October 2, 2022
The AVERAGE PRICE for single-family houses in Bristol County, Massachusetts, bought in August was $465,000, up 9.4% from the identical month final yr amid decrease gross sales, The Warren Group mentioned Tuesday. / ROGELIO V. SOLIS / PHOTOGRAPHY FROM ASSOCIATED PRESS FILE

PROVIDENCE – The median value of single-family houses in Bristol County, Massachusetts, bought in August was $465,000, up 9.4% from the identical month final yr amid decrease gross sales, The Warren Group mentioned Tuesday .

The median value of a single-family house in Massachusetts was $565,000 in August, up 5.6% from the earlier yr and a document excessive for the month.

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

“That is the fewest single-family house gross sales we’ve got 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 houses on the market is declining, and these are the 2 predominant 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 totally count on single-family house gross sales to say no year-over-year via the tip of 2022.”

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

The median condominium value 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% yr on yr to 2,298 items. The median condominium value within the state in July was $521,000.

“For the primary time in 5 months, the median condominium value has fallen beneath $500,000 and the tempo of median value 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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