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The median house price in Melrose, Massachusetts, continued upward in 2023 as inventory remained tight, but price growth slowed compared to the previous three years.
The median price of a single-family home in rose nearly 5 percent in 2023, reaching $870,000 from $830,000 in 2022, according to the Massachusetts Association of Realtors (MAR). The median home price rose 7 percent year over year in 2022, above 6 percent in 2021, and more than 11 percent in 2020.
While home buyers didn’t pay on average as much over the listing price as they did in 2022 (107 percent), home buyers did pay 104 percent above the original listing price. For example, on average, home-buying consumers paid $832,000 for a home listed for $800,000.
In January 2024, house prices declined almost 2 percent compared to January 2023, to $747,500. There were only 12 sales in January, a nearly 37 percent drop from 19 sales year over year. There were condos condominium sales in January. Statewide house prices rose almost 10 percent in January, MAR reported.
The median condo price in Melrose, MA dipped about 1 percent in 2023 to $514,250 from $520,000 in 2022. Condominium prices rose 7 percent in 2022, 2 percent in 2021, and 13 percent in 2020.
Despite the price decline, home buyers still paid more than 101 percent of the original listing price for condominiums.
Melrose, MA Real Estate Inventory Nonexistent
In December 2023, there was less than two weeks of single-family inventory in Melrose, meaning that based on then-current sales, it would take less than two weeks for existing inventory to sell. There were four houses available at the end of December.
For perspective, about five or six months of inventory is considered a balanced market between home buyers and sellers.
The inventory situation improved slightly in January to about two weeks of inventory. There were nine houses on the market.
Condominium inventory was worse in December, with only one unit on the market. That was about one week of inventory. The seller must have taken that one condo off the market because there weren’t any sales in January and no units available at the end of the month.
Scarce Inventory Suppresses Melrose, MA Real Estate Sales
Single-family home sales dropped 19 percent in 2023 in Melrose to 173 from 214 in January 2022. Sales improved by one to 14 in December 2023.
Condominium sales fell 16 percent in 2023 to 70. Home buyers bought 83 units in 2022.
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