T
he median single-family home sale price in Massachusetts reached a record high of $615,000 by the end of 2024, marking a 7.9% increase from the previous year. According to The Warren Group, this represents the median of 42,019 single-family home sales in 2024, a 2.9% rise over the historically low 2023 numbers. December saw a significant surge in sales, with a 16.1% increase compared to the same month in 2023, resulting in 3,657 transactions and a median price of $600,000.

    On the condominium side, The Warren Group reported a decline in sales but an increase in prices. With 18,783 condo sales in 2024, a 2.2% decrease from 2023, the year-end median sale price reached $535,000, a new all-time high. Massachusetts' chronically limited inventory and escalating prices contribute to its reputation as an expensive place to live.

    A projected housing unit shortage of over 220,000 by 2030 has prompted state policymakers to implement a new housing production law in hopes of addressing the issue. However, once homeownership is achieved, residents often face high energy costs to maintain their homes. The Boston area's electricity and natural gas prices are significantly higher than the national average, with gasoline prices averaging $3.188 per gallon in December, comparable to the national average.