MELROSE — The 14 single-family homes sold last month in Melrose fetched a median price of $806,500, according to a new report from The Warren Group, a leading provider of national real estate and transaction data.
The median sales price of the single-families sold in the city in October represents a nearly $100,000 increase over the median price of single-family homes sold here in October 2022.
Through the end of October, 142 single-families changed hands in Melrose so far in 2023, down from the 207 sold through the same time in 2022. However, those 142 homes have sold for a median price of $856,500, which is more than the $818,500 median sales price of the single-families sold through October of last year.
According to The Warren Group, median sale prices for both single-family homes and condominiums in Massachusetts reached new all-time highs for the month of October.
Last month, there were 3,515 single-family home sales in Massachusetts, a 16.9 percent decrease from October 2022 when there were 4,228 transactions. This marked the fewest number of single-family homes sales for the month of October since 2011. Meanwhile, the median single-family sale price increased 10.6 percent on a year-over-year basis to $570,000, a new all-time high for the month of October.
“Home sale prices in October climbed to the highest they’ve ever been during this time of year,” said Cassidy Norton, Associate Publisher and Media Relations Director of The Warren Group. “However, the number of homes sold was the lowest it’s been in 11 years. Inventory is far below historical norms, and limited choices make it more difficult to find a home. And record high prices paired with rising interest rates make the task of buying a home that much more formidable.”
Year-to-date, there have been 34,515 single-family home sales in Massachusetts, a 23.9 percent decrease from the first 10 months of 2022. In addition, the year-to-date median single family home price increased 3.6 percent on the same basis to $570,000.
Condominiums
There were 1,562 condominium sales in October 2023, compared to 1,725 in October 2022 – a 9.4 percent decrease. Meanwhile, the median sale price increased 4.4 percent on a year-over-year basis to $500,000, up from $479,000 in October 2022, marking a new all-time high for October condo prices.
“Massachusetts condo prices soared to a record high in October, setting a new benchmark. Condos previous offered a more affordable purchase option; arguably, at just $75,000 less than a single-family home, those times are over,” Norton said. “Condo ownership also comes with benefits such as shared maintenance responsibilities, amenities and a sense of community, offering a different kind of homeownership experience for families in the Bay State.
“Year-to-date, there have been 64,362 condo sales, a 19.7 percent decrease from the first 10 months of 2022 with a median sale price of $515,500, a 4.9 percent increase on the same basis.
In Melrose, 9 condos were sold in October for a median price of $550,000. Through the end of last month, 63 condos had been sold so far in 2023 for a median price of $445,000.
Greater Boston single-family homes
There were 1,618 single-family home sales in the Greater Boston housing market in October 2023, which marked a 16.7 percent decrease from October 2022 when there were 1,942 transactions. Meanwhile, the median single-family sale price increased 10.0 percent on a year-over-year basis to $714,950.
Greater Boston condominiums
In October, there were 1,106 condo sales, down from 1,219 sales in October 2022, marking a 9.3 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 3.6 percent on the same basis to $575,000, up from $555,000 a year earlier.