Median single-family house sale value will increase to $580,000 year-to-date
STATE HOUSE, BOSTON, MARCH 18, 2025…..Two months into 2025, the marketplace for single-family properties in Massachusetts is roughly following the development that started to emerge on the tail finish of 2024: the variety of properties bought and the median value of these gross sales are each up barely in comparison with a yr prior.
Within the newest checkup, The Warren Group mentioned Tuesday that there have been 2,136 single-family properties bought right here final month, a 4.2% improve over the two,500 transactions in February 2024. The median single-family sale value climbed 4.9% yr over yr to hit $575,000 this February.
“The median house sale value is down $10,000 from January, which is common for the month-over-month interval. earlier patterns, March ought to see a bounce in each the variety of gross sales and the median value versus February,” Cassidy Norton, Warren Group affiliate writer, mentioned.
Within the first two months of 2025, 4,765 single-family properties have bought in Massachusetts — 7% greater than throughout the identical two months of 2024, The Warren Group mentioned, and the median single-family house sale value has elevated 5.5% on the identical foundation to face at $580,000 year-to-date.
The dynamic of chronically-limited stock and always-escalating costs has performed a serious function in driving up value of dwelling in Massachusetts. State policymakers are relying on a brand new housing manufacturing legislation to start to chip away at what is predicted to be a 220,000-plus housing unit scarcity by 2030.
“Our financial future and our livelihood, our development as a state is dependent upon our capability to construct extra properties,” Gov. Maura Healey mentioned final week on GBH Radio as she detailed how the mix of the 2021 legislation requiring multi-family zoning round MBTA service and final yr’s housing bond and coverage legislation are supposed to spur manufacturing. She added, “It’s an important factor that we are able to do as a state.”
A statewide housing plan Healey’s administration launched in February discovered that more and more excessive rents and sale costs “burden family budgets, undermine the soundness of communities, exacerbate homelessness, trigger well being issues, weaken the financial system, and widen gaps between privilege and drawback.”
The report mentioned that fewer than two out of each 100 properties right here can be found on the market or hire and new housing manufacturing in Massachusetts has slowed considerably in recent times in comparison with the 2010s. And with stock chronically low, prices have soared and pushed homeownership out of attain for a lot of. Median house costs rose 73% from 2000 to 2023 after adjusting for inflation, whereas median family earnings rose solely 4% in actual {dollars} over the identical interval.
As of March 13, the common 30-year mounted mortgage fee was 6.65%, based on knowledge from Freddie Mac compiled by the Federal Reserve Financial institution of St. Louis. That’s just about unchanged from per week earlier than and down simply barely from one yr in the past, when the common 30-year mortgage fee was 6.74%.
Norton mentioned the condominium market adopted roughly the identical developments as single household properties in February, with final month’s 1,108 apartment gross sales marking a 2.9% improve over a yr earlier and February’s median sale value hitting $511,000 following a 4.3% year-over-year climb.
There have been 2,266 condominium gross sales up to now in 2025, up 10.5% from the identical level in 2024. The year-to-date median sale value for condos is up 5% over the yr to $525,000.
“The ten % year-to-date improve in gross sales could replicate a rise in stock, probably illustrating a loosening out there,” Norton mentioned.
