Condo prices exceed home prices in Mass.

Courtesy Ken Lund via Flickr Luxury condominiums in Boston have driven the price of condos across the state above the price of single-family homes.

Write a Comment

By Sam Bonacci

Condo prices in Massachusetts have surpassed single-family home prices for the first time in four years, according to a report released Tuesday from The Warren Group.

The median sale price of a condominium in Massachusetts reached $320,000 in March, according to the real estate information firm, exceeding that of single-family homes at $315,000. This is only the second time that condo prices have exceeded home prices in the last 20 years, according to Timothy Warren Jr., the CEO of The Warren Group. He described it as a sign of the times in eastern Massachusetts, with Middlesex and Worcester county homes still being priced higher than condominiums.

“The many luxury units coming online in Greater Boston have clearly had an outsize effect on the market, while the median price of a single-family home has dipped slightly in recent months,” he said in a statement Tuesday. “It’s certainly good news for the condo developers currently in permitting or under construction.”

The median condo price in the Bay State increased by 10.4 percent to $320,000 in March compared with $289,900 in the same month last year. Condo sales for the month rose by 26.3 percent with 1,497 condos sold compared with 1,185 sold in March 2015. Year-to-date, condo sales increased by 26.2 percent to 3,977 condos sold compared with 3,152 in the same timeframe last year.

Single-family home sales in Massachusetts rose by 31.5 percent in March; there were 3,681 single-family homes sold statewide in March, compared with 2,798 in March 2015. Year-to-date, sales were up by 29.2 percent with 9,979 homes sold compared with 7,723 sold during the same time last year.

The median sale price of a single-family home in Massachusetts in March decreased by 0.9 percent to $315,000 from $318,000 last year.