Another month, another record for Boston-area real estate prices
The median for a single-family home rose nearly 17% in just 12 months
By Tim Logan Globe Staff,Updated December 22, 2020, 3:25 p.m.
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As this pandemic year comes to a close, Greater Bostonâs housing market just keeps roaring along.
Figures released Tuesday by the Greater Boston Association of Realtors show home sales in the region remained steady in November, while prices surged again to record levels. The median price for a single-family home in the 64 communities GBAR tracks hit $700,000, up 16.9 percent from November 2019. It was the fourth time in five months that number was $700,000 or more, a median price the region had never before reached.
Eileen McEleney Woods December 22, 2020 3:19 pm
The median selling prices for single-family homes and condos hit record highs for the month of November and show no signs of abating, even as the real estate market slips into its usual winter lull, a report released Tuesday suggested.
The $700,000 median sales price of a single-family home was nearly 17 percent higher last month than it was in November 2019, and the median condo cost, $579,000, was a 2.5 percent year-over-year jump, according to the Greater Boston Association of Realtors.
“There’s a lot of upward pressure on prices right now, especially in the suburban starter and trade-up home markets where listings are at a premium many homes are selling at or above asking price because buyers are competing with multiple offers and paying top dollar to get the property,” said Jason Gell, association president and an agent with RE/Max Unlimited in Brookline. “When you factor in an increased propensity for larger