Sign up for the Today newsletter
Get everything you need to know to start your day, delivered right to your inbox every morning.
Median price for Greater Boston single-family homes surpass $1 million for the first time
The landmark figure underscores the continued demand for homes in the region.
The median sales price for a single-family home in Greater Boston has surpassed $1 million for the first time in history, according to new data released by the Greater Boston Association of Realtors.
The landmark figure, recorded from June home sales, marks a significant milestone in the region’s housing market and underscores the continued demand for homes in one of the nation’s most competitive real estate landscapes.
The median sale price for a single-family home in the area reached $1,003,250 in June — a 2.4% increase from May’s median of $980,000 and a 4.5% jump from $960,000 in June of last year.
Advertisement:
“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 with June’s record median price of a single-family home surpassing $1 million dollars,” Mark Triglione, president of the GBAR, said in a release.
The latest report from GBAR reflects data across 64 cities and towns the association considers “Greater Boston.”
With a higher sales price, the true cost of buying and owning a $1 million home is likely increasing too. A typical home buyer for a $1 million home will aim to offer at least 20% down, or $200,000. At a 6.5% interest rate, a 30-year fixed mortgage would result in a monthly payment of approximately $5,057 in principal and interest, Boston.com reported in 2024.
Advertisement:
Interest rates for a 30-year fixed mortgage have since increased to 6.75%.
Looking ahead to October, Triglione pointed to Massachusetts’ new home inspection law as a potential market influencer. “For most sellers, their home is their largest asset and losing the ability to accept an offer that creates the absolute best possible situation for them to capitalize on could impact the upcoming market,” he said.
Condominium market remains stable
In contrast to the record-setting single-family market, Greater Boston’s condominium sector showed more stability in June. The median condo price was $725,000, down 3.3% from both May and June of last year.
“The median price of a condominium in Greater Boston has demonstrated surprising stability over the past few years, especially when compared to the single-family market,” Triglione said. “Condominium prices have roughly remained around the $700,000 mark since 2022. Increased condo development across the region appears to be leading to more predictable price tags.”
To comment, please create a screen name in your profile
To comment, please verify your email address
Conversation
This discussion has ended. Please join elsewhere on Boston.com