Massachusetts single-family home and condo sales fell last month as median prices reached new highs, according to the Warren Group’s September 2024 Sales Report.

September single-family home sales fell 3.7% year over year to 3,482 transactions, as the median price increased 6.2% to $600,000, setting a new record for the month.

“Elevated interest rates and limited inventory are likely key factors slowing the pace of transactions, despite continued demand,” said Cassidy Norton, associate publisher and media relations director of the Warren Group. 

“At the same time, prices remain robust, with the median home price reaching $600,000, a 6.2% increase year-over-year and a record for September. However, the rapid rise in prices appears to be flattening compared to previous years, signaling a potential shift in market dynamics.”

Since January, 30,858 homes have sold, marking a 0.5% increase from the first nine months of 2023. During the same period, the median single-family home price rose 8.3% to $617,500.

In the condo market, while sales fell, prices also hit a new record. 

Condo sales fell 10.7% to 1,490 transactions, compared to 1,668 in September 2023. Meanwhile, the median sale price increased 3% to $515,000, marking a new all-time high for the month. 

“The Massachusetts condo market saw a significant slowdown in September, with just 1,490 transactions — a 10.7% decrease compared to last year,” Norton said. “This marks the fewest number of condo sales for the month since September 2011. With median prices at record highs and interest rates remaining elevated, these factors are likely contributing to the drop in activity.” 

So far this year, 14,1944 condos sold, a 4.1% decrease from 2023, with a median sale price that’s up 4.3% to $540,000.

The Greater Boston Market

The Warren Group’s September 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 September rose 2% from 2023 to 1,665. Meanwhile, the median single-family sale price increased 3.5% to $730,000.

Condo sales in Greater Boston fell last month, sliding 12.2% to 1,031 transactions. The median condo price, however, increased 3.5% from last year to $600,000.