MetroWest towns post home price increases in June

Photo | Courtesy of Realtor.com Home sale prices in the MetroWest region continued to increase in June.

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By Laura Finaldi

Home sales in Framingham increased slightly in June compared to last year, as the median sale price shot up by almost 10%.

There were 79 sales of single-family homes in Framingham in June, just two more sales than in the same month last year, according to the data released Tuesday from The Warren Group, a Peabody-based real estate information provider. The median home sale price in Framingham shot up by 9.9%, from $598,000 in June 2021 to $657,000 last month.

Condo sales in Framingham dipped by 14.3% year-over-year, and the median sale price for a condo was essentially flat at $260,000.

In Massachusetts, home prices as a whole continue to increase even as interest rates rise, The Warren Group said.

“Experts keep speculating that with the recent hike in interest rates that prices could plateau in the near future, but I’m not sure we’re at the tipping point just yet. Price increases are moderating this year, but they are far from flatlining,” Tim Warren, CEO of The Warren Group, said in a press release. “There are just so many buyers and not enough homes to go around. I expect prospective buyers to continue paying significant premiums in the coming months, even as it gets more expensive to borrow money.”

The median single-family home sale price in Massachusetts was $610,000 in June, an increase of 9.9% and the first time it has ever broken the $600,000 mark. Warren noted that it was just 14 months ago that the commonwealth crossed the $500,000 threshold for the first time.

“I doubt we’ve seen the end of it,” he said.

Other MetroWest towns also saw price increases last month. In Marlborough, the median sale price was $570,000 in June, up from $499,000 last year. But even though condo sales in Marlborough doubled from 17 last June to 34 this year, the median sale price fell by 51% to $180,000.

Conversely, in Natick, the median sale price for a condo shot up 41% to $700,000. The median home sale price in Natick hit $900,000 compared to $800,000 in June 2021.

In Middlesex County, which includes most of the MetroWest area and towns like Lowell, Chelmsford, and Cambridge, the median sale price for a home was up 8.9% to $795,000 and condo prices hit $605,500, a 10.1% increase.