Median home sale prices continue to rise in the Bay State, and the lack of housing inventory remains a primary concern, according to the Massachusetts Association of REALTORS. And that low inventory continues to influence the market.
MAR’s March housing data report found existing single-family home inventory in March was down to only 4,157 compared to March 2013 when it was 21,696. Single-family home inventory fell 16.37% from last year, while condominium inventory fell 17.7%. One driving factor is that higher interest rates are keeping homeowners from selling, and that’s a problem for today’s homebuyer.
“We recognize the challenges homebuyers are currently facing in this competitive market,” said David McCarthy, 2023 President of MAR and REALTOR® at Keller Williams. “We continue to stress the importance of creating more housing, particularly affordable housing, across the state to combat the inventory and affordability crises facing residents — issues that predated the more recent variables of interest- and mortgage-rate increases.”
Last month, the median price for a single-family home rose 2.7% from last year to $565,000, while new, single-family home listings decreased by 22.7%.
Condominium prices also rose in March, up 7.3% to $515,000, while condo listings fell 24.8%.
The report also found that year over year, single-family closed sales fell 16.2% to 2,552 from 2022’s 3,045, while closed condo sales dropped 19.8% to 1,338 from 1,669.