Bay State home listings decline, median prices stay consistent

by Liz Hughes

Massachusetts home listings continued to decline in December, as sales prices reached new highs and homes sold in record time, according to the Massachusetts Association of Realtors December Housing Statistics report. But what does that mean for 2022?

The MAR expects the housing trends of 2021 to carry into the new year, but at a more moderate pace, according to the report, which also suggests strong buyer demand and inventory shortages will continue into 2022. 

“As we enter the new year, buyer activity and low inventory rates are expected to linger while price growth is anticipated to slow down,” MAR president Dawn Ruffini said in a press release. “This change in price growth is a great incentive for those thinking of selling their homes to begin the process and secure the best value for their property. The sustained demand for homes is yet to temper, especially as we notice a decrease in new listings.”

Last month, the median price for a single-family home was up 10.5% year over year to $525,000, remaining steady from November. Single-family home listings, meanwhile, were down 15.8% compared to the previous year. 

Condominium prices also rose in December, to $455,000, up 8.3% from 2020, but dropped from November’s median price of $461,649. Similar to single-family home listings, condominium listings fell 18% compared to last year. 

The report also found single-family closed sales fell 13.3% compared to last year, while closed condo sales dropped 3.5%. The report noted both of these decreases were on-trend with November and expected for the time of year.

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