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The median price of a condominium in Burlington, Massachusets, jumped in 2022 and in December, according to data compiled by the Massachusetts Association of Realtors.
A lack of inventory played a significant role in the strong condo performance. The single-family supply increased a bit but remained scarce.
• The median condo price soared 26 percent in 2022 to $756,000 from $599,000 in 2021. Statewide, condominium prices increased about 7 percent to $501,000.
• Condominium sales essentially were flat in 2022, rising by one year over year to 28 units sold.
• In December, the median price of a condominium rocketed to $870,000; however, only three condos sold, the same as in December 2021.
• At the end of December, no condominiums were for sale in Burlington, MA.
• The median price of a single-family home in December increased by $10,000 to $725,000 compared to December 2021, a slightly more than 1 percent increase.
• Single-family home sales rose from 15 in December 2021 to 17 last December.
• Throughout 2022, house prices rose 4 percent in Burlington, MA, to $736,500 from $707,500 in 2021. Throughout the Commonwealth, single-family home prices increased almost 9 percent.
• There were 173 houses sold in 2022, a 21 percent decline from 220 in 2021.
• Single-family inventory increased by two houses in December year over year, but there were still only about five weeks of supply for prospective homebuyers to consider. Statewide, the available stock of single-family homes was similar at the end of December.
• The number of new listings to hit the market in December dropped 42 percent to only seven.
• Competition for the limited number of condominiums increased, not surprisingly, in December and throughout 2022. Homebuyers paid 101 percent of the original list price in December compared to 99 percent in December 2021. In 2022, homebuyers paid 103 percent of the starting price from 102 percent in 2021.
• Single-family homebuyers had less competition, paying 94 percent of the original list price in December and 102 percent in 2022.
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