Home sales drop in key MetroWest communities, as price increases slow
Photo | Courtesy of Realtor.com
Home sales across MetroWest declined in August.
Home prices continued to increase in several MetroWest towns and in Middlesex County, as Massachusetts as a whole saw a dramatic drop in the number of home sales.
While the median home price in Framingham rose by 3.8% in July, from $600,000 in 2021 to $622,500 this year, the number of sales dropped from 79 to 68 last month, according to the data released Tuesday from The Warren Group, a Peabody-based real estate research firm. Condo prices were up in Framingham, rising by 21.1% from $278,000 to $336,750.
In Marlborough, the median price also rose as the number of sales dropped. The median sales price for a single family home in the city increased by 14.5% from $495,000 last year to $567,000 last month, and the median price for a condo also shot up by 31.5% to $449,751.
Massachusetts as a whole saw 5,266 single-family home sales in July, a drop from the 6,374 sales that took place in the same month last year. High prices and rising mortgage rates have caused the state’s real estate market to cool down, according to The Warren Group.
“We’ve seen the same trend occur for many consecutive months now; prices reach new highs while the total number of sales declines on a year-over-year basis,” Tim Warren, CEO of The Warren Group, said in the July reporter. “Evidence in the cooling is seen in prices. They are rising at a slower rate, gaining just 9% so far this year after gaining 14% last year.”
The overall trend is a decline in the number of sales alongside rising prices, but in July, Westborough saw the opposite. The town had 24 home sales in July, compared to 20 in the same month last year, but the median sale price fell from $842,500 to $712,500. The median condo price, however, was up by 75.6% to $412,738.
In Middlesex County, which includes most of MetroWest as well as other major cities like Lowell and Cambridge, the median sale price for a single-family home increased from $735,000 last July to $775,000 in July 2022. The median sale price for a condo also increased by 13.8% to $637,000.
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