Declining House Gross sales and Larger Costs in Central Massachusetts in 2019

Whereas the median worth of houses bought has risen once more this 12 months, the variety of gross sales to date in central Massachusetts is now decrease than final 12 months's price, in response to a brand new report.

In October, the median promoting worth of a single-family dwelling within the space was $ 290,000, up from $ 275,000 final October, in response to the Warren group.

From January to October, 7,192 houses had been bought, in contrast with 7,263 for the primary 10 months of 2018, a lower of 1%.

This pattern can be mirrored in condominium gross sales within the area: whereas the median promoting worth went from $ 205,000 to $ 220,000, the variety of condominiums bought in October went from 1,724 in 2018 to 1,665 in 2019.

The nation as an entire skilled a decline within the variety of single-family houses and condominiums over the identical interval, in response to the Warren Group. Single-family dwelling gross sales decreased 1.four% from 2018, whereas condominium gross sales decreased 1.2%.

However home costs have elevated; The median single-family dwelling has bought for $ 400,000 to date this 12 months, representing a rise of three.9% over final 12 months, whereas the median worth of condominiums has jumped four.four% to $ 381,000.

The median promoting worth of single-family houses within the state, estimated at $ 388,000 for the month of October, is a report, the report mentioned.

"And so, the data proceed," mentioned Warren Warren, CEO of The Warren Group, in a press release. "The median worth of single household houses has hit new highs each month for the reason that starting of the 12 months and I’m absolutely anticipating this pattern to proceed for the rest of 2019. The pattern is to gradual enhance within the median worth in comparison with the identical month of the earlier 12 months.

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