The median price of a single-family home in Framingham, Massachusetts increased in both October and through the first 10 months of 2017, according to data provided by the Massachusetts Association of Realtors.
The median home price jumped 13.2 percent in October to $431,750 compared to $381,306 in October 2016. From January through October, house prices increased 7.6 percent to $425,000 from $395,000 during the same timeframe last year. Homebuyers paid on average 100.5 percent of the original list price in October and 101.3 percent of the original list price through October.
Single-family home sales declined nearly 8 percent in October to 48; however, sales increased 2.7 percent to 503 houses sold during the first 10 months of 2017. Pending sales – homes under contract that have yet to close – increased 31.4 percent to 67 in October, an increase from 51 pending sales in October 2017.
Framingham, MA condo prices jumped 131.7 percent to $537,470 in October on just 17 units sold. Often such a price jump is a result of the sale of luxury new construction condominiums that are not typical of the current housing stock. The median condo price through the first 10 months of the year was $238,500, a 3.7 percent increase from $229,950 during the January through October period last year. Homebuyers paid on average 102 percent of the original list price for condos in October and the same percentage through October.
Similar to other cities and towns in Massachusetts, the rising home prices in Framingham are in part the result of the current real estate inventory situation. The number of single-family homes available in October decreased 24.7 percent to 67 houses on the market. New listings did increase 32.5 percent to 53. Condominium inventory plunged 63.6 percent in October to only 12 units available from 33 units on the market in October 2016. There was less than one month of condo inventory on the market in October. About six months of inventory is considered a balanced market between buyer and sellers.