MELROSE — Melrose is a special place to live. It keeps getting more expensive, too: The median price of single-family homes sold in the city last month was $1 million.
Thirteen houses sold here in July, and fetched a median price of $1,000,000, up $187,500 from the median sale price of just one year ago.
Statewide, median sales prices for both single-family and condominiums reached new all-time highs for the month of July as sales activity continued to decline, according to a new report from The Warren Group, a leading provider of national real estate and transaction data.
In Melrose, the 13 single-families sold in July 2023 represented 19 fewer than the number sold in July 2022. The median price of those 32 houses sold in July of last year was $812,500.
Through the end of last month, The Warren Group reports that 98 single-families had been sold so far in 2023 in Melrose for a median price of $856,500. Through the same period in 2022, 155 single-families had sold in the city for a median price of $843,000.
Last month, there were 4,085 single-family home sales in Massachusetts, a 23.1 percent decrease from July 2022 when there were 5,314 transactions. Meanwhile, the median single-family sale price increased 4.3 percent on a year-over-year basis to $610,00, a new all-time high for the month of July.
“Once again, median single-family home prices continued to set records across Massachusetts, despite mortgage interest rates that are nearly double what they were this time last year,” said Cassidy Norton, associate publisher and media relations director of The Warren Group. “Demand is obviously still strong among prospective buyers, but inventory can’t keep up.”
Year-to-date, there have been 22,657 single-family home sales in Massachusetts, a 24.6 percent decrease from the first seven months of 2022. Meanwhile, the year-to-date median single family home price increased 2.3 percent on the same basis to $565,000.
Condominiums
There were 1,886 condominium sales in July 2023, compared to 2,201 in July 2022 – a 14.3 percent decrease. Meanwhile, the median sale price increased 6.5 percent on a year-over-year basis to $555,000, up from $521,000 in July 2022, marking a new all-time high for July condo prices.
“Condo prices and sales activity followed similar trends to single-family homes in July,” Norton added. “Sales were down while the median price continued to set records. Historically, condos have been a more affordable alternative to single-family homes, but with the median price hovering above $500,000 for the last three months, prospective buyers will be hard-pressed to find an easy route to homeownership.”
Year-to-date, there have been 11,270 condo sales, a 22.2 percent decrease from the first seven months of 2022 with a median sale price of $519,900, a 4.0 percent increase on the same basis.
In Melrose, just four condos sold last month for a median price of $475,500. In 2022, 8 condos sold for a median price of $474,500. Through the end of July, 46 condos had sold in the city for a median price of $446,625; for the same period last year, 47 condos had sold for a median price of $450,000.
Greater Boston single-family homes
There were 2,063 single-family home sales in the Greater Boston housing market in July 2023, which marked a 23.2 percent decrease from July 2022 when there were 2,685 transactions. Meanwhile, the median single-family sale price increased 4.7 percent on a year-over-year basis to $775,000.
Greater Boston condominiums
In July, there were 1,404 condo sales, down from 1,652 sales in July 2022, marking a 15.0 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 6.6 percent on the same basis to $650,000, up from $609,950 a year earlier.