“For the first time, median home prices cracked $400,000 in Massachusetts and are now at $409,000, which doesn’t make sense to anyone looking for homes in Greater Boston,” reports Linda O’Koniewski, CEO, Leading Edge. “The average property in the Berkshires is $217,000, while purchasing a home in Middlesex County averages $570,000, and Suffolk county is clocking in at an additional $18,000. Swanky Nantucket is $1,520,000, and Martha’s Vineyard is just over half that at $831,000. We see the same disparity in prices from town to town and neighborhood to neighborhood within and beyond Route 128.
“While so many home buyers put their house hunt on hold for the holidays, this is always the best time of the year to buy. Look for properties that were not snatched up when they launched on the market and have been languishing. They are likely over-priced and those sellers may be more realistic when faced with a fair offer,” advises O’Koniewski.
October sales of single-family homes in the Leading Edge service area decreased -14.7% year-over-year. Inventory decreased -23.1%. The number of days on market over the last 12 months increased +9.1% while median sale prices remain up +1.6% at $625,000.