Homes lingered on the market in Boston during the month of October as prices crept up, according to the latest data from the Greater Boston Association of REALTORS®.
The median price for a single-family home in Boston hit $900,000, a 5.9% year-over-year increase. Meanwhile, home sales increased 6% with 943 homes sold.
Just over 1,200 single-family homes went up for sale, marking 3% yearly growth. Homes stayed on the market 10% longer than they did during the same month last year, sitting a median of 22 days. Active inventory leapt 19%, with the number of single-family homes on the market reaching 1,946.
Condo prices also saw subtle growth, increasing 2% year over year to $715,000. The month of October brought 2% more listings compared to last year. A total of 1,212 condos hit the market, marking a yearly increase of just 2%.
Condos camped out on the market for a median of 28 days — a notable year-over-year increase of 22%.
“October performed predictably based on the recent real estate trends. At this point in the year what becomes most interesting is the year-to-date metrics. I’ve been saying all year that prices would not come down despite the biggest increase in inventory the market has seen in years and they haven’t,” said GBAR President Mark Triglione.
He continued, “In the face of economic uncertainty and social distress across the globe, greater Boston continues to be one of the most desirable places to live in the world. That’s not hype, I’m not exaggerating. Unless Boston’s three-legged stool of medical, educational and scientific resources breaks down, that’s not going to change any time soon.”
