SOUTH HADLEY, Mass. (WWLP) – All-time records are being set for home prices, as buyers try to get their hands on the limited and shrinking supply of homes for sale in Massachusetts.
There were declines in both single-family home and condo sales last month. A real estate expert tells 22news, that not many owners have an incentive to move with the high interest rates now well above 6 percent.
At the same time the relatively scarce inventory of homes and condos for sale pushed median sale prices to new highs last month. According to the Realtor Association of Pioneer Valley, single family homes were at $340,000, while condos fell to $301,000.
“We are starting to still see some homes are selling under bidding wars, while some other homes we are seeing them sitting on the market a little bit longer, we are starting to see price reductions happening, so I don’t if that is the fact prices are just leveling out or if perhaps recenlty rising interest rates are cooling off the market again,” expressed Steven Laplante, ERA M. Connie Laplante Real Estate.
Laplante adds that Condos and multi-family homes are rising in popualrity as they become more affordable to the average home buyer. Across the state, there have been more than 9,000 condo sales so far this year, down 23% from last year.
Kayleigh Thomas is a digital reporter who has been a part of the 22News team since 2022. Follow Kayleigh on Twitter @kayleighcthomas and view her bio to see more of her work.