T
he median sales price for a single-family home in Greater Boston has reached $1,003,250, marking the first time it's surpassed $1 million. This milestone highlights the region's continued demand for homes and its status as one of the nation's most competitive real estate markets.
According to data from the Greater Boston Association of Realtors, this record median price is a 2.4% increase from May and a 4.5% jump from last June. Mark Triglione, president of GBAR, notes that this achievement solidifies Greater Boston as one of the most desirable areas in the country to live.
The report covers data across 64 cities and towns considered part of Greater Boston. With higher sales prices, the true cost of buying a $1 million home is increasing, with monthly payments rising to around $5,057 at current interest rates.
In contrast, the condominium market remains stable, with a median price of $725,000 in June, down 3.3% from both May and last year's figures. Triglione attributes this stability to increased condo development across the region, leading to more predictable price tags.
Looking ahead to October, Triglione points to Massachusetts' new home inspection law as a potential market influencer, which could impact sellers' ability to accept offers that create the best possible situation for them.
