Elevated interest rates and limited inventory are likely key factors slowing the pace of transactions, despite continued demand, said Cassidy Norton, associate publisher and media relations director of the Warren Group.
At the same time, prices remain robust, with the median home price reaching $600,000, a 6.2% increase year-over-year. However, the rapid rise in prices appears to be flattening compared to previous years, signaling a potential shift in market dynamics.
The Massachusetts condo market saw a significant slowdown in September, marking the fewest number of condo sales for the month since September 2011. With median prices at record highs and interest rates remaining elevated, these factors are likely contributing to the drop in activity.
So far this year, 14,1944 condos sold, a 4.1% decrease from 2023, with a median sale price that's up 4.3% to $540,000.
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