Massachusetts Home Buyer Guide

Greater Boston home buyers faced higher prices despite more inventory in August, the Greater Boston Association of Realtors reported.

Sales were mixed, with fewer single-family homes sold and a slight uptick in condominium sales in August compared to August 2023 in the 64 cities and towns that the Greater Boston Association Realtors covers.

Single-Family Houses in Greater Boston

The median price of a single-family home in the Boston area reached $915,000 in August, a 4 percent increase from August 2023's $877,000. The median price was $920,000 in July 2024.

The median price rose 6 percent through August, increasing from $855,000 to $910,000.

Single-family sales fell 4 percent to 1,055 in August 2023 from 1,099 in August. Home buyers purchased 1,236 houses in July 2204.

Home sales through the first eight months of the year in Greater Boston rose 3 percent to 6,875 compared to the same period in 2023.

The number of single-family homes available in August jumped 15 percent to 1,251 from 1,089 in August 2023. There were 1,525 houses for sale in July 2024.

Condominiums in the Boston Area

The median condo price rose 3 percent in August to $702,000 from $683,750 in August 2023. The median price reached $740,000 in July 2024.

Condominium prices also increased 3 percent through August compared to the first eight months in 2023.

Condominium sales increased in August to 820, up 2 percent from 804. Greater Boston condo buyers purchased 947 units in July 2024.

From January through August, home buyers purchased 4 percent fewer condominiums. There were 6,216 units sold in 2023, compared to 5,992 during this year's first eight months.

Condominium supply rose 11 percent in August to 1,661 compared to 1,493 in August 2023. There were 1,952 condos on the market on the last day of July 2024.

Interest Rates Continue to Decline

Freddie Mac reported that after a slight decline, the 30-year, fixed-rate mortgage loan reached its lowest level in two years at 6.08 percent for the week ending September 26, 2024.

The Mortgage Bankers Association reported that mortgage applications to purchase a home rose just 1 percent for the week ending September 20, 2024, and were 2 percent higher than the same week one year ago.

Refinance applications jumped 20 percent from the previous week and were 175 percent higher than one year ago.