The median price of a single-family home in Greater Boston has now surpassed $1 million for the first time in history, according to new data released by the Greater Boston Association of REALTORS®.
The milestone in the most recent data released Thursday from sales in June comes as home prices have hovered just shy of the $1 million mark since April, realtors said.
“If you needed any more evidence that Greater Boston was one of the most desirable areas of the country to live, you just got it with June’s record median price of a single-family home surpassing $1 million dollars,” said Mark Triglione, president of the Greater Boston Association of REALTORS® and owner of Premier Realty Group Inc. in Reading.
“People tuned into local real estate have seen inventory rise in some markets with an increase in number of active inventory and increased number of days on market per listing,” Triglione said.
While this has led some buyers to believe they may see some relief on prices, “the data and buying behavior continues to defy that notion,” he said.
“List to sales price ratio is still over 100% and properties priced right are selling faster than the recent Red Sox turn around,” Triglione said.
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He shared a breakdown of the Greater Boston region’s June single-family housing market:
The median house price reached $1,003,250. Prices were up 2.4% from the previous month ($980,000), and 4.5% from this time last year ($960,000).
1,292 homes were sold, marking a 19.6% increase from May (1,080) and 5.8% from last June (1,221).
1,528 new single-family homes hit the market, which is down 13.4% from this past May (1,764) but up 8.9% when compared to June of last year (1,403).
The median number of days a single-family home stayed on the market hit 19, climbing 18.8% (16) from May and 11.8% from June 2024 (17).
“Beyond the usual push to have things buttoned up before the school year gets going, it will be interesting to see if some sellers push to have their property on the market and under agreement before the new home inspection law takes effect in October,” said Triglione, whose association represents more than 10,000 real estate professionals throughout the Greater Boston and Eastern Massachusetts area.
“For most sellers, their home is their largest asset and losing the ability to accept an offer that creates the absolute best possible situation for them to capitalize on could impact the upcoming market,” Triglione said.
The Greater Boston area’s condominium market remained much steadier in the month of June, and hit no similar milestones. Here is a breakdown:
The median price for condominiums reached $725,000. Prices were down 3.3% from both the previous month and this time last year ($750,000).
986 condos sold, marking a 2.8% increase from this past May (959) and 1.8% from last June (969).
1,437 new condos landed on the market, which is down 8.1% from this past May (1,563) but up 19.4% when compared to last June (1,204).
The median number of days a condo stayed on the market was 23, rising 9.5% from May (21) and 15% from June 2024 (20).
“The median price of a condominium in Greater Boston has demonstrated surprising stability over the past few years, especially when compared to the single-family market,” said Triglione.
Condominium prices have roughly remained around the $700,000 mark since 2022, Triglione said.
“Increased condo development across the region appears to be leading to more predictable price tags,” he said.
This is a developing story. Check back for updates as more information becomes available.
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