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The median sales price of a single-family home in Greater Boston hits $625,000

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469-Massachusetts-Avenue-Acton
This four-bedroom Acton Colonial is on the market for $785,000. The median selling price for a single-family home in this community was $857,500 in August. Search the latest listings at realestate.boston.com. via MLS

Median prices for single-family homes and condos in Greater Boston reached record monthly highs for August, the Greater Boston Association of Realtors recently announced.

The real estate market was busier than usual last summer, a reflection of rising home prices, pent-up buyer demand, and strong job growth.

“The lazy, hazy days of summer were anything but slow,” said Marie Presti, association president and broker/owner of The Presti Group in Newton and Stoneham. “Competition for limited inventory remains intense in many communities, but we’ve seen a decline in multi-offer situations, and the number of new listings has improved, which will help to create more opportunities for home buyers.”

The median price for a single-family home rose 3.3 percent, from $605,000 in August 2017 to $625,000 this past August. Similarly, the condo market saw an 8.3 percent increase, from $530,000 in August 2017 to $573,778 in August 2018. Sales of single-family homes increased 3.3 percent, while condos sales rose 4.5 percent. 

“Along with a healthy local economy and population growth, the inventory shortage that’s plagued the housing market for the last several years is also helping to put upward pressure on home prices,” the association reported. In the detached single-family home market, active listings fell 7.3 percent, from 2,763 in August 2017 to 2,560 in August 2018. Meanwhile, the inventory of condos for sale fell 8.4 percent, from 1,771 units in August 2017 to 1,623 in August 2018.

The median price for multi-family homes rose slightly (1.1 percent), from $810,000 in August 2017 to $824,000. This market also saw an 11.7 percent increase in sales.

How did your community fare?

Central Middlesex County
ActonBedfordBoxboroughConcordHudsonLexingtonLincolnMaynardStowSudburyWayland, and Weston

These communities saw a 4.6 percent increase in the median single-family selling price, from $820,000 in August 2017 to $857,500 in August 2018. Condo prices went up slightly, 0.6 percent, from $395,000 in August 2017 to $397,250. Single-family homes spent an average of 60 days on the market. For condos, it was 51.

Eastern Middlesex
BurlingtonMaldenMedfordMelrose, North Reading, ReadingStonehamWakefieldWilmingtonWinchester, and Woburn

These communities saw an 4.5 percent increase in the median single-family selling price, from $570,000 in August 2017 to $595,900 in August 2018. Condo prices jumped 18.3 percent, from $410,000 in August 2017 to $485,000. Single-family homes spent an average of 36 days on the market. For condos, it was 30.

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

The selling price for single-family homes increased 8.2 percent, from $679,500 in August 2017 to $735,300 in August 2018. Condo prices rose 10.2 percent, from $608,000 in August 2017 to $670,000. Condos spent an average of 41 days on the market. For single-family homes, that number was 39.

Metrowest
AshlandDoverFraminghamHollistonHopkintonMedfieldMedwayMillisNatickNeedhamSherborn, and Wellesley

The median selling price for a single-family home dropped 1.3 percent, from $670,500 in August 2017 to $661,500 in August 2018. Condo prices jumped 39.5 percent, from $310,000 in August 2017 to $432,500. Single-family homes spent an average of 44 days on the market. For condos, it was 39.

Southern Norfolk County
AvonBellinghamCantonFoxboroughFranklinMansfieldNorfolkNorwood, Randolph, SharonStoughtonWalpoleWestwood, and Wrentham

The median selling price for a single-family home here was $470,000 in August 2018, a 6.2 percent increase from the August 2017 price of $442,500. Condo prices rose 10 percent, from $286,000 in August 2017 to $314,500. Condos spent an average of 41 days on the market. For single-family homes, that number was 43.

City of Boston

The median selling price for a single-family home here was $650,000 in August, an 11.1 percent increase from $585,000 in August 2017. Condo prices went up 17.9 percent, from $585,000 in August 2017 to $689,500. Single-family homes spent an average of 38 days on the market. For condos, it was 45.

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