BOSTON (CBS) -- The real estate market in Massachusetts is red hot and shows no signs of slowing down. The median price for a single family home in the state is now above half a million dollars, according to a new report.
The Massachusetts Association of Realtors said that in April, the median sale price for single-family homes in the state was up 9% since March to $529,000 - almost $100,00 more than it was in April of 2020. The median price for a condo also rose by 5.5% from last month to $485,000.
The association expects "a busy spring market that will likely last well into summer." Homes for sale are seeing "many multiple-offer situations, driving sales above asking price," the association said.
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The inventory for single family homes has dropped 65% since last year, the association also noted.
"As anticipated, April 2021 was another strong month for home sales," MAR president and Reatlor Steve Medeiros said in a statement. "While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer."
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