Median home prices in Massachusetts rise again above $400,000

The cost of buying a home in Massachusetts is on the rise.

The median price for a single-family home rose to $405,000 last month, according to the Massachusetts Association of Realtors citing pending sales.

This is the third time the median price for a single family rose above the $400,000 mark since last summer.

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This figure represents a 5.7% increase over May 2017 prices when the median price was $383,000.

"Buyer demand shows no signs of slowing down as we head into the busy spring and summer markets," said Rita Coffey, the president of the Massachusetts Association of Realtors and a Realtor with Century 21 Tullish & Clancy in Weymouth. "We may see another summer of record-breaking prices if Massachusetts doesn’t find more inventory to feed this strong demand."

There were 7,226 single-family home sales last month — an increase of 7.4% — and 2,690 condominium sales.

Tribune Content Agency

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