January 2024 housing report

WAKEFIELD  — Eight single-family homes sold in town last month for a median price of $700,000, according to information compiled by The Warren Group, a leading provider of real estate and transaction data.

The eight homes sold to start off 2024 were one fewer than the number sold in January 2023. However, the nine single-families sold in January of last year went for a median price of $595,000.

Last month across the Commonwealth, there were 2,396 single-family home sales in Massachusetts, a 0.2 percent increase from January 2023 when there were 2,392 transactions. Meanwhile, the median single-family sale price increased 10.2 percent on a year-over-year basis to $550,000, a new all-time high for the month of January. 

“Single-family sales were relatively flat from January 2023, but the slight uptick is the only yearover-year increase we’ve recorded since the middle of 2021,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “The issues that pained the Massachusetts housing market in 2023, like limited inventory, economic uncertainties, and higher interest rates are still at the forefront of prospective buyers. The Warren Group will keep a close eye on activity in the coming months, but in the coming months relief for prospective homebuyers with realistic budgets seems unlikely.” 

Condominiums

In January, there were 975 condominium sales, compared to 1,176 in January 2023 – a 17.1 percent decrease, and the fewest transactions recorded for the month of January since 2012. Meanwhile, the median sale price increased 5.5 percent on a year-over-year basis to $507,000 – a new all-time high for the month of January. 

“Predictable condo trends continued into January,” Norton continued. “The median sale price recorded a new all-time high for the month of January as the numbers of sales declined by double digits. In fact, this is the fewest condo sales for the month of January since 2011. Condos are a hot commodity, but supply can’t keep up with demand.” 

In Wakefield, two condos sold in town last month for a median price of $717,500. Two condos also sold in the first month of 2023, but for a median price of $486,598.

Greater Boston single-family homes

There were 1,110 single-family home sales in the Greater Boston housing market in January 2024, which marked a 3.2 percent increase from January 2023 when there were 1,076 transactions. Meanwhile, the median single-family sale price increased 10.4 percent on a year-over-year basis to $690,000, up from $625,000 in January 2023. 

Greater Boston condominiums 

In January, there were 671 condo sales in the Greater Boston housing market, down from 844 sales in January 2023, marking a 20.5 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 13.4 percent on the same basis to $625,000, up from $551,000 a year earlier.