MELROSE — During the first two months of 2024, 18 single-family homes sold in Melrose for a median price of $757,000, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Of the 18 sold so far this year, seven single-families were purchased in February for a median price of $815,000.
In February 2023, just three single-family holds sold in the city, but for a median price of $845,000.
Through the first two months of last year, 20 single families sold for a median price of $742,500.
Across the state, single-family home sales were flat last month on a year-over-year basis as the median sale price reached a new all-time high for the month of February.
Last month, there were 2,042 single-family home sales in Massachusetts, a 0.0 percent change from February 2023. Meanwhile, the median single-family sale price increased 10 percent on a year-over-year basis to $548,250, up from $498,369 in February 2023 – a new all-time high for the month of February.
“February was another record-setting month for median single-family home prices as sales activity was flat on a year-over-year basis,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “A lack of inventory is the biggest factor driving these trends, and with fewer and fewer homes hitting the market, we can fully expect to see more recording-setting prices paired with a low sales volume in the coming months.
“Year-to-date, there have been 4,438 single-family home sales in Massachusetts, a 0.1 percent increase from the first two months of 2023. Meanwhile, the year-to-date median single family home price increased 10.2 percent on the same basis to $550,000.
Condominiums
There were 1,076 condominium sales in February 2024, compared to 1,017 in February 2023 – a 5.8 percent increase. Meanwhile, the median sale price rose 6.5 percent on a year-over-year basis to $490,000 – a new all-time high for the month of February.
“Although condo sales increased 5.8 percent in February on a year-over-year basis, activity is still nowhere near what we saw even two or three years ago,” Norton continued. “Record high prices and high interest rates with are likely a big factor in the long-term decline in activity, and prospective buyers shouldn’t expect much relief in the near future.”
Year-to-date, there have been 2,051 condo sales, a 6.5 percent decrease from the first two months of 2023 with a median sale price of $499,900, a 6.4 percent increase on the same basis.
In Melrose, two condos sold last month for a median price of 1,227,500, according to The Warren Group.
Greater Boston single-family homes
There were 888 single-family home sales in the Greater Boston housing market in February 2024, which marked a 2.7 percent decrease from February 2023 when there were 913 transactions. Meanwhile, the median single-family sale price increased 11.9 percent on a year-over-year basis to $693,750.
Greater Boston condominiums
In February, there were 776 condo sales, up from 713 sales in February 2023, marking an 8.8 percent increase on a year-over-year basis. Meanwhile, the median condo price increased 5.7 percent on the same basis to $570,500, up from $539,900 a year earlier.
