MELROSE — Through the first 11 months of the year, the city saw 175 single-family homes exchange hands at a median sales price of $865,000.
According to The Warren Group, a leading provider of real estate and transaction data, the number of single-families sold through November was more than the 157 sold during the same period in 2023. The median price of those homes sold through November of last year was $860,000.
Also in Melrose, 13 single-families sold last month for a median price of $850,000, compared to the 15 that sold in November 2023 for a median price of $933,000.
Statewide, the median single-family home sale price reached a new all-time high for the month of November, rising 3.4 percent on a year-over-year basis to $600,000, according to a new report from The Warren Group, a leading provider of real estate and transaction data.
Last month, there were 3,545 single-family home sales in Massachusetts, a 2.7 percent increase from November 2023. Meanwhile, the median single-family sale price increased 3.4 percent on a year-over-year basis to $600,000, up from $580,000 in November 2023 – a new high for the month of November and the first time the median single-family home price has reached $600,000 during the month of November.
“The Massachusetts single-family housing market continues to demonstrate strong demand, with the median sale price hitting $600,000 in November — a record for the month and the eighth consecutive month at or above this threshold,” said Cassidy Norton, associate publisher and Media Relations director of The Warren Group. “This marks a 3.4 percent year-over-year increase, a smaller increase than we’ve seen in the past, but still an increase. The recent data suggests that mortgage rates are likely to remain relatively high, perpetuating the issue of potential sellers with lower interest rates reluctant to enter the market, contributing to the state’s supply issue.”
Year-to-date, there have been 38,329 single-family home sales in Massachusetts, a 1.7 percent increase from the first 11 months of 2023. Meanwhile, the year-to-date median single-family home price increased 7.3 percent on the same basis to $615,000.
Condominiums
There were 1,449 condominium sales in November 2024, compared to 1,487 in November 2023 – a 2.6 percent decrease. Meanwhile, the median sale price rose 2.4 percent on a year-over-year basis to $511,955 – a new all-time high for the month of November.
“The Massachusetts condo market set a new record in November, with the median price reaching $511,955,” Norton added. “Much like the single-family market, price growth is slowing significantly. This trend reflects the impact of elevated interest rates, which are tempering the pace of increases even as prices continue to edge upward.”
Year-to-date, there have been 17,293 condo sales, a 3.1 percent decrease from the first 11 months of 2023 with a median sale price of $535,662, a 4.4 percent increase on the same basis.
In Melrose, five condos sold last month for a median price of $595,000. In November 2023, four sold for a median price of $490,500.
Through November, 65 condos sold in the city so far this year for a median price of $600,000.
For the same period last year, 67 condos sold for a median price of $445,000.
Greater Boston single-family homes
There were 1,642 single-family home sales in the Greater Boston housing market in November 2024, which marked a 2.1 percent decrease from November 2023 when there were 1,677 transactions. Meanwhile, the median single-family sale price increased 6.1 percent on a year-overyear basis to $742,500.
Greater Boston condominiums
In November, there were 1,004 condo sales in the Greater Boston housing market, down from 1,042 sales in November 2023, marking a 3.6 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 9.1 percent on the same basis to $600,000.