September 26, 2022
The AVERAGE PRICE for single-family properties in Bristol County, Massachusetts, offered in August was $465,000, up 9.4% from the identical month final 12 months amid decrease gross sales, The Warren Group mentioned Tuesday. / ROGELIO V. SOLIS / PHOTOGRAPHY FROM ASSOCIATED PRESS FILE

PROVIDENCE – The median worth of single-family properties in Bristol County, Massachusetts, offered in August was $465,000, up 9.4% from the identical month final 12 months amid decrease gross sales, The Warren Group mentioned Tuesday .

The median worth of a single-family house in Massachusetts was $565,000 in August, up 5.6% from the earlier 12 months and a file excessive for the month.

Gross sales in Bristol County have been 444, down 15.3% from 524 in August 2021. Statewide gross sales fell 9.9% 12 months on 12 months to 5732.

“That is the fewest single-family house gross sales we now have seen within the month of August since 2014,” mentioned Tim Warren, CEO of The Warren Group. “Rates of interest are rising and the variety of properties on the market is declining, and these are the 2 major components that contributed to the autumn. Add to that worries about inflation, a falling inventory market and a weak economic system, and you will find that shopper confidence is falling. This deters many potential homebuyers. I absolutely count on single-family house gross sales to say no year-over-year by the top of 2022.”

Condominium gross sales in Bristol County, Massachusetts have been 101, the identical as in August 2021. Condominium costs within the space rose 12.2% 12 months on 12 months to $302,000.

The median residence worth within the state was $480,000, up 2.1% year-over-year and a brand new all-time excessive for August. Nonetheless, whole gross sales fell 18% 12 months on 12 months to 2,298 models. The median residence worth within the state in July was $521,000.

“For the primary time in 5 months, the median residence worth has fallen under $500,000 and the tempo of median worth progress is slowing,” Warren added. “That is in all probability the results of rising rates of interest, which makes it way more costly to borrow cash and makes potential patrons unwilling to burden themselves with exorbitant month-to-month funds.”

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