After approaching the $1 million mark in the past three spring and early-summer buying seasons, Greater Boston’s median sales price for single-family homes surpassed that level in June.
While more properties have hit the market in recent months and it’s taking a bit longer to sell them, these trends haven’t had much influence so far on the region’s prices, Greater Boston Association of Realtors president Mark Triglione said in a statement Thursday.
“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,” he said. “Properties priced right are selling faster than the recent Red Sox turnaround.”
The median price for the area’s 64 cities and towns was $1,003,250, an increase of 4.5% from one year earlier. New Homes.com data that includes condos and single-family houses shows a 2.3% price rise in June for the metropolitan area compared to the previous year.
More than 1,500 sellers put their single-family homes on the market during the month, according to the Realtors association statement, an increase of 9% over June 2024. About 1,300 sold, a 6% jump. The median home stayed on the market for 19 days, up from 16 in May.
Boston’s condo market has not seen a surge in prices in recent years like that of single-family homes, Triglione said. The median price in June was $725,000, down around 3% from last year, and has stayed close to $700,000 since 2022.
“Increased condo development across the region appears to be leading to more predictable price tags,” he said.
A possible complication that Triglione said could affect the single-family market over the next few months is Massachusetts’ home inspection law, scheduled to go into effect in October. The law will prevent sellers or their agents from saying they’ll only accept offers from buyers who agree to waive their right to an inspection. Sellers also can’t accept an offer if a buyer or their agent indicates they’ll waive that right.
“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 October, he said.