LYNNFIELD — The median sales price for a single-family home dipped slightly last month, but a house in Lynnfield still costs seven-figures.

According to The Warren Group, there were 17 single-family homes sold in Lynnfield during the month of July that had a median sales price of $1 million. The median sales price represented a 7.8 percent increase over July 2023’s median sales price of $930,000.

There were 17 single-family homes sold in Lynnfield during the month of June that had a median sales price of $1,099,000. The median single-family home price surpassed June 2023’s $960,000 median sales price. In May, five single-families sold in Lynnfield had a median price of $1 million. During May 2023, nine single-families sold for a median price of $1,310,000.

According to The Warren Group, there have been 57 single-family homes sold in Lynnfield over the course of the first seven months of 2024 that have had a median sales price of $1 million. There were 48 single-family homes sold in Lynnfield during the first seven months of 2023, which had a median sales price of $927,500.

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

Single-family homes

Last month, there were 4,427 single-family home sales in Massachusetts, an 8.2 percent increase from July 2023. Meanwhile, the median single-family sale price increased 6.6 percent on a year-over-year basis to $650,000, up from $610,000 in July 2023 – a new high for the month of July.

“Yes, a median sale price of $650,000 was a new all-time high for the month of July, and month after month prices are setting new records, but price gains are smaller than they could be,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “Interest rates are more than double where they were two years ago, and I’m certain prices would be even higher without those changes. That does lead to a lack of inventory that may have abated price gains somewhat. Unfortunately, the lack of inventory will continue to be the biggest factor driving prices for the foreseeable future.”

Year-to-date, there have been 22,879 single-family home sales in Massachusetts, a 0.8 percent increase from the first seven months of 2023. Meanwhile, the year-to-date median single-family home price increased 6.6 percent on the same basis to $650,000.

Condominiums

According to The Warren Group, there were three condominiums sold in town during the month of July that had a median sales price of $580,000. There have been 13 condos sold in Lynnfield during the first seven months of 2024, which had a median sales price of $625,000.

There were 1,947 condominium sales statewide in July 2024, compared to 1,886 in July 2023 – a 3.2 percent increase. Meanwhile, the median sale price rose 1.8 percent on a year-over-year basis to $565,000 – a new all-time high for the month of July.

“The median condo price also reached a new high for July, but prices were down moderately from the previous month,” said Norton. “This could be an early indicator that condo prices are starting to plateau.”

Year-to-date, there have been 10,901 condo sales, a 3.2 percent decrease from the first seven months of 2023 with a median sale price of $545,000, a 4.8 percent increase on the same basis.

Greater Boston real estate

There were 2,311 single-family home sales in the Greater Boston housing market in July 2024, which marked an 11.8 percent increase from July 2023 when there were 2,067 transactions. Meanwhile, the median single-family sale price increased 3.2 percent on a year-over-year basis to $800,000.

In July, there were 1,447 condo sales in the Greater Boston housing market, up from 1,404 sales in July 2023, marking a 3.1 percent increase on a year-over-year basis. Meanwhile, the median condo price remained unchanged on the same basis to $650,000.