The prices of single-family homes and condos in the Bay State continued to soar in March all while setting new records, according to a new Warren Group report.

The news builds on February’s success where median home sale prices reached a new high and sales remained flat. 

Sales themselves declined in March. Last month 2,563 single-family homes sold, down 7.4% from March 2023. Meanwhile, the median single-family sale price grew 7.4% to $580,000, a new high for the month. 

Cassidy Norton, associate publisher and media relations director of the Warren Group said it’s no surprise Massachusetts median single-family home prices continued to set records in March. 

“Despite the increase, we actually aren’t seeing the rapid, double-digit percent increases we were experiencing at the height of the pandemic and the subsequent months,” Norton said. “Despite this slowdown, limited inventory will probably continue to be the biggest barrier to homeownership in the coming months.” 

Since January, 7,001 homes have sold, down 2.8% from the first three months of 2023. During the same period, the median single-family home price rose 9.8% to $560,000.

The Bay State condo market fared similarly last month, except median prices grew even higher.

Condo sales fell 5.9% to 1,431 transactions, compared to 1,520 in March 2023. Meanwhile, the median sale price increased 10% to $550,000, also marking a new high for the month. 

Last month, Massachusetts saw the fewest number of condo sales for the month of March since 2015, according to Norton. 

“At the same time, the median condo price reached a new all-time high for the month of March,” Norton said. “In fact, this is the first time the median condo price has surpassed $500,000 in the month of March ever, so a median price of $550,000 is pretty unprecedented.” 

So far this year, 3,482 condos sold across the state, down 6.2% from 2023, with a median sale price that’s up 8.3% to $520,000.

The Greater Boston Market

The Warren Group’s report also included activity in the Greater Boston housing market, which encompasses the 139 communities located within Route 495.

Greater Boston single-family home sales in March fell 8.2% from 2023 to 1,215. Meanwhile, the median single-family sale price increased 10.4% to $740,000.

Condo sales in Greater Boston also fell last month but just by 2.1% to 1,076 transactions, compared to 1,099 in March 2023. The median sale price increased year over year by 9.4% to $640,000.