LYNNFIELD — The number of single-family homes sold in town last month dipped slightly.

According to The Warren Group, there were 12 single-family homes sold in Lynnfield during the month of October that had a median sales price of $1,282,500, which represented a 16.6 percent increase over the 11 homes sold in October 2023 that had a median sales price of $1.1 million.

There were 16 single-family homes sold in Lynnfield during the month of September that had a median sales price of $971,420.

According to The Warren Group, there have been 97 single-family homes over in town over the first 10 months of 2024 that had a median sales price of $1 million, which equals an 8 percent decrease over October 2023’s median sales price of $1,086,000.

Massachusetts’ single-family home and condo sales both increased in October on a year-over-year basis as median prices continued to reach new highs statewide.

Single-family homes

Last month, there were 3,926 single-family home sales in Massachusetts, an 11.6 percent increase from October 2023. Meanwhile, the median single-family sale price increased 1.6 percent on a year-over-year basis to $615,000, up from $575,570 in October 2023 – a new high for the month of October.

“October’s single-family home sales in Massachusetts showed a modest year-over-year increase in volume, signaling a slight rebound in activity despite the challenging market conditions,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “However, sales remain significantly below historical norms due to persistently limited inventory and elevated mortgage rates. At the same time, the median sale price surged 6.9 percent year-over-year to $615,000, setting a new all-time high for the month of October. The average mortgage interest rate dropped to the lowest level so far this year in September; homes put under agreement then closed in October. This likely contributed to the rise in the number of sales, as buyers took advantage of the brief relief in interest rates. This combination of constrained supply and strong demand continues to push prices higher, even as buyers navigate affordability challenges.”

Year-to-date, there have been 34,784 single-family home sales in Massachusetts, a 1.6 percent increase from the first 10 months of 2023. Meanwhile, the year-to-date median single-family home price increased 8.2 percent on the same basis to $616,925.

Condominiums

According to The Warren Group, there was one condominium sold in Lynnfield during the month of October that had a median sales price of $650,000. There have been 14 condos sold in town this year, which had a median sales price of $626,000.

There were 1,649 condominium sales statewide in October 2024, compared to 1,562 in October 2023 – a 5.6 percent increase. Meanwhile, the median sale price rose 2.2 percent on a year-over-year basis to $511,000 – a new all-time high for the month of October.

“October 2024 was a strong month for the Massachusetts condominium market, with 1,649 sales marking a 5.6 percent increase from October 2023,” said Norton. “The median sale price also climbed 2.2 percent year-over-year to $511,000, setting a new all-time high for the month. These figures reflect sustained demand and resilience in the market, even amidst broader economic uncertainties.”

Year-to-date, there have been 15,843 condo sales, a 3.2 percent decrease from the first 10 months of 2023 with a median sale price of $539,900, a 4.8 percent increase on the same basis.

Greater Boston real estate

There were 1,665 single-family home sales in the Greater Boston housing market in October 2024, which marked a 2.0 percent increase from October 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.

In October, there were 1,031 condo sales in the Greater Boston housing market, down from 1,174 sales in October 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.