Massachusetts 2016 Housing market By The Numbers
The median price of a Single Family Home (SFH) in Massachusetts in 2016 rose 3% to a new high, finally passing the prior 2005 peak. The median price of a condo rose 3.5% to a new high. Sales of SFHS were a record while condo sales remain 13% below 2005 levels.
The impact of Boston on MA condo prices is explored in How much does Boston impact Massachusetts condo prices?
MA Q3 housing market report: headed for new high
The median price of a Single Family Home (SFH) in Massachusetts rose 4% to $383,000 in the Third Quarter (Q3) and 3% to $370,000 for the Year to Date (YTD). Both numbers represent new highs and suggest that 2016 as a whole will set a new record – finally beating the $362,000 of 2005.
Massachusetts Q1 2016 Housing Market Summary
Sales of SFHs jumped sharply, not just from last year’s level, but from that of the last several years and were the highest recorded in my records going back to 2000. Condo sales were also up significantly, but are still lower than in the heady days of 2005-2007.
The median price of both SFHs and condos was within 1% of last year’s Q1 levels.
The best time to buy or sell a home in Massachusetts
We know the market in New England is seasonal (how many people went house hunting when the polar vortex threatened us recently?) But there is a clear pattern as far as Massachusetts as a whole is concerned.
Massachusetts 2015 Housing Market Review
The Single Family (SFH) market in Massachusetts in 2015 saw a 10% increase in sales and a 3% increase in the median price, returning the latter to within 1% of the 2004 peak.
Massachusetts 2015 Condo Market Review
Sales in 2015 were steady, while prices overall rose 3%. But – and it’s a big but – the inclusion of Boston in numbers for all 353 cities and towns in the State distort the result. In this report I break out Boston and show how the rest of the State fared in 2015.