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Massachusetts home sales fell as median prices climbed in January

by Liz Hughes

Home sales in the Bay State fell in January even as median prices continued to rise.

Both single-family home and condominium sales fell last month from 2021, as median sale prices again hit new highs, according to a new report from The Warren Group

The Warren Group’s Massachusetts Sales Report for January found single-family home sales fell 8.9% to 3,509 from 3,853 a year ago. 

The median sale price marked an all-time high for January, up 10.7% from 2021 to $495,000 from $447,000 in January 2021. It also was the first time the statewide median sale price fell below $500,000 since March of 2021. 

Tim Warren, CEO of The Warren Group, said while single-family home sales dropped in January, it’s important to look at the whole picture. 

“In January 2021, there were 3,853 single-family transactions, which was the most transactions we’ve seen since January 1999,” he said. “This makes the 8.9% decrease between January 2021 and January 2022 rather modest. In fact, the number of sales has fallen anywhere from 6% to 21% in each of the past six months. Demand for homes remains strong, but the inventory of homes for sale at year-end was 50% of what it was a year ago. Consequently, prices continue to rise by double digits.”

Condominiums followed similar trends to single-family homes last month. January condominium sales also fell, down 14.9% to 1,442 from 1,695 a year prior. January also had the fewest transactions on record for that month since 2019. 

 

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