A
milestone has been reached in the Greater Boston real estate market, with the median price of a single-family home surpassing $1 million. According to the Greater Boston Association of Realtors, the median price hit $1,003,250 in June, marking a 2.4% increase from May and a 4.5% jump from this time last year. This historic high comes after months of steady growth, with prices rising since April.

    Despite some buyers hoping for relief on prices due to increased inventory and longer market times, the data suggests otherwise. Properties priced correctly are selling quickly, with Mark Triglione, president of the Greater Boston Association of Realtors, comparing their sales pace to the Red Sox's recent turnaround.

    In contrast, the condo market has seen a decline in prices. The median price of a condo was $725,000 in June, down 3.3% from both the previous month and last year. However, this decrease is part of a longer trend, with condo prices remaining around $700,000 since 2022. Triglione attributes this stability to increased condo development across the region, leading to more predictable price tags.