According to data published this week by The Warren Group, real estate prices in Massachusetts hit an all-time high in April 2022.
In April 2022, Massachusetts’ single-family home sales plummeted by 14.8% when compared to last year. At the same time, the median residential home price increased by 9.8%, going from $510,000 in April 2021 to $560,000 in April 2022.
The numbers are even more stark when it comes to condominiums. Condo sales in Massachusetts decreased by 15.2% last month when compared to April 2021 and the median condo unit price increased more than 25% over the past two years with the current median price for a Massachusetts condominium unit being $530,000.
The main causes of the price increase, according to The Warren Group, are “limited inventory and competition among buyers.”