Massachusetts median home prices hit another all-time high

by Liz Hughes

The median price for a single-family home in Massachusetts reached an all-time high in June.

The increase in the median single-family home price was driven by both homebuyer demand and limited inventory, according to The Warren Group’s MA June 2021 Sales Report.

June’s median home price was $555,000, up 26.1% year over year from $440,000 a year earlier and 29.4% over the June 2019 price of $429,000. June was the third consecutive month home prices were above $500,000. There were 6,959 home sales in June, an increase of 38.1% from June 2020 and up 6.6% compared to May 2019 sales.  

“Homes put under agreement in this year’s extraordinary spring market typically close over the summer months,” The Warren Group CEO Tim Warren said in a release. “June’s closed sales show just how extraordinary 2021 is turning out to be. High buyer demand, record low interest rates and dwindling inventory won’t be changing any time soon, and median sale prices will likely continue to break records this summer and fall.”

The median condo price also reached an all-time high for June, rising 22.3% year over year to $489,000, marking the 11th consecutive month condo prices were over $400,000. That price represents a 16.4% increase from June 2019. There were 3,169 condominium sales last month, up 74.3% from June 2020 and 21% compared to June 2019. 

“The numbers don’t lie,” Warren said. “Housing activity in urban centers, which is heavily dominated by the condo market, is back after taking a considerable hit during the second quarter last year. A total of 3,169 sales marked the most condo sales we’ve seen since June 2006, when the median condo price was less than $300,000.”

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