It’s beginning to look a lot like Christmas, but in the real estate market, it still looks like spring.
The median home prices for single-family properties and condos in Massachusetts hit record highs for October, according to a report The Warren Group released Tuesday.
The cost of a single-family home has jumped 17 percent since October 2019 to $455,000, while the median price of a condo went up 10.8 percent year over year to $410,000.
“Despite higher COVID-19 infection rates, consumers across Massachusetts continued their real estate buying binge in October,” said Tim Warren, CEO of The Warren Group, a real estate analytics firm and publisher of Banker & Tradesman. “Strong demand from buyers, scant supply from sellers, and rock bottom interest rates continued to push the median single-family home price higher, and it has now been above $450,000 for four consecutive months.”
The hot market shows no sign of abating. Sales of single-families are up more than 27 percent year over year, and the condo market saw an increase of nearly 17 percent.
“The condo market slightly trailed the trends in the single-family market in October,” Warren said. “Condo sales and prices are showing healthy gains, but not quite the frenzied interest buyers are showing for single-family homes.”
Check out the town-by-town breakdown.