Massachusetts single-family home sales rose double digits in January as sales leveled off,  and prices of single-family homes and condominiums continued to show year-over-year growth, according a new Warren Group report

January single-family home sales rose 0.2% from last year to 2,396. Meanwhile, the median single-family sale price increased 10.2% to $550,000, a new high for the month. 

Cassidy Norton, associate publisher and media relations director of the Warren Group, said although single-family sales were relatively flat from January 2023, the slight uptick is the only year-over-year increase we’ve recorded since the middle of 2021.

“The issues that pained the Massachusetts housing market in 2023, like limited inventory, economic uncertainties and higher interest rates, are still at the forefront of prospective buyers,” she said. “The Warren Group will keep a close eye on activity in the coming months, but in the coming months relief for prospective homebuyers with realistic budgets seems unlikely.”

While single-family home sales saw an increase to start the year, condominium sales were not so lucky. 

Condo sales dropped 17.1% to 975 transactions, compared to 1,176 in January of 2023, marking the fewest transactions recorded for the month since 2011. Meanwhile, the median sale price increased 5.5% to $507,000, also marking a new high for the month. 

“Predictable condo trends continued into January,” Norton said. “The median sale price recorded a new all-time high for the month of January as the number of sales declined by double digits. In fact, this is the fewest condo sales for the month of January since 2011. Condos are a hot commodity, but supply can’t keep up with demand.”

The Greater Boston Market

The Warren Group’s report also included activity in the Greater Boston housing market encompassing the 139 communities located within Rte. 495. 

Greater Boston single-family home sales in January grew 3.2% from 2023 to 1,110. Meanwhile, the median single-family sale price increased 10.4% to $690,000, up from $625,000 a year earlier. 

Condo sales in Greater Boston followed a similar pattern to the Boston market, falling 20.5% to 671 transactions, compared to 844 in January 2023. The median sale price increased year over year by 13.4% to $625,000.