Boston Real Estate for Sale

Single-family homes and condo sales plunge

Massachusetts single-family home sales hit 13-year low

Single-family homes and condo sales plunge

Byline –  Liz Hughes

Massachusetts single-family home sales hit a 13-year low in September due to constrained inventory, record-high prices and rising interest rates, according to a new Warren Group report. 

September single-family home sales fell 26.5% from last year to 3,608, marking the lowest sales for the month since 2010. Meanwhile, the median single-family sale price increased 2.7% to $565,000, a new high for the month. 

“There are still a number of hurdles for prospective homebuyers in Massachusetts, and this is reflected in our sales data,” said Cassidy Norton, associate publisher and media relations director of the Warren Group. “Low inventory, record high prices and rising interest rates have made it progressively more difficult for buyers to purchase homes – regardless of where they’re looking.” 

Since January, 30,665 homes have sold, down 24.6% from the first nine months of 2022. During the same period, the median single-family home price rose 2.7% to $570,000.

Condo prices and sales followed similar trends last month.  

Condo sales fell 12.5% to 1,668 transactions, compared to 1,907 last September. Meanwhile, the median sale price increased by 8.7% to $500,000, marking a new high for September.

“Condos offer a blend of community and convenience, making them a compelling choice for those who want the benefits of amenities and a maintenance-free lifestyle,” Norton said. “However, with median prices following trends similar to single-family homes, the affordability of condos is becoming untenable to many buyers who desire the perks of owning a condo.”

So far this year, 14,799 condos sold across the state, down 20.7% from 2022, with a median sale price that’s up 4.5% to $517,500.

Source: Boston Agent Magazine


Byline – John Ford Beacon Hill Condo Broker

Boston Condo Brokers Thoughts

My thoughts, with the Fed raising interest rates from 3% to now 7.5% its no suprise that Massachusetts single-family and condos sales took a hit. I’m afraid this will not be a joyous season when the 4th Q sales numbers come in.

I’ve noticed a large drop off in sales leads from my Boston condo for sale website.


From Banker & Tradesman

Bank-owned property sales made up more than 10 percent of Massachusetts’ single-family home sales transactions in February, approximately five times as many as the same month two years ago, according to The Warren Group, publisher of Banker & Tradesman.

Single-family home sales fell 14.6 percent to 1,825 in February from 2,138 in February 2008. Year-to-date single-family home sales are down 12.5 percent, with 3,732 transactions recorded in the first two months of 2009 compared to 4,264 a year ago.

Of February home sales, 206 were bank-owned properties, representing 11.3 percent of all single-family home sales during the month. In February 2007, there were only 48 sales of bank-owned single-family homes, representing 1.8 percent of sales.

Condo sales plunged to a 13-year low for the month of February. There were 866 condos sold statewide in February, down 30 percent from 1,236 a year earlier. During the first two months of 2009, condo sales plummeted 29.5 percent to 1,672 from 2,372 a year earlier

Read the full story – MA real estate sales

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