Median Home Sale Prices Vary Widely Across Massachusetts
Counties across Massachusetts have increased median home sale prices in just the course of a year. But new data shows a lot of price variation across the state.
At $365,000, the year-to-date median home sale price in Massachusetts is up 4.9 percent over last year and raising eyebrows among buyers, sellers and those left on the outside of the market activity.
Data released Wednesday shows sellers are getting far higher prices in many areas while buyers have been able to purchase homes for much less in others, largely based around proximity to the Greater Boston area.
According to the Warren Group, year-to-date median home sale prices fell under the $365,000 statewide median in seven of the state's 14 counties.
The lowest year-to-date median home sale price was in Berkshire County ($182,500, -2.9 percent), followed by Hampden County ($187,000, +5.7 percent), Franklin County ($210,000, +11.4 percent), Hampshire County ($255,000, +3.7 percent), Worcester County ($260,000, +3.1 percent), Bristol County ($289,000, +5.1 percent), and Plymouth County ($363,406, +8.3 percent).
While prices are lower, living in those counties presents commuting challenges for workers whose employers are based in the job-rich Boston area. Traffic congestion and sometimes unreliable MBTA service are factors to consider for homebuyers, as well as opportunities they might have to work remotely, which can reduce time spent traveling back and forth to work.
The highest year-to-date median home sale prices, in counties that are not islands, are in Suffolk County ($520,000, +1 percent), Middlesex County ($508,000, +2.1 percent), Norfolk County ($490,000, +7.7 percent), Essex County ($430,000, +7.5 percent), and Barnstable County ($390,000, +3.7 percent).
The islands of Nantucket and Martha's Vineyard operate in their own real estate world.
The median year-to-date home sale price in Dukes County, or Martha's Vineyard, is $695,000, up 6.9 percent. The median home sale price on Nantucket so far this year is $1.6 million, up 7.2 percent, although there have been just 14 sales.
A version of this report was originally published by State House News Service.