MELROSE – The median sale price for both single-family homes and condominiums continued to set records across the state in May, as limited inventory and fierce competition continued to add upward pressure to prices, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
In Melrose, the 30 single-family homes that sold last month fetched a median price of $917,500. By comparison, 28 sold in May 2021 for a median price of $804,000.
Through May, 89 single-families have sold in the city so far in 2022, for a median price of $825,000. For the same period last year, 81 houses had sold for a median price of $769,900.
Statewide last month, there were 4,788 single-family home sales in Massachusetts, a 7.3 percent decrease from May 2021 when there were 5,165 transactions. Meanwhile, the median singlefamily sale price increased 12.4 percent on a year-over-year basis to $590,000, up from $525,000 in May 2021 – a new all-time high for single-family homes since The Warren Group started tracking sales in 1987.
“I might sound like a bit of a broken record announcing that the median single-family home price reached yet another new all-time high, but it’s truly indicative of current market conditions,” said Tim Warren, CEO of The Warren Group. “The balance between supply and demand has been way out of sync for some time, and this is the manifestation of that imbalance. To cope, many buyers are setting their sights on markets further and further from major hubs – and even outside of Massachusetts.”
Year-to-date, there have been 18,371 single-family home sales in Massachusetts, a 10.1 percent decrease from the first five months of 2021. Meanwhile, the year-to-date median single family home price increased 10.4 percent on the same basis to $530,000.
Condominiums
There were 2,414 condominium sales in May 2022, compared to 2,730 in May 2021 – an 11.6 percent decrease on a year-over-year basis. Meanwhile, the median sale price increased 7.1 percent on a year-over-year basis to $525,000 – the second consecutive month that the median condo price has hovered above $500,000.
“The median condo price has now been above $500,000 for two straight months, and the median price of $525,000 marked a new all-time high for the month of May,” Warren continued. “It’s apparent that demand for condos is strong, which may make it difficult for prospective homebuyers who are looking at condos as an alternative to single-family homes.”
Year-to-date, there have been 9,516 condo sales, an 11 percent decrease from the first five months of 2021 with a median sale price of $482,500, a 7.2 percent increase on the same basis.
In Melrose, three condos sold last month at a median price of $302,000. Through May, 27 condos have sold so far in 2022 for a median price of $469,000.
