Median sales price for a single-family home hits $961,250, breaks record

The median sales price for a single-family home in Greater Boston has shattered records as it creeps closer to that $1 million mark.

The median condo price did, too.

The median sales price for a single-family home jumped 7.7 percent year over year in June to $961,250, according to the Greater Boston Association of Realtors. Meanwhile, the median price for a condo hit $750,000, a record for the monthly figure and just shy of a 1 percent increase over June 2023.

“With mortgage rates and home prices continuing to climb higher, and listings still at a premium in many communities, it’s become increasingly more challenging to purchase a home this spring,” Jared Wilk, president of the Greater Boston Association of Realtors and a broker with Compass in Wellesley, said in a press release. “Buyers have become more cautious and have shown less urgency to make offers in the last couple of months, with many having to modify or pause their home search due to affordability concerns, and that’s resulted in less foot traffic and fewer showings and sales since the Memorial Day Weekend.”

Indeed, sales in the single-family market saw a 9.4 percent year-over-year drop. The condo market, however, experienced a whopping 14.1 percent decline, while the multifamily sector faced a 7.2 percent decrease, according to the GBAR.

Properties are also spending a little bit longer on the market: 17 days for single-family homes and 20 for condos, even though there are more homes listed for sale in June 2024 than there were in June 2023. Closed sales were down 9.4 percent for single-family homes and more than 14 percent for condos.

“Despite the slowdown in sales last month, buyer demand continues to outpace the supply of properties for sale and that has allowed monthly median selling prices to continue to rise to new record highs in June,” Wilk said.

Here’s how the housing market fared in June all over Greater Boston:

Single-family homes

Condos

Wilk cautioned sellers not to get too aggressive with pricing.

“In today’s high interest rate environment, many buyers are unable or unwilling to overextend themselves financially. They’re choosing to be less aggressive and more conscientious, which has caused some to suspend their home search for the summer or until rates come down, and that’s made for a less competitive market than we saw this spring. We’re not only seeing more bids under asking price, but properties that are overpriced are drawing fewer offers, sitting longer, and requiring a price reduction or two in order to sell,” he said.

But buyers will soon gain more leverage.

“It’s still a seller’s market, but with mortgage rates stuck near 7 percent, home prices at record levels, and more properties available for sale, buyers are going to have more of a say in how the market performs in the coming months,” Wilk said. “Buyers have more housing choices and leverage during negotiation than they did this spring, which has made for a more relaxed sales pace in recent weeks, and that’s likely to continue until the Fed moves to lower interest rates.”