WAKEFIELD — Through the first eight months of 2023, 114 single-family homes were sold in Wakefield for a median price of $750,000. While the number of houses sold was fewer than through the same period last year, the median sales price keeps climbing above last year’s figures.
According to a new report from The Warren Group, a leading provider of national real estate and transaction data, inventory appears to be one of the factors. In Wakefield, for example, 152 single-families sold through August 2022 for a median price of $733,750; 26 were sold in August of that year alone, bringing a median price of $751,500. This year, 22 single-family homes sold here last month, for a median price of $787,450.
The Warren Group said that median sales prices for both single-family and condominiums around the state reached new all-time highs for the month of August as sales activity continued its trend of double-digit declines.
Last month across the state, there were 5,753 single-family home sales in Massachusetts, a 23.6 percent decrease from August 2022 when there were 4,397 transactions. Meanwhile, the median single-family sale price increased 6.2 percent on a year-over-year basis to $600,00, a new all-time high for the month of August.
“The hits keep coming for prospective homebuyers in Massachusetts,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “The shrinking single-family inventory continues to push prices to new highs. Couple this with the fact that interest rates are nearly double where they were a year ago, and the homebuying process is becoming more complicated – and expensive – for buyers.”
Year-to-date, there have been 27,055 single-family home sales in Massachusetts, a 24.4 percent decrease from the first eight months of 2022. Meanwhile, the year-to-date median single family home price increased 2.7 percent on the same basis to $570,000.
There were 1,871 condominium sales in August 2023, compared to 2,266 in August 2022 – a 17.4 percent decrease. Meanwhile, the median sale price increased 9.4 percent on a year-over-year basis to $525,000, up from $480,000 in August 2022, marking a new all-time high for August condo prices.
“While year-over-year condo sales experienced a notable decline of 17.4 percent, a testament to the evolving dynamics of the real estate landscape, the median condo price tells a different story,” Norton added. “Historically, condos have been a more affordable alternative to single-family homes, but with median prices soaring to a new all-time high of $525,000 for the month of August, homeownership will continue to elude many buyers.”
Year-to-date, there have been 13,131 condo sales, a 21.6 percent decrease from the first eight months of 2022 with a median sale price of $520,000, a 4.0 percent increase on the same basis.
In Wakefield, there were 10 condos sold last month, the same number as August 2022. The median price of those sold in August 2022 was less — $482,500 — than last August’s $542,000.
Through August, there have been 55 condos sold in Wakefield this year for a median price of $540,000. Through August 2022, 79 condos had sold for $522,000.
Greater Boston single-family homes
There were 2,152 single-family home sales in the Greater Boston housing market in August 2023, which marked a 25.6 percent decrease from August 2022 when there were 2,892 transactions. Meanwhile, the median single-family sale price increased 6.3 percent on a year-over-year basis to $759,950.
Greater Boston condominiums
In August, there were 1,346 condo sales, down from 1,567 sales in August 2022, marking a 14.1 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 5.3 percent on the same basis to $610,000, up from $579,500 a year earlier.