New Threshold Crossed in November
Massachusetts crossed one other threshold in November when the median house sale value hit $600,000, a file excessive for the month.
The Warren Group reported Tuesday that statewide house gross sales rose 2.7% in November, in comparison with November 2023, and the median single-family house sale value elevated 3.4% to the $600,000 mark.
The median house sale value within the state has been at or above $600,000 for eight consecutive months.
Knowledge point out a giant unfold in median house sale costs by county. The median year-to-date house sale value in Nantucket was $2.65 million, in comparison with a year-to-date median of $319,900 in Hampden County. Usually, year-to-date median house sale costs are under the statewide median in western Massachusetts.
Increased rates of interest and stock limitations proceed to curb choices for patrons and sellers.
“The current information means that mortgage charges are more likely to stay comparatively excessive, perpetuating the problem of potential sellers with decrease rates of interest reluctant to enter the market, contributing to the state’s provide problem,” Cassidy Norton, affiliate writer of The Warren Group, mentioned.
12 months-to-date single-family house gross sales in Massachusetts are up just one.7% from the primary 11 months of 2023. The year-to-date median single-family house sale value has risen 7.3% over the identical time interval to $615,000.
The year-to-date median condominium sale value is $535,662, a rise of 4.4% over the primary 11 months of 2023.
