Home prices in Massachusetts rose in July, but not every city and town saw its median house price increase.
The median price of a Bay State single-family home was $607,000 in July 2022, a 9 percent increase from $559,500 in July 2021. Through July, median house prices rose 10 percent to $580,000 from $528,000 last year, according to the Massachusetts Association of Realtors. The following are just some of the cities and towns that saw home prices decline.
Westborough, MA: Located in Eastern Worcester County and about 35 miles from Boston, Westborough, experienced a 7 percent decline in the median price of a single-family home. The median price in July 2021, $787,500, fell to $735,000 in July. During the first seven months of 2022, the median house price did increase 7 percent to $730,000 despite the July decrease.
Another sign that the real estate market in Westborough is slowing is the increase in inventory. There were 27 single-family homes for sale in July, a 59 percent increase from 17 homes on the market in July 2021.
Attleboro, MA: Located in Bristol County and about 40 miles from Boston and less than 15 miles to Providence, Attleboro saw the median price of a single-family home decline by $2,500 or 0.5 percent in July to $460,000. Through July, the median home price rose 8 percent to $470,000 from $434,054 during the first seven months last year.
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Unlike Westborough, the number of houses for sale fell 31 percent to 13 in July. The number of months of supply in Attleboro dropped 40 percent to less than one month, meaning if sellers did not list any new homes for sale, inventory would run out in less than four weeks. About six months of inventory is considered a balanced market for home buyers and sellers.
Pembroke, MA: Located in Plymouth County and about 32 miles from Boston, Pembroke's median single-family home price fell by 3 percent in July to $570,000 from $589,500 in July 2021. From January through July, the median house price rose by only $250 to $545,000 compared to the same timeframe last year.
The number of months of supply in Pembroke was unchanged in July, remaining at 1.2 months. There were five fewer single-family homes on the market.
Peabody, MA: Located in Essex County and less than 20 miles from Boston, single-family home prices in Peabody fell by $2,500 or 0.4 percent in July to $637,500. Through July, house prices slipped just over 1 percent to $600,000 from $608,750 during the first seven months of 2022. Real estate inventory in Peabody remained extremely tight in July at 0.6 months, the same as in July 2021. There were only 17 single-family homes for sale at the end of July.
Despite home prices pulling back a bit in some cities and towns, it is still a strong seller's real estate market in Massachusetts and will likely remain so for at least through the end of this year.