The median price for a single-family home in the Greater Boston area has officially exceeded the million-dollar mark for the first time. June's median price hit $1,003,250, as reported by the Greater Boston Association of REALTORS (GBAR). This figure is up 2.4% from May's median of $980,000, and 4.5% from June of the previous year when median prices stood at $960,000. Notably, home sales volume in June also peaked, with 1,292 homes sold—a stark 19.6% increase from May, according to a release by GBAR and paralleled by data from WCVB.
Amidst soaring prices, the region's housing market continues to seemingly defy expectations, with homes promptly to be selling. GBAR President Mark Trigilione underscored the brisk pace of transactions, stating, "List to sales price ratio is still over 100% and properties priced right are selling faster than the recent Red Sox turnaround," as reported by the Boston Herald. Trigilione also hinted at potential changes in the market due to a soon-to-be-enforced home inspection law in Massachusetts, which could shake up selling strategies.
On the flip side, Greater Boston's condominium market has shown less dramatic shifts with the median price holding steady at $725,000, a decrease of 3.3% from the previous month and from the same time last year. These numbers are significant as they reflect a contrast in price movements between different types of residential properties within the same market.
Housing affordability remains a hot-button issue, with advocates stressing an alarming trend. Elliot Schmiedl, director of homeownership for the Massachusetts Housing Partnership, emphasized the dire need for more inclusive housing policies in an interview with the Boston Herald. "Decades of underbuilding, we need to catch up real quick," he remarked.
Policy efforts by Governor Maura Healey's administration have been aimed at alleviating the crunch, including a $5.2 billion borrowing bill targeting a substantial increase in housing stock statewide. In contrast, Paul Diego Craney of Massachusetts Fiscal Alliance called for a more aggressive approach to address affordability, suggesting it's time for the state "to cut the income tax" to relieve financial pressure on residents.
While median prices in Greater Boston have soared past the $1 million threshold, other communities are facing relatively lower medians. For example, single-family homes in Revere, Braintree, and Dedham are priced at $719,950, $745,000, and $790,500, respectively. These figures, obtained from the Massachusetts Association of Realtors, emphasize the diversity of housing costs within the region and underline the greater need for housing inventory to improve accessibility and affordability for all, as noted by MAR's 2025 President Sarah Gustafson in her comments to the Boston Herald.
