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Home prices and sales broke records in Greater Boston in October

Buying News
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The 1,433 single-family homes sold last month reflected a 36.9 percent year-over-year increase in sales. Adobe Stock

The Greater Boston single-family and condo home markets saw record sales in October, according to a report by the Greater Boston Association of Realtors released Tuesday.

The 1,433 single-family homes sold last month reflected a 36.9 percent year-over-year increase in sales, while the median sales price rose to a new record for the month: $700,000. It was $593,000 last October.

In the condo market, 949 units sold, a 9.3 percent year-over-year increase, according to the report. The median sales price, $575,000, also broke records for the month. The median sales price in October 2019 was $549,700.

The multifamily home market saw a 6.4 percent increase in sales, with 198 properties sold.

The COVID-19 pandemic pushed the spring sales rush off to the fall. The prices reflect high buyer demand amid low interest rates and low inventory.

GBAR-Central-Middlesex-Oct-2020

What are condos and single-family homes selling for in your area? Here’s the Greater Boston Association of Realtors’ breakdown for 64 communities:

Central Middlesex County
ActonBedfordBoxboroughConcordHudsonLexingtonLincolnMaynardStowSudburyWayland, and Weston

GBAR-Central-Middlesex-Oct-2020

These communities saw a 15.5 percent increase in the median single-family selling price, from $730,000 in October 2019 to $843,500 in October 2020. Condo prices jumped 26.4 percent, from $370,000 to $467,500. Single-family homes spent an average of 39 days on the market. For condos, it was 41. The number of active single-family listings dropped 45.3 percent, while the number of condos on the market fell 29.8 percent. The number of single-family homes that sold was up 29.4 percent, while the number of condos that changed hands was down 7.5 percent.

Eastern Middlesex
BurlingtonMaldenMedfordMelrose, North Reading, ReadingStonehamWakefieldWilmingtonWinchester, and Woburn 

GBAR-Eastern-Middlesex-Oct-2020

These communities saw a 20.1 percent increase in the median single-family selling price, from $561,806 in October 2019 to $675,000 in October 2020. Condo prices rose 17 percent, from $434,500 to $508,500. Single-family homes spent an average of 21 days on the market. Condos were on for 31 days on average. The number of active single-family listings was down 28.2 percent, while the number of condos on the market slipped 1.8 percent. The number of single-family homes that sold rose a whopping 56.7 percent, while the number of condos that changed hands fell 10.5 percent.

Metro Boston
Arlington, Belmont, BostonBrooklineCambridge, Chelsea, Dedham, Everett, MiltonNewton, Revere, SomervilleWalthamWatertown, and Winthrop

GBAR-Metro-Boston-Oct-2020

The median selling price for a single-family home climbed 12.7 percent, from $710,500 in October 2019 to $800,500 in October 2020. Condo prices slipped incrementaly, from $650,500 in September 2019 to $650,000 in October 2020. Single-family homes spent an average of 31 days on the market. For condos, that number was 42. The number of active single-family listings was down 5.2 percent, while the number of condos on the market jumped 53.3 percent. The number of single-family homes that sold soared 33.6 percent, while the number of condos that changed hands increased 10.7 percent.

Metrowest
AshlandDoverFraminghamHollistonHopkintonMedfieldMedwayMillisNatickNeedhamSherborn, and Wellesley

GBAR-Metro-West-Oct-2020

The median selling price for a single-family home increased 23.5 percent, from $605,000 in October 2019 to $747,000 in October 2020. Condo prices rose even more, 24.9 percent, from $440,000 to $549,450. Single-family homes spent an average of 31 days on the market. For condos, it was 47. The number of active single-family listings was down a significant 40.9 percent, while the number of condos on the market dropped 27.1 percent. The number of single-family homes that sold was up 41.7 percent, while the number of condos that changed hands was up 20 percent.

Southern Norfolk County
AvonBellinghamCantonFoxboroughFranklinMansfieldNorfolkNorwood, Randolph, SharonStoughtonWalpoleWestwood, and Wrentham

GBAR-Southern-Norfolk-Oct-2020

The median selling price for a single-family home rose 14.3 percent, from $480,000 in October 2019 to $531,500 in October 2020. Condo prices rose 11.3 percent, from $336,950 to $375,000. Single-family homes spent an average of 26 days on the market. For condos, it was 40. The number of active single-family listings plummeted 38.7 percent, while the number of condos on the market also fell, 25.9 percent. The number of single-family homes that sold was up 27.6 percent, while the number of condos that changed hands increased 29.3 percent.

City of Boston

GBAR-City-Boston-Oct-2020

The median selling price for a single-family home jumped 17.6 percent, from $659,000 in October 2019 to $775,000 in October 2020. Condo prices, however, decreased 6.9 percent, from $690,000 to $642,500. Single-family homes spent an average of 37 days on the market. For condos, it was 43. The number of active single-family listings was up 27.7 percent, while the number of condos on the market rose a whopping 51.1 percent. The number of single-family homes that sold increased 21.3 percent, while the number of condos that changed hands rose incrementaly, only 0.9 percent.

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