Real estate data aggregation company Warren Group have recently released market information indicating that the median price for a single family home has risen 14.3% in August 2020 compared to the previous year.
Boston continues to adapt to changing market conditions under COVID, with the median price of a home now at $480,000. The number of home sales also rose during the same month. The 6,657 single family home sales in Massachusetts during August 2020 represent a 0.8% increase from the previous year, as buyers compete for a low inventory of homes and production has been stifled.
The Warren Group remarked that August was the second month in a row that transactions and sale prices rose after a "lackluster second quarter due to COVID and the resulting lockdown."
"Now that we have two consecutive months of data supporting the fact that homebuyers are shopping again, I think it's safe to say that the Massachusetts real estate market is adapting to a Covid-19 world," Warren Group CEO Tim Warren said. "For the second straight month, we saw the biggest upticks in single-family activity in Barnstable, Berkshire and the island counties, which could indicate that buyers are seeking second homes in safer rural areas of the state. Or perhaps some home buyers have found that working remotely is a viable option and are leaving the job centers in Greater Boston."
In July, the House and Senate agreed to a zoning reform in the hopes that it would spur housing production. The legislation would lower the two-thirds majority approval threshold for zoning changes to a simple majority. The bill is part of a larger economic development bill that is still being negotiated within the Senate.