The median sales price of homes in the 53 metro areas covered by RE/MAX’s National Housing Report rose 4.5% month over month in March to $303,000, marking the first time in the 13-year history of the report that it topped $300,000.
March’s increase comes atop the previous record for the measure, which was $290,050 and set in February. Year over year, the median price was up 14.3%, according to a press release.
In Boston, the median sales price rose 5.3% between February and March to $565,000.
“It’s been a full year since COVID impacted the market. Since then, demand for housing has soared as more of us continue to work from home and find we need more space,” Kristen Jones, Broker/Owner of RE/MAX Around Atlanta said. “Meanwhile, inventory continues to decline, as many potential sellers have put their moving plans on hold.”
National housing inventory hit a new low for the ninth consecutive month and was down 45.2% year over year, while the average months supply of inventory also set a record, of 1.1 months. There was a 0.9 month supply of inventory in Boston.
Nationally, home sales were brisk, with the average days on market of 38, just two more days than the record 36 days set in November 2020. In Boston, homes were on the market for an average of 42 days.
The overall average number of home sales was up 34.3% compared to February and 15% compared to March 2020. In Boston, home sales rose 38.7% month over month and 9.6% year over to 3.311.