Massachusetts Average Home Price Rises Once Again
There is more bad news for anyone hoping to buy a home or a condo in Massachusetts. The price of a single-family home continues to rocket upward as supplies of available homes dwindle.
The real estate marketing analysts at The Warren Group said the average price of a single-family home in Massachusetts rose 12 percent in March 2022 over a year ago to $515,000. That's up from $460,000 in March 2021.
While prices keep rising, the State House News Service reported the number of available single-family homes for sale continues to decline. SHNS cited The Warren Group's report of a 6.9 percent decrease in single-family home sales between March 2021 and March 2022. As fewer single-family homes on put on the market, the price rises. It's the simple economics of supply and demand.
It's the same story with condos. Condo sales were down 19.5 percent in March compared to March last year, and the median price has increased to $460,000, a 4.1 percent increase from last year.
Many folks are simply priced out of the market in Massachusetts, and that's true around the nation as well.
Breitbart cited a survey by the Federal Reserve Bank of New York that shows only 43 percent of Americans renting their homes expect to ever become homeowners. Breitbart reported it's the "first time that number has dropped below 50 percent in the history of the surveys."
Many survey respondents expect their rent to surge by as much as 12 percent this year.
With the average price of a single-family home eclipsing a half-million dollars and interest rates rising, do you ever expect to be able to afford a home of your own?