May 16, 2023

By THE MEDIAN PRICE of single-family homes sold in Bristol County, Mass., rose to $440,000 in April, a 3.5% increase over the same month last year amid declining sales, according to The Warren Group. / ASSOCIATED PRESS FILE PHOTO / ROGELIO V. SOLIS PROVIDENCE – The median price of single-family homes sold in Bristol County, Mass., rose to $440,000 in April, a 3.5% increase over the same month last year amid declining sales, according to The Warren Group. The median price of a single-family home across Massachusetts was $553,000 in April, a 1.2% decline from one year prior. Despite single-family home prices falling for the first time year over year since 2018, the market is still dealing with a lack of inventory, according to the report released on Tuesday. “Limited housing inventory was a persistent hurdle, constraining buyer options and intensifying competition,”  said Cassidy Norton, associate publisher and media relations director for The Warren Group. “The scarcity of available properties may have prompted hesitant homeowners to delay listing their homes, further exacerbating the supply-demand imbalance. Economic factors also contributed to the declining market performance. Historically higher mortgage interest and inflation rates added an element of caution among prospective buyers. The upward pressure on borrowing costs dampened affordability and consequently tempered demand.” Condominium sales in Bristol County, Mass., totaled 44 in April, a 52.2% decrease from 92 in April 2022. Sale prices for a condo in the area increased 10.6% year over year to $327,000. - Advertisement - The median price for a condo in the state was $513,000, a 3.1% decrease. “As has been the case all year, the Massachusetts condo market saw a significant decline in sales in April,” Norton added. “The market’s response was further underscored by a 3.1% decrease in prices, indicating a shift in demand and supply dynamics, although that may be temporary. The decline may offer opportunities for potential buyers to enter the market at a more favorable price point.” Want to share this story? Click Here to purchase a link that allows anyone to read it on any device whether or not they are a subscriber. TAGS