Jamaica Plain Single-family Home Price Surpasses $1 Million

The median price of a single-family home in Boston's Jamaica Plain neighborhood exceeded $1 million during the first six months of 2018, according to data compiled by the Massachusetts Association of Realtors.

Homebuyers purchased 25 single-family homes in Jamaica Plain through June, a decline of four houses sold compared to the same period in 2017, and buyers paid a median price of $1,025,000. The median home price increased 20.6 percent compared to the first half of 2017 when the median price was $850,000.

The median home price in June was $1,137,000, a 29.9 percent increase from $850,000 in June 2017. The number of homes sold declined by two in June.

Homebuyers paid on average 104.7 percent of the original list price in June and 103.8 percent of the original list price during the first half of 2018.

Scarce real estate inventory has led to the decline in sales and the increase in home prices. There were only 11 homes available in June, and there was only two months supply of inventory. About six months supply of inventory is considered a balanced market between home sellers and home buyers.

Condominium prices increased 23.2 percent in June to $615,000 compared to $499,000 in June 2017. During the first six months of 2018, the median condo price was $625,000, up from $527,000 during the same six-month period last year.

On average, homebuyers paid 106 percent of the original list price in June and 103.5 percent of the original list during the first two quarters.

The number of condominiums sold in June declined 23.2 percent to 47 from 59 units closed in June 2017; however, condo sales increased 9.8 percent from January through June.

Condominium inventory in Jamaica Plain is tight. There was only 1.1 months supply of inventory in June. On a brighter note for homebuyers, the number of condo units listed increased 2.2 percent in June and 7.7 percent through June.