LYNNFIELD — The town’s real estate market remained sluggish in July due to a lack of inventory and rising prices.
According to The Warren Group, there were nine single-family homes sold in Lynnfield during the month of July. The homes had an average sales price of $930,000.
There were 10 single-family homes sold in town in June that had a median sales price of $960,000. There were nine single-family homes sold in town in May whose median sales price totaled $1,310,000.
There have been 48 homes sold in town over the first seven months of 2023, which had a median sales price of $927,500.
The number of homes sold in July 2023 represented a 34.2 percent drop from July 2022, when there were 18 single-family homes sold in town that had a median sales price of $942,500. There were 73 single-family homes sold over the course of the first seven months of 2022 that had a median sales price of $942,500.
Median sales prices for both single-family and condominiums reached new all-time highs statewide last month as sales activity continued to decline.
Single-family homes
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 Warren Group Associate Publisher/Media Relations Director Cassidy Norton. “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
According to The Warren Group, there were no condominiums sold in town during the month of July. There have been five condos sold in Lynnfield during the first seven months of the year that had a median sales price of $667,000.
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,” said Norton. “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.
Greater Boston market
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.
There were 1,404 condo sales in July, 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.