 2.0 percent increase from September 2023 when there were 1,633 transactions. Meanwhile, the median single-family sale price increased 3.5 percent on a year-over year basis to $730,000.
Greater Boston condominiums
In September, there were 1,031 condo sales in the Greater Boston housing market, down from 1,174 sales in September 2023, marking a 12.2 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 3.5 percent on the same basis to $600,000.
