The price of buying a home in Massachusetts continues to soar, even as the country contends with the COVID-19 crisis.
The median sale price of a single-family home in March climbed to $485,000, according to a new report from the Massachusetts Association of Realtors (MAR), which has seen a rise in the number of houses being closed on.
Year-to-year, the $485,000 median price tag on a single-family home is up 16.9 percent from 2020, while the price of condos is up nearly 7 percent, to $459,450.
According to the report, the association reported that 3,385 single-family home sales closed in March and 5,804 new properties were listed, up from 2,779 closed sales in February and 3,393 new listings.
The market for condominiums is also on the rise, with 1,922 sales closed in March, up from 1,298 in February and 26 percent higher than the number sold in March last year, as the pandemic first started heating up.
“We're seeing a very busy, competitive spring market this year as more buyers line up and sellers are feeling more comfortable putting their homes on the market compared to this time last year," Steve Medeiros, the 2021 President of MAR and a realtor at Keller Williams Realty, said in a statement.
"While prices are increasing along with mortgage rates, we're encouraged by the increase of new listings and seeing some more inventory come on the market."
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