WAKEFIELD — Single-family home sales are down sharply in Wakefield and just about every other community in the Bay State, according to a report last week from The Warren Group, a leading provider of national real estate and transaction data.
Last month, there was a 50 percent drop over last September in the sale of single-family homes in town. In September 2022, 26 single-families were sold in Wakefield for a median price of $687,500. In September 2023, only 13 were sold, but the median sales price was $700,000.
Through the end of last month, 127 single-family homes had been sold in Wakefield in 2023. For the same period in 2022, 178 had been sold.
The year-to-date median sale price of single-family homes in Wakefield is $750,000. Through September 2022, it was $730,750.
Across the state, single-family home sales reached a 13-year low for the month of September as limited inventory, record high prices and rising interest rates continued to limit opportunities for prospective buyers, according to The Warren Group.
Last month, there were 3,608 single-family home sales in Massachusetts, a 26.5 percent decrease from September 2022 when there were 4,908 transactions, and the fewest single-family homes sales for the month of September since 2010. Meanwhile, the median single-family sale price increased 2.7 percent on a year-over-year basis to $565,00, a new all-time high for the month of September.
“There are still a number of hurdles for prospective homebuyers in Massachusetts, and this is reflected in our sales data,” said Cassidy Norton, associate publisher and Media Relations director of The Warren Group. “Low inventory, record high prices, and rising interest rates have made it progressively more difficult for buyers to purchase homes – regardless of where they’re looking.”
Year-to-date, there have been 30,665 single-family home sales in Massachusetts, a 24.6 percent decrease from the first nine months of 2022. Meanwhile, the year-to-date median single family home price increased 2.7 percent on the same basis to $570,000.
Condominiums
There were 1,668 condominium sales in September 2023, compared to 1,907 in September 2022 – a 12.5 percent decrease. Meanwhile, the median sale price increased 8.7 percent on a year-overyear basis to $500,000, up from $460,000 in September 2022, marking a new all-time high for September condo prices.
“Condos offer a blend of community and convenience, making them a compelling choice for those who want the benefits of amenities and a maintenance-free lifestyle,” Norton added. “However, with median prices following trends similar to single-family homes, the affordability of condos is becoming untenable to many buyers who desire the perks of owning a condo.”
Year-to-date, there have been 14,799 condo sales, a 20.7 percent decrease from the first nine months of 2022 with a median sale price of $517,500, a 4.5 percent increase on the same basis.
In Wakefield, three condos sold last month for a median price of $825,500. In September 2022, 10 were sold for median price of $586,000.
Through the end of September, 58 condos had been sold in Wakefield for a median price of $550,250. For the same period in 2022, 89 condos were sold for a median rice of $525,000.
Greater Boston single-family homes
There were 1,616 single-family home sales in the Greater Boston housing market in September 2023, which marked a 30.2 percent decrease from September 2022 when there were 2,315 transactions. Meanwhile, the median single-family sale price increased 3.3 percent on a year-overyear basis to $705,000.
Greater Boston condominiums
In September, there were 1,174 condo sales, down from 1,300 sales in September 2022, marking a 9.7 percent decrease on a year-over-year basis. Meanwhile, the median condo price increased 6.9 percent on the same basis to $579,950, up from $542,500 a year earlier.