MetroWest home prices spike in April

Photo | Grant Welker A home for sale in the MetroWest area

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By Laura Finaldi

Several MetroWest towns saw significant year-over-year home price increases in April, thanks largely to low inventory and fierce buyer competition.

In Framingham, the median sales price for a single-family home increased by 6.5%, from $580,000 last April to $617,500 last month. Home sales were down 27.7% compared to April 2021, and condo sales were down 25%, even as the median sale price for condos jumped 17% to $288,000.

This data comes from The Warren Group, a Peabody-based company that tracks real estate data. In the company’s April report, which was released Tuesday, it noted the median price for a single-family home in the commonwealth hit an all-time record of $560,000. Condo sales also hit an all-time high of $530,000.

“Under normal conditions, this would be a reason to celebrate, but only if you currently own a home and you’re looking to sell and don’t need to buy a new home. With such limited inventory – not only across Massachusetts, but also across the country – finding that next place to live will prove to be challenging,” Tim Warren, CEO of The Warren Group, said in a press release. “Meanwhile, as interest rates continue to increase, buyers will continue to expand their searches to more rural communities – adding even more competition in markets that have historically been more affordable.”

In April, 34 homes and 12 condos were sold in Framingham. So far, 131 homes have been sold in Framingham this year, compared to 146 year-to-date in 2021, data said.

Several other MetroWest towns had the same situation - fewer sales but higher prices. Home prices were up 43.6% in Northborough and 39.7% in Westborough, to $725,000 and $759,500, respectively.

The number of sales was flat in Natick in April, but the median home price reached $870,000, an increase of 14.2%. The median price for a condo in Natick hit $845,000, a 59.1% increase despite a 29.4% drop in the number of sales.

Middlesex County, which includes MetroWest communities and other cities closer to metro Boston like Cambridge, saw a 7.9% increase in home prices to $755,000 and a 15.1% increase for condos to $610,000.