Massachusetts Home Prices Increase Almost 14 Percent in April

Massachusetts Home Prices Increase Almost 14 Percent in April

House ValueThe Massachusetts real estate market is changing, and changing quickly. According to a study released today by the Warren Group, a Boston firm that tracks local real estate trends, the median price of single-family homes in Massachusetts in April 2013 shows an almost 14 percent jump over April of last year, and an 11 percent increase from January through April for the same periods. While the median price of a single-family home shot up to $313,000, the median price of a condo increased about 1 percent from April last year, coming in at $280,000.

Although the actual number of sales has increased year over year, tight inventory is quickly pushing prices higher. The number of single-family homes for sale dropped 27.1 percent in April compared to last year, and condo inventory fell 32.4 percent during the same time period, according to the Massachusetts Association of REALTORS.

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