In a region where home prices still look strong, it’s important for home buyers to get the local story.

Across Greater Boston, the median price of a single-family home rose 5.1 percent in 2025 compared with 2024, while condominium prices slipped 0.2 percent, according to data compiled by The Warren Group. Those topline numbers capture a market that remains expensive and competitive. But they can also hide what home buyers and sellers most need to know: plenty of communities did not follow the Greater Boston script.

That is why real estate remains local. “Greater Boston” is not one market so much as dozens of overlapping ones, shaped by school districts, commuter rail or subway stops, new construction, zoning, inventory, and how many homes in a given town happen to sell in a particular year. A small shift in the sales mix — more starter homes trading hands in one place, more high-end properties in another — can affect a median price without saying much about what a typical home buyer will face in a particular city or town.

For home buyers, metro-wide or statewide statistics can provide useful context, but their value is limited. Local data, including price per square foot, recent comparable sales, changes in inventory, and days-on-market trends, helps prospective home buyers avoid overreacting to headlines that may not apply to the homes they are actually interested in.

The closer the data gets to the property type, neighborhood, and price tier a home buyer is shopping in, the more it helps them make an informed decision.

Where Did Single-family Home Prices Decline in a Rising Greater Boston Market in 2025?

In total, 25 cities and towns, including a few Boston neighborhoods, in Greater Boston experienced a median single-family home price decline of 0.50 percent or more in 2025 compared to 2024.

Regarding condominiums, 59 cities and towns in Greater Boston saw median condo prices decline by 0.50 percent or more in 2025 compared to 2024.

The data comes from The Warren Group, which defines Greater Boston as the 139 Massachusetts cities and towns located within Interstate 495.

The following are 20 Greater Boston cities and towns in which the median price of a single-family home decreased by 0.50 percent or more.

The cities and towns in bold saw declines of 5 percent or more in 2025 from 2024.

1. Acton: 2024, $952,500; 2025, $943,750; change: -0.9 percent

2. Avon: 2024, $587,000; 2025, $558,500; change: -4.9 percent

3. Franklin: 2024, $722,500; 2025, $700,000; change: -3.1 percent

4. Halifax: 2024, $525,000; 2025, $512,500; change: -2.4 percent

5. Hamilton: 2024, $860,000; 2025, $830,000; change: -3.5 percent

6. Hopkinton: 2024, $1,038,000; 2025, $1,010,000; change: -2.7 percent

7. Lincoln: 2024, $1,725,000; 2025, $1,497,500; change: -13.2 percent

8. Malden: 2024, $710,000; 2025, $697,500; change: -1.8 percent

9. Marblehead: 2024, $1,055,210; 2025, $1,004,500; change: -4.8 percent

10. Medfield: 2024, $1,175,000; 2025, $1,076,250; change: -8.4 percent

11. Middleton: 2024, $967,000; 2025, $944,500; change: -2.3 percent

12. Nahant: 2024, $930,000; 2025, $845,000; change: -9.1 percent

13. Plympton: 2024, $650,000; 2025, $620,000; change: -4.6 percent

14. Salisbury: 2024, $665,000; 2025, $635,000; change: -4.5 percent

15. Southborough: 2024, $1,049,500; 2025, $972,500; change: -7.3 percent

16. Stow: 2024, $820,000; 2025, $780,000; change: -4.9 percent

17. Sudbury: 2024, $1,235,000; 2025, $1,152,000; change: -6.7 percent

18. Wayland: 2024, $1,187,500; 2025, $1,175,000; change: -1.1 percent

19. West Bridgewater: 2024, $575,000; 2025, $550,000; change: -4.3 percent

20. Winthrop: 2024, $727,000; 2025, $719,000; change: -1.1 percent

The following are 31 Greater Boston cities and towns in which the median condominium price decreased by 0.5 percent or more.

The cities and towns in bold saw declines of 5 percent or more in 2025 from 2024.

1. Beverly: 2024, $481,000; 2025, $444,000; change: -7.7 percent

2. Brockton: 2024, $280,000; 2025, $275,300; change: -1.7 percent

3. Burlington: 2024, $832,500; 2025, $785,000; change: -5.7 percent

4. Canton: 2024, $599,500; 2025, $543,000; change: -9.4 percent

5. Chelmsford: 2024, $445,000; 2025, $440,000; change: -1.1 percent

6. Chelsea: 2024, $452,500; 2025, $437,000; change: -3.4 percent

7. Everett: 2024, $459,900; 2025, $440,000; change: -4.3 percent

8. Framingham: 2024, $355,000; 2025, $330,000; change: -7.0 percent

9. Gloucester: 2024, $597,000; 2025, $525,000; change: -12.1 percent

10. Hanson: 2024, $603,500; 2025, $519,950; change: -13.8 percent

11. Haverhill: 2024, $410,000; 2025, $400,000; change: -2.4 percent

12. Lynn: 2024, $363,234; 2025, $339,000; change: -6.7 percent

13. Malden: 2024, $466,000; 2025, $424,000; change: -9.0 percent

14. Marblehead: 2024, $595,000; 2025, $580,000; change: -2.5 percent

15. Marlborough: 2024, $422,000; 2025, $404,750; change: -4.1 percent

16. Medford: 2024, $680,000; 2025, $655,000; change: -3.7 percent

17. Medway: 2024, $581,500; 2025, $520,500; change: -10.5 percent

18. Melrose: 2024, $592,500; 2025, $555,000; change: -6.3 percent

19. Natick: 2024, $702,500; 2025, $685,000; change: -2.5 percent

20. Norwood: 2024, $515,000; 2025, $422,500; change: -18.0 percent

21. Pembroke: 2024, $550,000; 2025, $500,000; change: -9.1 percent

22. Randolph: 2024, $425,000; 2025, $350,500; change: -17.5 percent

23. Revere: 2024, $482,000; 2025, $436,000; change: -9.5 percent

24. Sharon: 2024, $345,000; 2025, $335,000; change: -2.9 percent

25. Somerville: 2024, $900,000; 2025, $875,000; change: -2.8 percent

26. Stoneham: 2024, $444,500; 2025, $426,000; change: -4.2 percent

27. Swampscott: 2024, $460,000; 2025, $447,500; change: -2.7 percent

28. Waltham: 2024, $711,500; 2025, $630,000; change: -11.5 percent

29. Whitman: 2024, $458,700; 2025, $435,000; change: -5.2 percent

30. Wilmington: 2024, $661,500; 2025, $632,500; change: -4.4 percent

31. Woburn: 2024, $691,878; 2025, $688,000; change: -0.6 percent

Will Lower Mortgage Interest Rates Ignite the Spring Homebuying Season?

Average U.S. mortgage rates fell into the 5 percent range for the first time in three and a half years, a potential boost for the spring homebuying season. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.98 percent as of February 26, 2026, down from 6.01 percent a week earlier and from 6.76 percent a year ago.

The 15-year fixed-rate mortgage, a popular choice for homeowners who want to refinance, averaged 5.44 percent, up from 5.35 percent the prior week, and down from 5.94 percent a year earlier.

Early demand showed mixed signals. The Mortgage Bankers Association said its seasonally adjusted Purchase Index fell 5 percent for the week ending February 20. The unadjusted index dipped 1 percent from the prior week, but it was 12 percent higher than the same week one year earlier.

A client under agreement on a home in Massachusetts locked in a 5.75 percent fixed interest rate on Friday afternoon.

Pro Tip: Mortgage interest rates can change daily, and rates sometimes change intraday. If your mortgage interest rate isn’t locked, there is no guarantee what the interest rate on your loan will be at the time of closing. You have to be sure your lender has locked the rate. You should never assume your loan officer has locked your rate without confirmation.

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Will the Billion-Dollar Cut to Mass Save Hurt Homeowners’ Plans to Make Their Homes More Energy Efficient?

The Massachusetts House of Representatives passed an energy bill last week that included a $1 billion cut to the energy efficiency program Mass Save, which is funded by ratepayers through a charge on utility bills.

Legislators hope their bill will cut rising utility costs.

CommonWealth Beacon reported that the cut to Mass Save is “primarily aimed at its administrative, marketing, and advertising” budgets. The bill orders the inspector general to produce a report on the program by next year.

Mass Save helps homeowners make energy-efficient upgrades by offering a wide range of services, rebates, incentives, training, and information.

Many first-time home buyers utilize Mass Save programs to make necessary energy-efficiency upgrades to older homes.

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Greater Boston single-family home prices rose in 2025, while condominium prices went in the opposite direction compared to 2024, according to data compiled by The Warren Group.

Sales of houses and condos also had different outcomes last year, with single-family sales essentially flat and condominium sales jumping compared to 2024.

The Warren Group defines Greater Boston as the 139 cities and towns located within Interstate 495.

Greater Boston Single-family Homes Market Report

Greater Boston home buyers paid 5 percent more for single-family homes in 2025 compared to 2024. The median price of a house reached $799,000 in 2025 from $760,000 in 2024.

In December, the median house price rose slightly more than 1 percent to $760,000 from $750,000 in December 2024.

Home buyers bought 14 more single-family homes in December than in December 2024, when 1,728 were sold.

In 2025, single-family home sales increased nearly 3 percent to 21,009, up from 20,478 in 2024. In 2023, Greater Boston home buyers purchased 19,642 houses, and 25,664 in 2022. Despite the rise in sales last year, home buyers bought 18 percent fewer single-family homes than in 2022.

Greater Boston Condominium Market Report

The median condo price in 2025 was flat, down $1,014 from $620,000 in 2024. In December 2025, condominium prices declined by 4 percent to $576,520, down from $600,450 in December 2024.

Condominium sales surged nearly 10 percent in December, rising to 1,139 units sold, up from 1,040 in December 2024.

Home buyers purchased 13,938 condos in 2025, a 3 percent increase from 13,557 units in 2024. There were 13,866 condominium sales in 2023 and 16,967 in 2022. Compared to 2022, there were also 18 percent fewer condo sales last year.

Boston vs. Seattle: The battle for higher home prices?

If you are thinking about buying a home in the Boston area in 2026, you might want to think about – gasp! – rooting for Seattle on Sunday.

• In 13 of the past 20 years, the metro area that won the professional football championship saw home values grow faster than the U.S. average in the year that followed, according to the Zillow Home Value Index.

• On average, the typical home in a championship market gained $4,437 more than the typical U.S. home in the year after the win.

Prospective Boston home buyers may love Drake Maye, but not the higher home prices in an already expensive Greater Boston real estate market. Boston and Seattle have median single-family home prices of around $900,000.

While these stats are fun leading up to the big game, I don’t need to tell Real Boston readers that this data is meaningless.

Cheaper to Rent Than Buy in Boston

Buying a home is generally more expensive than renting, despite what people trying to sell you a home will preach.

Of course, there are many obvious perks to owning your own home rather than renting.

What’s changed? According to data compiled by LendingTree, the gap between median monthly rent and monthly mortgage payments has widened.

Among the metros with the widest gap between rent and home-ownership costs (in dollars), the metropolitan Boston area ranked 10th, with the median rent $915 lower than the median mortgage payment.

San Francisco had the largest gap ($1,565), followed by Bridgeport, Conn. ($1,427), and New York City ($1,409).

Providence, RI, ranked 9th, with a $928 difference between the median rent and mortgage payment.

New York City had the biggest percentage difference between renting and owning at 76.1 percent, followed by Bridgeport, Conn. (75.3 percent), and Providence, RI (66.5 percent).

As a percentage, the gap is 43.6 percent in Boston, ranking 37th among the top 100 metro areas.

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Boston Ranks 17th Least Affordable City in the World

Just be happy you’re not trying to buy a home in California. California earned the top four spots on Remitly’s list of the least affordable cities to buy a home.

Boston ranked 17th, slightly better than Madrid, Spain (16th), and a little worse than London, United Kingdom (18th).

In Boston, the percentage of a property a single person could afford was 46.1%. For couples, the percentage rose to 92.1%.

In San Jose, the world’s least affordable city, the percentage of a property a single person could afford was 23.7 percent and 54.6 percent for a couple.

Remitly, “a regulated cross-border payments company,” analyzed “151 popular cities” in 11 countries. The analysis included property prices, average salaries, mortgage interest rates, and other data.

Looking for a deal? Remitly ranked Detroit the world’s most affordable city. German cities accounted for six of the top 10 most affordable spots, and Italy had three.

Several Communities Launch Plans for Apartment Projects

A mix of 189 studio, one-, two-, and three-bedroom apartments will offer ground-level entry and green space along Highland Avenue in Needham, MA, Boston Agent reported. Needham recently modified zoning restrictions in compliance with the MBTA Communities Act, making the project possible.

In Lexington, MA, plans call for redeveloping an office building on Hartwell Avenue into a multi-unit subdivision with 290 rental units, Boston Agent reported. The development will feature one residential building, a parking garage with 444 spaces, and a pool and playground.

In Revere, MA, developers broke ground on Portico, a 473-unit mixed-use multi-unit building that’s the latest addition to the large-scale Suffolk Downs redevelopment. According to Boston Agent, “Once complete in 2028, Portico will feature studio, one-bedroom, and two-bedroom floorplans and 33,000 square feet of ground-level retail space. Residents will have access to a 15th-floor sky deck with ocean views, a lounge with a kitchen, a terrace overlooking Beachmont Plaza, and a courtyard. Inside, Portico will offer a fitness center, recording pods, coffee bar, and private work stations.”

Modera Allston will bring 240 rentals to Boston’s Allston neighborhood, Boston Agen reported. The six-story building, expected to be completed in 2028, will offer studio, one-, two-, and three-bedroom apartments.

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For prospective Massachusetts home buyers hoping 2025 would bring lower home prices, last year brought more bad news.

Massachusetts real estate prices rose in 2025, but – the good news – more slowly than in the previous four years, and sales increased modestly. Tight inventory likely means a similar 2026, but lower interest rates will improve affordability for some home buyers.

Of course, local markets vary widely in terms of sales, prices, and inventory.

Massachusetts Single-Family Homes (2025 vs. 2024)

The median price of a single-family home in Massachusetts increased 4 percent in 2025 to $665,000 from $640,000 in 2024, according to data compiled by the Massachusetts Association of Realtors (MAR).

Median house prices rose 7 percent in 2024, 5 percent in 2023, nearly 9 percent in 2022, and 15 percent in 2021.

Since 2020, when the median price was $460,000, single-family home prices in Massachusetts have risen by almost 45 percent.

Single-family home sales rose modestly in 2025, increasing less than 2 percent to 40,465. The number of houses sold in Massachusetts was 30 percent fewer than the 58,071 sold in 2020.

Massachusetts Single-Family Homes (December 2025)

The number of closed sales in Massachusetts in December 2025 grew by only 33 houses, or 1 percent, to 3,528. Home buyers purchased nearly 6,000 single-family homes in December 2020.

The median house price increased about 2 percent in 2025, from $626,000 in December 2024 to $641,000.

The number of available single-family homes in December dropped by almost 14 percent, and the months of supply declined to about five or six weeks. MAR calculates the months of supply by dividing the inventory of homes for sale at the end of any given month by the average monthly pending sales over the past 12 months.

New listings in December grew by only 11 houses, or less than 1 percent, from 1,593 in December 2024.

Massachusetts Condominiums (2025 vs. 2024)

The median price of a Massachusetts condominium increased by only $100 in 2025 to $550,000 from $549,900 in 2024, according to MAR.

Median condo prices rose 4 percent in 2024, 6 percent in 2023, almost 7 percent in 2022, and 12 percent in 2021.

Since 2020, when the median price was $419,400, condominium prices in Massachusetts have risen by 31 percent.

Condominium sales rose slightly in 2025, increasing 2 percent to 17,296. The number of condos sold in Massachusetts was nearly 33 percent fewer than the 25,642 sold in 2021. Home buyers purchased 21,665 condominiums in 2020.

Massachusetts Condominiums (December 2025)

The number of closed condo sales in Massachusetts in December 2025 grew by 42 units, or 3 percent, to 1,444. Home buyers purchased 2,228 condominiums in December 2020.

The median condo price decreased about 3 percent in 2025, from $539,450 in December 2024 to $525,000.

The number of available condominiums in December decreased 4 percent, and the months of supply declined to about seven weeks.

New listings in December grew nearly 8 percent to 841 units, from 782 in December 2024.

Mortgage Rates Start 2026 Lower

The average interest rate for a mortgage loan in the United States declined to a multi-year low for the week ending January 15, 2026, according to Freddie Mac’s weekly Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage loan averaged 6.06 percent, down from 6.16 percent the prior week and 7.04 percent a year ago.

“Late last week, mortgage rates dropped, driving the weekly average down to its lowest level in more than three years,” said Sam Khater, Freddie Mac’s Chief Economist. “The impacts are noticeable, as weekly purchase applications and refinance activity have jumped, underscoring the benefits for both buyers and current owners. It’s clear that housing activity is improving and poised for a solid spring sales season.”

In Massachusetts, loan officers are quoting rates below 6 percent. One experienced loan officer told Real Boston that strong borrowers, e.g., high credit scores, low debt-to-income ratios, and significant savings, might qualify for a 30-year, fixed-rate mortgage at 5.75 percent.

The 15-year, fixed-rate mortgage, a popular choice for homeowners who want to refinance, averaged 5.38 percent. The 15-year note averaged 5.46 percent the prior week and 6.27 percent one year ago.

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President Wants Federal Government to Purchase $200 Billion in Mortgage Bonds

In an effort to reduce mortgage rates and monthly payments for homebuyers, President Donald J. Trump directed unnamed “representatives” to purchase $200 billion in mortgage bonds last week.

While Trump did not specify which agencies should make the bond purchases, he suggested that Fannie Mae and Freddie Mac have significant cash reserves available for this purpose.

The purchase of $200 billion in mortgage bonds could slightly lower mortgage interest rates, but the impact is likely limited. Inflation rates, unemployment numbers, and the overall strength of the economy drive interest rates.

Home-buying consumers waiting for rates to decrease could backfire, as small dips often spur more competition and higher home prices. First-time home buyers should focus on payment comfort and financial readiness rather than chasing rate headlines.

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Zillow Research Indicates Homes Will Be More Affordable in 2026

Online real estate portal Zillow predicts housing affordability will improve in 2026, driven by slower price growth, falling mortgage rates, and rising incomes.

Zillow forecasts that 20 of the 50 largest U.S. metro areas will be affordable to buy in by the end of 2026 — the most since 2022.

Zillow defines affordability as a mortgage payment on a typical-priced house that does not exceed 30 percent of the median household income. When housing costs rise above 30 percent, they become a financial burden, leaving less in the budget for other essentials, such as groceries and transportation.

In the Boston metro area, according to Zillow, affordability will improve, but housing costs will far exceed 30 percent of median household income. In 2025, Metro Boston’s household mortgage share stood at 44 percent, but Zillow expects it to decline to 42.9 percent.

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Zillow Predicts a ‘Hot’ Real Estate Market for Boston in 2026, But Hotter Markets in Hartford and Providence

Boston has cracked the top 10 in Zillow’s recently released forecast of the Hottest Housing Markets for 2026, jumping from No. 16 last year to No. 7. While nice properties priced right attract competition, two neighbors in Southern New England are hotter markets according to Zillow.

• #1 Hartford, CT: Dethroned Buffalo to take the top spot nationally. It faces a massive inventory shortage (63 percent below pre-pandemic levels), leading to 66 percent of homes selling above asking price.

• #4 Providence, RI: Though it slipped slightly from its No. 3 spot last year, Providence remains a “hotter” market than Boston due to faster home value growth (2.5 percent vs. Boston’s 1.2 percent).

• #7 Boston, MA: Zillow reports that 65 percent of Boston homes sold over asking price in 2025.

Real Boston reported in October that the condominium market in the City of Boston had softened during the first nine months of 2025.

About 30 percent of condominiums listed in Boston between January 1, 2025, and September 30, 2025, had price drops, according to MLS Property Information Network, Inc., the local multiple listing service. During the same period in 2024, about 26 percent of properties had price drops, compared with about 23 percent during those nine months in 2023.

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In November, the median house price rose to $760,000, a 1 percent increase from $750,000 in November 2024. Through the first 11 months of 2025, the median price of a single-family home increased 5 percent to $800,000 compared to $762,000 during the same timeframe in 2024.

Statewide, the median house price rose 5 percent in November to $630,000, and increased 4 percent through November to $640,000.

The Warren Group, which analyzes and publishes real estate and mortgage data, defines Greater Boston as the 139 cities and towns within Interstate 495.

Single-family home sales were flat in November, increasing by just six houses to 1,663 from 1,657. Through November, single-family home sales rose about 3 percent to 19,267 compared to 18,750 during the first 11 months of 2024.

Throughout the Commonwealth, single-family home sales dropped 6 percent in November and increased 3 percent through November.

November condominium prices rose 4 percent year over year. The median condo price reached $622,500, up $22,500 from November 2024. From January through November, condominium prices decreased less than 1 percent, falling from $623,500 last year to $620,000.

In Massachusetts, condominium prices rose 3 percent to $525,000 in November and increased less than 1 percent from January through November to $540,000.

Greater Boston condominium sales dropped 7 percent in November, to 930 units sold, down from 999 in November 2024. Condo sales rose 2 percent through November to 12,799 units from 12,517 during the same period last year.

Condominium sales statewide fell 7 percent year over year in November. During the first 11 months of 2025, condo sales rose by a little over 500 units to 17,786 or 3 percent.

NH Home Sales Flat, Median Prices Up in November 2025

New Hampshire single-family and condominium home sales were essentially flat year over year in November 2025, according to data compiled by the New Hampshire Realtors.

The number of single-family homes sold rose by six sales to 1,066 in November compared with 1,509 in November 2024, an increase of less than 1 percent. Through November, sales were up nearly 4 percent.

In Rockingham County, located in Southern New Hampshire, single-family sales fell 7 percent year over year in November and rose less than 1 percent during the first 11 months of 2025.

The median price of a single-family house statewide reached $525,000 in November, a 5 percent increase. Through November, house prices also rose 5 percent to $539,000.

In Rockingham County, house prices jumped nearly 15 percent in November to $532,500, but dipped 1 percent through November to $520,000.

New Hampshire condo sales decreased by one sale to 324 in November, but sales rose 6 percent from January through November to 3,948.

Rhode Island Single-family Sales Drop, Median Price Increases in November 2025

The median price of Rhode Island single-family homes and condominiums rose year over year in November, according to data compiled by the Rhode Island State-Wide Multiple Listing Service.

The Ocean State’s median house price increased 5 percent in November to $505,000 from $480,000 in November 2024. The median price in November 2023 was $431,000.

House sales declined almost 10 percent, falling from 589 sales in November 2024 to 533 houses sold in November. There were 569 sales in November 2023.

The median condo price reached $405,000 in November, a 4 percent increase from $390,000 in November 2024. Home buyers paid a median price of $357,500 in November 2023.

November condominium sales increased 11 percent to 130 units sold, up from 117 in November 2024. There were 116 sales in November 2023.

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In total, 92 cities and towns statewide experienced a 10 percent or more spike in the median price of a single-family home during the first 10 months of the year compared to the same period in 2024. The data comes from The Warren Group.

The following are 42 Greater Boston cities and towns, including several in Worcester County, where the median price of a single-family home increased 10 percent or more.

The cities and towns are listed alphabetically. The median price for each year represents the period from January through October. Municipalities in bold saw prices jump 15 percent or more.

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1. Abington, MA: 2024 $550,000; 2025 $615,000; change: 11.8 percent

2. Amesbury, MA: 2024 $640,000; 2025 $713,325; change: 11.5 percent

3. Ashby, MA: 2024 $415,000; 2025 $499,000; change: 20.2 percent

4. Ashland, MA: 2024 $660,000; 2025 $770,000; change: 16.7 percent

5. Auburn, MA: 2024 $429,000; 2025 $475,000; change: 10.7 percent

6. Ayer, MA: 2024 $557,300; 2025 $625,000; change: 12.1 percent

7. Belmont, MA: 2024 $1,505,463; 2025 $1,765,000; change: 17.2 percent

8. Berlin, MA: 2024 $739,000; 2025 $922,500; change: 24.8 percent

9. Boxford, MA: 2024 $925,000; 2025 $1,105,000; change: 19.5 percent

10. Brookline, MA: 2024 $2,358,000; 2025 $2,675,000; change: 13.4 percent

11. Concord, MA: 2024 $1,489,500; 2025 $1,715,000; change: 15.1 percent

12. Dighton, MA: 2024 $527,500; 2025 $599,900; change: 13.7 percent

13. Douglas, MA: 2024 $500,000; 2025 $553,700; change: 10.7 percent

14. Essex, MA: 2024 $720,000; 2025 $802,222; change: 11.4 percent

15. Freetown, MA: 2024 $493,000; 2025 $600,000; change: 21.7 percent

16. Groveland, MA: 2024 $620,000; 2025 $739,000; change: 19.2 percent

17. Lexington, MA: 2024 $1,600,000; 2025 $1,805,000; change: 12.8 percent

18. Manchester, MA: 2024 $1,065,000; 2025 $1,267,500; change: 19 percent

19. Mattapoisett, MA: 2024 $699,000; 2025 $775,000; change: 10.9 percent

20. Maynard, MA: 2024 $560,000; 2025 $625,000; change: 11.6 percent

21. Melrose, MA: 2024 $867,000; 2025 $980,000; change: 13 percent

22. Middleboro, MA: 2024 $522,500; 2025 $592,500; change: 13.4 percent

23. Millis, MA: 2024 $640,000; 2025 $742,450; change: 16 percent

24. North Attleboro, MA: 2024 $585,500; 2025 $650,000; change: 11 percent

25. Northfield, MA: 2024 $329,000; 2025 $377,500; change: 14.7 percent

26. Norwood, MA: 2024 $681,000; 2025 $760,000; change: 11.6 percent

27. Petersham, MA: 2024 $399,000; 2025 $465,000; change: 16.5 percent

28. Plainville, MA: 2024 $591,000; 2025 $650,000; change: 10 percent

29. Rochester, MA: 2024 $560,000; 2025 $682,500; change: 21.9 percent

30. Rowley, MA: 2024 $744,500; 2025 $915,000; change: 22.9 percent

31. Royalston, MA: 2024 $337,500; 2025 $375,000; change: 11.1 percent

32. Scituate, MA: 2024 $875,000; 2025 $1,100,000; change: 25.7 percent

33. Seekonk, MA: 2024 $520,000; 2025 $577,000; change: 11.0 percent

34. Shirley, MA: 2024 $490,000; 2025 $575,000; change: 17.3 percent

35. Sturbridge, MA: 2024 $499,900; 2025 $550,000; change: 10.0 percent

36. Topsfield, MA: 2024 $885,450; 2025 $981,875; change: 10.9 percent

37. Tyngsboro, MA: 2024 $625,000; 2025 $700,000; change: 12.0 percent

38. Upton, MA: 2024 $652,500; 2025 $725,000; change: 11.1 percent

39. Waltham, MA: 2024 $785,000; 2025 $865,000; change: 10.2 percent

40. Watertown, MA: 2024 $875,000; 2025 $1,000,000; change: 14.3 percent

41. West Brookfield, MA: 2024 $390,000; 2025 $440,000; change: 12.8 percent

42. Weston, MA: 2024 $2,225,000; 2025 $2,626,257; change: 18 percent

While single-family prices continue to rise, some cities and towns have seen condominium prices decline.

Advocates for the Return of Rent Control Want to Circumvent the Massachusetts Legislature

More than 30 years after Massachusetts voters narrowly banned rent control statewide, a new campaign is trying to put rent stabilization back on the ballot in November 2026.

Supporters of a statewide ballot initiative said they collected more than 124,000 signatures, well above the roughly 75,000 needed to advance to the next stage and put the initiative before voters. State and local election officials still must certify the signatures before the measure can proceed through the remaining steps to reach the ballot.

If approved by voters, the proposal would cap most annual rent increases in all 351 Massachusetts cities and towns at the lower of two figures: the yearly change in the Consumer Price Index or 5 percent. The cap would also apply when units change tenants, limiting how much rent could rise between renters. The measure would set “base” rents using what landlords charge on January 31, 2026, potentially incentivizing landlords to raise rents on January 1, 2026.

The initiative includes several exemptions. Newly constructed buildings would be excluded for the first 10 years after they begin housing residents. Owner-occupied buildings with four or fewer units, such as many small multifamily properties, would also be exempt.

Other carveouts described by supporters include most public housing, certain nonprofit housing, units in educational or religious institutions, and short-term rentals typically offered for fewer than 14 days.

The campaign backing the measure, Keep Massachusetts Home, is supported by Homes for All Massachusetts. Organizers say they turned to the ballot after rent control efforts repeatedly stalled on Beacon Hill, including home-rule petitions from Boston, Brookline, and Somerville, as well as broader statewide bills.

Over the past month or so, several labor organizations have endorsed the ballot effort, including SEIU Massachusetts State Council, the Massachusetts Teachers Association, UAW Region 9A MA Cap Council, UFCW Local 1445, and the Boston Teachers Union.

Real estate and development groups have moved quickly to organize opposition. Industry leaders argue that the proposal would be among the most restrictive rent control systems in the country and could worsen the housing shortage by discouraging new construction and investment. They also contend that limiting rent growth to inflation, even between tenants, could make it harder to cover rising costs and fund repairs and improvements.

Leaders of the Greater Boston Real Estate Board, the Massachusetts Association of Realtors, and the Commercial Real Estate Development Association have signaled they will campaign aggressively against the question.

The proposal is also creating friction among some longtime rent control supporters. A key debate is strategy: a statewide mandate versus a “local option” approach that would repeal the 1994 ban and let communities choose whether to adopt rent stabilization. Some progressive officials say they plan to support the ballot question while questioning whether a one-size-fits-all policy is the best fit for a state with widely varying housing markets.

Boston Mayor Michelle Wu could be a pivotal figure. She is a high-profile supporter of rent stabilization efforts but has not endorsed the 2026 ballot initiative. Wu has described the 5 percent cap as more restrictive than the approach she has advocated for Boston and has emphasized the need to avoid chilling housing production while keeping residents in their homes.

The debate is unfolding against a backdrop of tight rental conditions: Rents in Greater Boston vary widely, but $2,000 plus – or even $3,000 plus in some Boston neighborhoods – for a one-bedroom apartment is common. According to Apartments.com, the average rent in Boston for December 2025 is $3,413 for an average-sized apartment (697 square feet), up 0.7 percent from a year ago. “When you rent an apartment in Boston, you can expect to pay about $2,852 per month for a studio, $3,413 for a one-bedroom apartment, and around $4,338 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $5,829 or more.”

The Healey administration has said Massachusetts needs at least 222,000 new housing units over the next decade, a figure virtually no one thinks is feasible.

Contrarian Boston reported that it costs more to build an apartment in Boston than in ultra-expensive New York City.

If the ballot question fails, the initiative can not return to voters for at least six years, raising the stakes for both supporters and opponents as the certification and campaign phases continue.

News Nuggets

Boston Residential Real Estate Taxes: Mayor Wu said residential property taxes will increase 13 percent in January. Wu continues to push the Massachusetts Legislature to approve a home-rule petition to shift more of the tax burden to commercial property owners. The average homeowner will see a $780 increase in their property taxes. The increase is driven in part by the decline in commercial property taxes, as the value of commercial buildings has dropped since the pandemic. Commercial property values declined by 6 percent this year and 5 percent last year. The Massachusetts Senate has shown little interest in Wu’s home-rule petition.

ADU Boom or Bust?: Neither. While accessory dwelling units are popping up across the state thanks to a 2024 law, the pace of adoption remains slow, according to various reports. The Boston Globe reports, “Through the first six months of 2025, the state saw 884 applications for ADUs across 170 communities, and at least 550 had been approved, according to the state’s Executive Office of Housing and Livable Communities. (The data likely undercount applications, the state said, as many municipalities did not respond to its survey.)”

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As policymakers debate whether to support 50-year mortgages, home buyers should look beyond lower monthly payments and consider what a 50-year loan could cost over its lifetime.

Some bankers, builders, and real estate agents might think a 50-year option is a good idea, but who are they looking out for? Proponents of the 50-year albatross say it’s a tool to address the housing affordability crisis. Nonsense!

The idea behind today’s standard 30-year, fixed-rate mortgage is to pay it off during your working years. A 50-year loan would stretch that commitment by two decades. Under current federal rules, Fannie Mae and Freddie Mac cannot insure mortgages longer than 30 years, so any future 50-year products would likely sit on the margins of the market unless Congress changes existing law.

Proponents point to the appeal of smaller monthly payments. On a hypothetical $420,000 home with 20 percent down, one analysis found that at a 6.3 percent rate on a 30-year loan, principal and interest run about $2,080 per month. A 50-year loan likely would have a higher interest rate. At a 6.8 percent rate over 50 years, that payment drops to roughly $1,970, saving about $110 a month. The $110 reduction allegedly would allow an estimated 3.4 million more households to qualify for a median-priced home, according to the National Association of Realtors.

But long-term costs paint a markedly different picture. A borrower on a 50-year mortgage can pay hundreds of thousands of dollars more in interest than a similar borrower on a 30-year loan.

For example, with a $400,000 loan amount, a 6.3 percent mortgage interest rate, and a 30-year note, the monthly payment would be $2,476, and the total cost would reach $891,321. Assuming the same $400,000 loan and a 6.8 percent mortgage interest rate, the monthly payment would be $2,346, and the total cost would reach $1,407,423. In the above scenario, the borrower would pay $130 per month less but would pay more than $500,000 in additional interest over the life of the loan.

Equity would also build more slowly. Some modeling suggests it could take around 30 years on a 50-year mortgage to reach equity milestones that a 30-year borrower might hit in about 12 to 13 years, and nearly 40 years to pay off half the loan. Considering the average first-time buyer is now roughly 40 years old (see below), that raises concerns about carrying mortgage debt well into older age. The loan might outlive the borrower.

Critics further note, rightly so, that longer loan terms do not fix the core problem: a shortage of homes, especially at lower price points, is what makes housing so expensive. Greater Boston and many parts of the United States need more housing. Easier financing may increase competition for the same limited inventory, keeping prices elevated.

If 50-year mortgages become a reality, consumers must compare total interest over 30, 40, and 50 years. Home buyers need to think realistically about the pitfalls of taking on such a lengthy loan.

Homeownership is still one of the most reliable ways for individuals and families to build long-term wealth, but a 50-year mortgage changes the calculation.

Are First-Time Home Buyers Really Getting Older Or Just Shut Out?

New data has intensified debate about who can afford to buy a first home in today’s market and at what age they do so.

A National Association of Realtors (NAR) survey of recent buyers finds that first-time buyers now make up just 21 percent of the market, a record low. It also reports that the typical first-time buyer is 40 years old, the highest age ever recorded. According to NAR, delaying homeownership from age 30 to 40 on a typical starter home can mean giving up roughly $150,000 in potential equity growth.

A separate look at credit report data from the New York Federal Reserve Bank Consumer Credit Panel (CCP), as reported by the American Enterprise Institute (AEI), tells a different story. Using a large, random sample of credit files, researchers found that, for purchases between the third quarter of 2024 and the second quarter of 2025, the average first-time buyer was about 36 years old, with a median age of 33. Those figures show minimal change compared with 2001 or 2021, according to the AEI reporting, suggesting that the dramatic jump to age 40 in the survey may not reflect the broader market. The AEI article argues that the CCP data is more comprehensive.

Both data sources agree that first-time buyers face a severe affordability crunch. From 2019 to 2024, the income needed for a typical first-time buyer to purchase a home rose 41 percent nationwide, nearly four times the 11 percent growth in median U.S. household income, according to the AEI article.

The Solution: The authors of the AEI article believe the federal government needs to make starter homes great again.

Prospective Home Buyers Filling Out More Mortgage Applications

The seasonally adjusted Mortgage Bankers Association Purchase Index for the week ending November 21, 2025, increased 8 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 20 percent higher than the same week one year ago.

For the week ending November 14, 2025, applications were 26 percent higher nationally than the same week in 2024. Purchase applications were 31 percent higher for the week ending November 7, 2025, compared to the previous year.

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The following Eastern Massachusetts cities and towns experienced declines in median condominium prices through the first nine months of 2025 compared to the same period in 2024. The data includes cities and towns in Bristol, Essex, Middlesex, Norfolk, Plymouth, and Suffolk counties.

These cities and towns, listed alphabetically, saw median condo prices decrease 2 percent or more, according to data compiled by The Warren Group. Cities or towns in bold have had double-digit declines.

In smaller towns, there may be fewer condominiums available, so price changes might not have a noticeable impact on prospective home buyers. Conversely, cities typically have more condos on the market, making pricing trends more significant and relevant for analysis.

1. Bedford (Middlesex): $850,000 to $710,000, down 16.5 percent.

2. Belmont (Middlesex): $950,000 to $922,500, falling 2.9 percent.

3. Beverly (Essex): $487,500 to $440,000, a 9.7 percent decline.

4. Billerica (Middlesex): $480,000 to $470,000, dipping 2.1 percent.

5. Boston (Suffolk): $960,000 to $919,000, decreasing 4.3 percent.

6. Brockton (Plymouth): $285,000 to $271,250, a 4.8 percent slide.

7. Burlington (Middlesex): $945,000 to $782,000, dropping 17.2 percent.

8. Canton (Norfolk): $605,000 to $554,900, falling 8.3 percent.

9. Chelsea (Suffolk): $490,000 to $439,000, a 10.4 percent drop.

10. Dover (Norfolk): $820,000 to $747,500, down 8.8 percent.

11. Dracut (Middlesex): $340,000 to $320,000, a 5.9 percent decline.

12. Duxbury (Plymouth): $625,000 to $565,000, falling 9.6 percent.

13. Everett (Middlesex): $454,500 to $415,000, decreasing 8.7 percent,

14. Framingham (Middlesex): $357,500 to $335,000, a 6.3 percent fall.

15. Georgetown (Essex): $860,000 to $669,000, plunging 22.2 percent.

16. Groton (Middlesex): $650,000 to $620,000, a 4.6 percent dip.

17. Hanson (Plymouth): $580,000 to $519,950, falling 10.4 percent.

18. Haverhill (Essex): $410,000 to $399,000, slipping 2.7 percent.

19. Hingham (Norfolk): $991,250 to $825,000, a 16.8 percent plunge.

20. Hudson (Middlesex): $530,000 to $403,500, dropping 23.9 percent.

21. Ipswich (Essex): $609,500 to $511,500, declining 16.1 percent.

22. Lakeville (Plymouth): $550,000 to $499,500, a 9.2 percent fall.

23. Lowell (Middlesex): $343,508 to $334,900, slipping 2.5 percent.

24. Lynn (Essex): $365,000 to $335,000, declining 8.2 percent.

25. Malden (Middlesex): $466,000 to $420,000, a 9.9 percent drop.

26. Mansfield (Bristol): $472,500 to $376,000, falling 12 percent.

27. Marblehead (Essex): $606,250 to $578,750, a 4.5 percent decrease.

28. Medford (Middlesex): $705,000 to $655,000, declining 7.1 percent.

29. Medway (Norfolk): $597,500 to $483,500, plunging 19.1 percent.

30. Melrose (Middlesex): $600,000 to $524,900, falling 12.5 percent.

31. Merrimac (Essex): $495,000 to $435,500, a 12 percent drop.

32. Milton (Norfolk): $739,000 to $637,500, dropping 13.7 percent.

33. Norfolk (Norfolk): $747,500 to $687,500, an 8 percent decline.

34. Norwood (Norfolk): $500,000 to $425,000, a 15 percent plunge.

35. Pembroke (Plymouth): $547,850 to $479,900, falling 12.4 percent.

36. Plainville (Norfolk): $455,000 to $400,000, down 12.1 percent.

37. Randolph (Norfolk): $427,500 to $351,000, a 17.9 percent drop.

38. Revere (Suffolk): $477,450 to $437,500, decreasing 8.4 percent.

39. Rockland (Plymouth): $461,250 to $435,000, a 5.7 percent decline.

40. Sherborn (Middlesex): $972,500 to $545,000, falling 44 percent.

41. Somerville (Middlesex): $924,950 to $875,000, down 5.4 percent.

42. Stoneham (Middlesex): $449,000 to $431,300, slipping 3.9 percent.

43. Swampscott (Essex): $475,000 to $455,000, a 4.2 percent decline.

44. Waltham (Middlesex): $718,000 to $670,500, decreasing 6.6 percent.

45. Wellesley (Norfolk): $1,818,000 to $1,381,000, dropping 24 percent.

46. West Bridgewater (Plymouth): $700,000 to $470,000, plunging 32.9 percent.

47. Whitman (Plymouth): $455,000 to $441,250, a 3 percent decrease.

48. Wilmington (Middlesex): $704,900 to $645,000, falling 8.5 percent.

49. Winchester (Middlesex): $760,500 to $645,000, slipping 2.8 percent.

50. Woburn (Middlesex): $734,100 to $683,427, a 6.9 percent decline.

Nationally, 3rd Quarter Prices Mostly Up

Home prices fell year over year in 23 percent of U.S. metro areas last quarter, even as most markets continued to climb, according to new data from the National Association of Realtors.

In all, 176 of 230 tracked metros (77 percent) posted annual price increases in the third quarter.

Regional trends were uneven. The Northeast and Midwest saw the most significant appreciation, with median existing single-family prices up 6 percent and 4.2 percent, respectively.

The South eked out a 0.5 percent gain, while the West slipped 0.1 percent. Nationally, the median existing single-family price rose 1.7 percent from a year ago to $426,800.

Among large markets, the biggest annual increases were in Trenton, New Jersey (9.9 percent), Lansing–East Lansing, Michigan (9.8 percent), and Long Island, New York (9.4 percent).

“Markets in the supply-constrained Northeast and the more affordable Midwest have generally seen stronger price appreciation,” said Lawrence Yun, NAR’s chief economist.

The takeaway: Price growth remains concentrated in inventory-tight Northeastern and value-oriented Midwestern metros, with soft spots in parts of the South and West.

Of course, all real estate is local, so there are pockets of strength and weakness in every state.

U.S. Mortgage Interest Rates Remain Near 2025 Lows

After declining for four consecutive weeks, U.S. mortgage interest rates rose for the week ending November 6, 2025, according to Freddie Mac’s weekly Primary Mortgage Market Survey.

The 30-year, fixed-rate mortgage loan interest rate averaged 6.22 percent, up from 6.17 percent the previous week. The 30-year note averaged 6.79 percent during the same time last year.

The 15-year, fixed-rate mortgage loan averaged 5.50 percent, climbing from 5.41 percent the prior week and 6 percent the year before.

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The Warren Group, a publisher of real estate and mortgage data, defines Greater Boston as the 139 cities and towns located within Interstate 495.

On a year-over-year basis, the median condominium price declined 3 percent in June, nearly 4 percent in July, and about 3 percent in August. Prices were flat in May.

From January through September, the median condo price decreased 1 percent to $620,000 from $625,000 during the first nine months of 2024.

Statewide, the median condominium price dipped 2 percent to $503,450 in September 2025, compared with $515,000 in September 2024.

During the first nine months of the year, Massachusetts condo prices were essentially flat, edging down only $230 to $540,000 from $540,230 during the same period in 2024.

City of Boston Condo Market Softens

The Warren Group also reported that the median condo price in the City of Boston through September declined 4 percent to $919,000 from $960,000 during the same nine months last year.

About 30 percent of condominiums listed in Boston between January 1, 2025, and September 30, 2025, had price drops, according to MLS Property Information Network, Inc., the local multiple listing service. During the same period in 2024, about 26 percent of properties had price drops, compared with about 23 percent during those nine months in 2023.

Condominium Sales Remain Strong

With prices moderating over the summer, Greater Boston home buyers drove a more than 8 percent increase in condominium sales, buying 1,105 units in September 2025, up from 1,019 in September 2024.

Through September, condo sales rose about 3 percent to 10,708 from 10,366 during the same timeframe in 2024.

Condominium sales rose statewide in September to 1,610 units, jumping 9 percent from 1,478 in September 2024. Through September, sales increased 4 percent compared to the previous year.

Where Did Condo Prices Decline By Double Digits?

The following is a sample selection of five towns where the median price of a condominium decreased by double digits during the first nine months of 2025, according to The Warren Group. Across Massachusetts, about 120 cities and towns saw a decline in the median price of a condominium through September.

1. Burlington, MA: Located in Middlesex County, the median condo price declined to $782,000, a 21 percent drop from $945,000.

2. Chelsea, MA: Located in Suffolk County, condominium prices fell 10 percent to $439,000 from $490,000.

3. Gloucester, MA: Located in Essex County, the median condo prices decreased 15 percent, falling from $599,000 to $509,500.

4. Hudson, MA: Located in Middlesex County, condominium prices plunged 24 percent to $403,500 from $530,000.

5. Randolph, MA: Located in Norfolk County, the median condo price dropped 18 percent to $351,000 from $427,500.

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While legal in Massachusetts, New Hampshire, and Rhode Island, the practice of dual agency creates an inherent conflict of interest. A dual agent cannot fully prioritize the best interests of both parties. They cannot negotiate the highest price and best terms for the seller while securing the lowest price and best terms for the home buyer.

Massachusetts, New Hampshire, and Rhode Island law requires real estate agents to disclose dual agency, and both parties must consent. However, consumer advocates caution that dual agency limits loyalty and fiduciary duty.

Home buyers should understand their rights and consider working with an agent who represents their interests exclusively for complete loyalty and advocacy throughout the transaction.

Single-family home sales statewide fell nearly 3 percent in August to 4,422 compared to 4,519 in August 2024. Through the first eight months of the year, house sales increased to 28,210, about a 3 percent increase from 27,471 in August 2024.

The median house price increased by 4 percent in August to $658,200 from $631,500 in August 2024. From January through August, the median price of a single-family home also rose 4 percent to $645,000 in August, up from $620,000 the previous year.

Greater Boston House Sales Flat

Greater Boston single-family sales rose by just 21 houses in August to 2,236 compared to 2,215 in August 2024. The Warren Group, a real estate and mortgage data company, defines Greater Boston as the 139 cities and towns located within Interstate 495. Through August, Greater Boston house sales increased to 13,963, about a 3 percent increase from 13,567 in August 2024.

The median house price reached $820,000 in August, a 3 percent increase from $795,000 in August 2024. Through August, Greater Boston home buyers paid more than in 2024, with the median price rising almost 5 percent to $810,000.

Massachusetts Condominium Prices Decline in August

Condominium prices statewide declined in August and were flat through the first eight months of the year, according to The Warren Group.

The median condo price statewide fell three percent in August to $526,000 from $542,635 in August 2024. The median condo price stood at $545,000 through August this year and last year.

Statewide, softening condominium prices have led to increased sales. The number of units sold rose 5 percent in August to 1,893 and increased by almost 4 percent through August to 13,146.

Greater Boston Condo Price Fall in August

The median condo price in Greater Boston dropped 3 percent in August to $600,000 compared to $620,000 in August 2024. Condominium prices were flat from January through August, with a slight decline of $4,000 to $626,000.

August condo sales rose 2 percent to 1,360 units sold, and through August, homebuyers purchased 9,603 condominiums in Greater Boston, a nearly 3 percent increase.

Mortgage Interest Rates Rise Slightly

Following several weeks of decline, the average mortgage interest rate inched up for the week ending September 25, 2025, according to data compiled by Freddie Mac.

Freddie Mac’s Primary Mortgage Market Survey reported the 30-year, fixed-rate mortgage loan averaged 6.30 percent, up from 6.26 percent the previous week. A year ago, the 30-year note averaged 6.08 percent.

Due in part to lender competition, highly qualified prospective homebuyers in Massachusetts tend to secure interest rates slightly better than the national average.

UPDATE: For the week ending October 16, 2025, the average 30-year, fixed-rate mortgage in the United States stood at 6.27 percent.

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The following Greater Boston cities and towns experienced declines in single-family median prices through the first seven months of 2025 compared to the same period in 2024.

These cities and towns, listed alphabetically, saw median house price decreases of 2 percent or more, according to data compiled by The Warren Group.

1. Acton, Massachusetts (Middlesex County): $985,000 to $950,000, down 3.6 percent.

2. Braintree, Massachusetts (Norfolk County): $720,000 to $700,000, a 2.8 percent decline.

3. Cambridge, Massachusetts (Middlesex County): $2,184,000 to $2,080,000, falling 4.8 percent.

4. Canton, Massachusetts (Norfolk County): $813,125 to $776,500, down 4.5 percent.

5. Dunstable, Massachusetts (Middlesex County): $895,000 to $823,5000, an 8 percent drop.

6. Duxbury, Massachusetts (Plymouth County): $1,160,000 to $1,105,000, a decrease of 4.7 percent.

7. Franklin, Massachusetts (Norfolk County): $719,000 to $699,900, a 2.7 percent dip.

8. Grafton, Massachusetts (Worcester County): $620,500 to $582,000, a 6.2 percent decline.

9. Hanson, Massachusetts (Plymouth County): $605,000 to $570,000, down 5.8 percent.

10. Harvard, Massachusetts (Worcester County): $1,055,000 to $1,030,000, slipping 2.4 percent.

11. Holliston, Massachusetts (Middlesex County): $740,000 to $725,500, sliding 2 percent.

12. Hopkinton, Massachusetts (Middlesex County): $1,100,000 to $983,000, a 10.6 percent drop.

13. Lakeville, Massachusetts (Plymouth County): $600,000 to $550,000, down 8.3 percent.

14. Marblehead, Massachusetts (Essex County): $1,050,210 to $960,000, an 8.6 percent decline.

15. Marion, Massachusetts (Plymouth County): $712,450 to $600,000, plunging 15.8 percent.

16. Marshfield, Massachusetts (Plymouth County): $760,000 to $727,500, a 4.3 percent slide.

17. Medfield, Massachusetts (Norfolk County): $1,177,500 to $1,085,000, a decrease of 7.9 percent.

18. Middleton, Massachusetts (Essex County): $1,043,500 to $1,004,500, a 3.7 percent decline.

19. Milford, Massachusetts (Worcester County): $560,000 to $543,210, down 3 percent.

20. Nahant, Massachusetts (Essex County): $1,056,250 to $847,500, dropping 19.8 percent.

21. North Reading, Massachusetts (Middlesex County): $960,000 to $855,000, falling 10.9 percent.

22. Norton, Massachusetts (Bristol County): $625,000 to $599,500, a 4.1 percent decrease.

23. Southborough, Massachusetts (Worcester County): $1,100,000 to $1,000,000, a 9.1 percent drop.

24. Stow, Massachusetts (Middlesex County): $830,000 to $775,000, declining 6.6 percent.

25. Sudbury, Massachusetts (Middlesex County): $1,227,500 to $1,180,000, down 3.9 percent.

26. Wayland, Massachusetts (Middlesex County): $1,337,500 to $1,175,000, falling 12.1 percent.

27. Winthrop, Massachusetts (Suffolk County): $745,000 to $701,500, a decrease of 5.8 percent.

Strong July For NH Home Sales

Granite State single-family and condominium sales and inventory increased in July 2025, according to data compiled by the New Hampshire Association of Realtors.

Homebuyers purchased 1,388 houses in July, a 9 percent increase from July 2024. Through July, sales rose 3 percent to 6,462.

Single-family home prices rose 3 percent in July to $545,000 and were up 5 percent to $535,000 over the first seven months of the year compared to 2024.

Homebuyers have more houses to choose from in New Hampshire, with single-family inventory jumping 28 percent to 2,574 in July.

Condo sales increased nearly 13 percent to 423 units in July from 376 units sold in July 2024. Through July, homebuyers bought 2,297 condominiums, a 2 percent increase.

The median condo price increased 5 percent in July to $425,000. From January through July, condo prices rose 4 percent to $425,000 from $410,000 during the same seven-month period in 2024.

The supply of condominiums surged by 19 percent to 797 available units in July.

Home Sales Mixed in Rhode Island

Single-family home sales were flat, and condominium sales dropped, according to data compiled by the Rhode Island State-Wide Multiple Listing Service.

Homebuyers purchased 810 single-family homes in July, two fewer than in July 2024. There were 771 sales in June and 702 sales in May.

The median price of a house rose 2 percent in July to $505,000, up from $495,000. The median price reached $520,000 in June 2025.

Rhode Island homebuyers had more single-family homes to choose from, with the supply rising 18 percent to 1,548 houses on the market in July.

Condominium sales dropped 13 percent in July to 175, from 201 units sold in July 2024. There were 186 sales in June and 173 in May.

The median condo price fell 6 percent in July to $372,500 compared to $395,000 in July 2024. The median price jumped 18 percent in June to $417,500.

The supply of condominiums surged by 29 percent to 433 available units in July. There were only 292 listings on the market in July 2023.

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Single-family home sales rose 5 percent to 2,443 in July from 2,319 in July 2024, according to data compiled by The Warren Group, which publishes real estate and mortgage data and analytics. The median single-family price increased 4 percent to $830,000, up from $800,000 in July 2024. The Warren Group defines Greater Boston as the 139 communities, including Boston’s neighborhoods, within Interstate 495.

Through July, single-family transactions were up 3 percent to 11,727 from 11,352 during the same seven-month period in 2024. The median price for January through July reached $805,000, a 4 percent increase from $772,024.

Condominiums moved in the opposite direction in July. Sales decreased 2 percent to 1,416 from 1,443 in July 2024. The median condo price fell 4 percent year over year, from $650,000 to $630,000.

Year to date, condo sales edged higher despite July’s dip, rising 3 percent to 8,243 from 8,016 during the same timeframe in 2024. The median condo price for January through July was $630,000 in both 2024 and 2025.

Where Did Home Prices Decline?

The following is a sample selection of five towns where the median price of a single-family home decreased by double digits during the first seven months of 2025, according to The Warren Group.

1. Hopkinton, MA: Located in Middlesex County, the median house price dropped nearly 11 percent, from $1,100,000 to $983,000.

2. Marion, MA: Located in Plymouth County, the median price of a single-family home fell 16 percent, from $712,450 to $600,000.

3. Nahant, MA: Located in Essex County, the median price of a single-family home decreased 20 percent, from $1,056,250 to $847,500

4. North Reading, MA: Located in Middlesex County, the median price of a single-family home declined 11 percent, from $960,000 to $855,000.

5. Wayland, MA: Located in Middlesex County, the median price of a single-family home dropped 12 percent, from $1,337,500 to $1,175,000.

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Through May, 6,846 houses sold, a nearly 3 percent increase from 6,682 sales during the first five months of 2024, according to The Warren Group, a real estate and mortgage data company.

The median sale price of a single-family home in Greater Boston reached $835,000 in May, up more than 4 percent from $800,000 in May 2024. The Warren Group considers the 139 cities and towns within Interstate 495 in the Greater Boston area.

During the period from January through May, the median house price rose by almost 6 percent to $785,000, compared to $743,950 during the same timeframe in 2024.

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Greater Boston Condo Market

Condominium sales increased 4 percent in May, following a 5 percent rise in April. Homebuyers purchased 1,485 units in May in the Greater Boston area, up from 1,424 sales in May 2024.

Through May, condo sales climbed 3 percent to 5,294 from 5,134 in the January through May period of 2024.

Condo prices were flat in May. The median price was $635,000 in May and May 2024. Condominium prices increased 2 percent through May to $630,000 from $620,000 during the first five months of 2024.

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Single-family Prices, Sales Rise Statewide

Single-family home sales statewide increased 2 percent in May to 4,010 and 2 percent through May. Home buyers purchased 14,358 houses during the first five months of 2025.

The median price of a single-family house rose nearly 5 percent to $666,125 in May and 5 percent to $620,000 through May 2024 on a year-over-year basis.

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Statewide Condominium Market

The Warren Group reported that condominium sales increased by 1 percent in May to 1,946 units, 23 more than in May 2024. Through May, condo sales rose 4 percent to 7,323 on a year-over-year basis.

The median condo price statewide in May was $550,000, the same as May 2024. Through the first five months of the year, the median price stood at $539,900, a 2 percent increase from $530,000.

When given the opportunity to stand with home-buying consumers and come out in strong support of home inspection protections, the Massachusetts Association of Realtors (MAR), the Greater Boston Real Estate Board, and the Real Estate Bar Association (REBA) called for changes to water down and delay proposed regulations.

Given the beating the industry's reputation has taken from lawsuits by class-action attorneys and the U.S. Department of Justice over the past few years, one would think that state and local Realtor Associations would jump at the chance to support reasonable consumer protection.

The Massachusetts Executive Office of Housing and Livable Communities (EOHLC) capitulated, to some extent, and released the final regulations on June 6, 2025. The EOHLC delayed the effective date until October 15, 2025. The rules will not apply to Contracts to Purchase or Purchase and Sale Agreements signed on or before October 15, 2025.

Real estate professionals and attorneys who understand and take seriously the concept of fiduciary responsibility are supportive of consumer protections surrounding home inspections.

The regulations are the result of legislation passed in August 2024 as part of a housing bond bill. The law mandated that the EOHLC implement rules ensuring home inspection rights for buyers. The proposed regulations released on April 25, 2025, represented a long-overdue step to protect homebuyers, especially first-time and moderate-income buyers, from being pressured into waiving vital due diligence. The EOHLC conducted a 21-day public comment period.

While REBA and state and local real estate associations argued the proposed rules were disruptive and overbroad, their positions prioritized transactional efficiency and professional liability concerns over the public interest and the intent of the law: safeguarding consumers in the most significant financial transaction of their lives.

REBA, in its six-page letter, expressed it was "deeply concerned that the proposed Regulations are overly broad, conflict with well-established case law, and risk destabilizing an already fragile real estate market, thereby causing significant financial harm to consumers." Among other things, REBA argued for allowing home buyers to waive inspections post-offer and to maintain "aggregate" clauses in offers that allow for termination only if the repair costs exceed a specified threshold.

While waiving post-offer inspections and aggregate clauses are acceptable industry practices, these mechanisms can defeat the spirit of buyer protection. The proposed regulations rightly questioned whether such practices render inspections "meaningless." Without a doubt, these aggregate clauses may lead homebuyers to feel pressured by real estate agents to include cost thresholds that are so high that an inspection is meaningless.

For example, homebuyers could make an offer and state that they will not back out or request post-inspection concessions unless the amount of non-cosmetic issues exceeds $50,000 on a $500,000 home. That's essentially waiving a home inspection.

The EOHLC changed the proposed regulations, making aggregate clauses permissible: "... a Seller and Prospective Purchaser (a) may agree to limit a Proposed Purchaser's choice not to proceed with the transaction after a Home Inspection if the estimated aggregate cost of repairs does not exceed a reasonable monetary threshold agreed upon by the parties ..."

The EOHLC should have defined "reasonable" as a monetary threshold of 2 percent or less of the purchase price. For example, a cost threshold of $12,000 or less on a $600,000 offer to purchase would be reasonable.

In a statement, the Healey-Driscoll Administration proclaimed the new state policy "protects homebuyers' rights to a home inspection and serves as a leading example of home inspection protections for homebuyers in the country."

The regulation requires sellers to provide a separate written disclosure informing buyers that acceptance of their offer is not contingent upon waiving a home inspection and that the buyer may choose to have the home inspected. The EOHLC will develop a standard disclosure form. The final regulation makes it clear that if a person acting in a business context fails to provide the required disclosure, it constitutes a violation of the consumer protection law. Embedding the disclosure in the Contract to Purchase is likely the most effective way to ensure homebuyers are informed. Bolding the language would be preferred.

The regulation also "includes a limited exemption for pre-sales of newly constructed homes" if the parties sign the "purchase contract ... before substantial completion, and the seller offers at minimum a one-year express written warranty." The Healey-Driscoll Administration believes such an exemption will "support new housing construction across the state" and help "builders secure additional financing to build more units without delay."

For at least the past six years, Greater Boston homebuyers have faced increasing pressure to skip home inspections to make their offers more competitive. Inspections are crucial. An inspector may uncover potential issues, preventing unexpected costs and providing peace of mind when making a significant financial decision. They also empower buyers to negotiate a fair price.

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State Offers Developers 450 Acres Hoping to Produce 3,500 Housing Units

The Healey-Driscoll Administration has identified more than 450 acres of surplus state-owned land in Massachusetts that could be developed into 3,500 new housing units by developers.

The inventory, compiled over the past year, includes sites in more than 20 municipalities, according to a statement released June 2, 2025. State officials plan to make 17 additional parcels available to developers over the next year, including 10 offered through formal Requests for Proposals and seven auctioned in September 2025.

Governor Maura Healey, Lieutenant Governor Kim Driscoll, and other senior administration officials presented the findings to housing developers during a meeting in Boston. The inventory effort followed an executive order signed by Healey directing three state agencies — the Executive Office of Housing and Livable Communities, the Executive Office for Administration and Finance, and the Division of Capital Asset Management and Maintenance — to identify underused state properties suitable for housing development.

The review excluded environmentally sensitive areas, including protected open spaces, wetlands, and floodplains. The initiative is part of a broader strategy to increase housing supply in Massachusetts.

Several development projects on surplus state land are already underway, with more than 1,500 units currently in planning or construction phases, according to the state officials.

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With Commercial Property Values Falling in Boston, State Steps Up Support for Office Building Conversions to Housing.

The Healey-Driscoll Administration announced on June 4, 2025, that the Commonwealth would use that $7.4 million in state funding to convert two office buildings in downtown Boston into nearly 200 new housing units.

The initiative is part of a broader push to address Massachusetts' housing shortage by repurposing underused commercial spaces. Contrarian Boston has extensively covered the struggling office building market in Boston.

The lack of new housing units in Boston has become a key campaign issue in the city's mayoral race. Democratic candidate Josh Kraft states on his website, "... there are more than 26,000 housing units that have been permitted through the community and city process and ready for construction but are not financially viable under the Wu Administration's mandates. In addition to the jobs and housing units these would produce, they would generate an estimated $100 [million] to $125 [million] in new tax revenue annually."

Key Details of the Funding Awards:

• 31 Milk Street (16-18 Hawley Street):

  • Awarded $4 million

  • Will create 110 rental units

  • 22 units will be income-restricted

• 15 Court Square:

  • Awarded $3.4 million

  • Will create 80 rental units

  • 16 units will be income-restricted

Program Background and Goals:

• Funded through the Commercial Conversion Program, created under the Affordable Homes Act.

• Targets vacant or underused commercial buildings for residential or mixed-use redevelopment.

• Focuses on properties with existing infrastructure near downtowns and public services.

Additional support from the City of Boston:

• Both projects received assistance from the city's Office to Residential Conversion Program, launched in October 2023.

• Offers tax incentives for conversions that meet zoning and energy standards.

• Currently reviewing 15 applications to convert 20 Class B and C office buildings into 762 homes, including 139 income-restricted units.

The Healey-Driscoll Administration anticipates awarding additional taxpayer funds later this year under the Commercial Conversion Program.

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Before prospective home buyers were overwhelmed with tariff news and sustained whiplash from a volatile stock market, the Greater Boston real estate market started hot in 2025.

Time will tell whether tariffs, stock market unpredictability, and job insecurity tamp down Greater Boston's real estate market.

After a rapid start to the year in January, Greater Boston single-family home sales and prices continued upward in February, according to statistics compiled by The Warren Group, a real estate data company.

Single-family home sales increased 6 percent to 943 in February compared to February 2024. The Warren Group analysis of Greater Boston real estate data includes 139 cities and towns within Interstate 495.

Through the first two months of the year, Greater Boston home buyers purchased nearly 9 percent more houses than during the same timeframe last year (2,173 vs. 1,999).

Condominium sales declined by three units to 774. Through February, sales climbed 9 percent to 1,583 from 1,447 during the same two-month period in 2024.

Home prices continued to climb despite stubbornly high interest rates for most of the year. The median price of a single-family home jumped six percent in February to $735,000 compared to $693,750 in February 2024. Statewide, the median house price reached $575,000 in February, up 5 percent. Through February, single-family home prices in Greater Boston increased nearly 8 percent to $745,000.

Condominium buyers pushed prices up, too. Median condo prices rose, reaching $600,000 in February, up 5 percent, compared to $571,000 in February 2024. Condominium prices rose almost 3 percent from January through February to $610,000 from $595,000 during the first two months of 2024.

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Don't Plan to Save Money North of the Border

Don't think you can escape high home prices north of the border. The median prices of homes across the Granite state are less expensive than in Massachusetts; however, some Southern New Hampshire towns are just as expensive as Greater Boston.

In Atkinson, NH, the median price of a single-family home through March 31, 2025, reached $680,00. Though down from last year, the median house price in Windham, NH, was $760,000, and $831,500 in Portsmouth, NH, during the first three months of 2025.

The median price of a single-family house in New Hampshire increased 7 percent in February, reaching $510,000 from $475,000 in February 2024, according to data compiled by the New Hampshire Association of Realtors.

Through February, house prices jumped 11 percent to $510,000 compared to $460,000 during the first two months of 2024.

New Hampshire single-family home sales grew by 5 percent in February and nearly 2 percent through February compared to the same period last year. Home buyers purchased 612 houses in February and 1,268 in January and February.

Condominiums might be an affordable alternative in New Hampshire.

Condo prices have been flat this year, rising only $2,500 from February 2024 to $380,000 in February 2025. The median condo price was $400,000 during the first two months of 2024 and 2025.

Condominium sales dropped to start 2025, falling 4 percent in February and 3 percent during the year's first two months. Condo buyers purchased 220 units in February and 449 through February.

Prospective New Hampshire home buyers working in Massachusetts should consider that they will still have to pay Massachusetts income taxes and potentially higher New Hampshire property taxes.

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Rhode Island Home Home Prices Less Expensive But Rising

The median price of a single-family house in the Ocean State increased 4 percent in February, reaching $455,500 from $440,000 in February 2024, according to data compiled by the Rhode Island State-Wide Multiple Listing Service.

In February 2023, the median house price was $384,000.

Condominium prices soared in February, jumping 22 percent to $400,000 compared to $328,000 in February 2024. In February 2023, the median condo price was $308,000.

Home buyers purchased 404 single-family homes in February, a 9 percent drop from February 2024's 443 sales but 12 more than the 392 sales in February 2023.

Condominium sales rose 4 percent to 119, with only four more units sold than in February 2024. Home buyers purchased 83 condos in February 2023.

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The Pioneer Institute, a Boston think tank, examined the complexities of housing permitting in Massachusetts, highlighting issues that cause delays and raise costs.

The authors interviewed various stakeholders for a policy brief to understand the political and regulatory landscape. They identified problems from local control, lengthy hearing processes, and discretionary special permits.

The brief proposes 11 reforms targeting permitting processes, appeals, and local government practices. Key recommendations include streamlining site plan reviews, reducing red tape for special permits, and discouraging lawsuits used as negotiating tactics. The authors believe the ultimate goal should be to make the permitting process more efficient and predictable by limiting local discretion, thus fostering housing affordability and abundance.

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The proposed changes suggest a desire to introduce more standardization, expertise, and oversight into the local permitting processes, thus limiting a municipality’s ability to reject housing projects a community may deem undesirable.

According to the brief, appeals significantly impact housing development costs by causing delays and creating opportunities for opponents to negotiate costly concessions from developers. The costs associated with appeals can be lower than the costs of delay, which gives opponents leverage to win concessions even with lawsuits of dubious merit.

Ultimately, the brief argues that the complex permitting process makes homes less affordable.

Many organizations, policy groups, and governmental panels have suggested how to boost housing. Most recommendations would require legislative approval, raising the question of whether legislators will have the political will to follow them. Residents in many towns have resisted the state’s requirements to zone for multi-unit housing.

Governor Maura Healey’s administration estimates that 222,000 new housing units are needed over the next 10 years to control housing costs and meet the state’s economic development goals.

The following is a two-minute video produced by the Pioneer Institute explaining the typical permitting process in Massachusetts.

Vacation Homes Add to Housing Crunch

The growing housing crunch in Massachusetts is exacerbated by the trend of vacation homes sitting vacant for much of the year, according to reporting by CommonWealth Beacon.

The trend is driven by the rise of short-term rentals and wealthy buyers not needing year-round tenants. The mismatch between available units and demand is contributing to the state’s housing shortage and having a negative impact on communities on Cape Cod and other areas around the state.

About 118,000 units, or 4 percent of the state’s housing stock, are being used for “seasonal, recreational, or occasional use.”

The article notes that is was a “fairly normal practice for people on the Cape to hand off their homes to summer renters to help pay for expenses the rest of the year. Even nine-month rentals, where people used a house as a summer home but rented it out during the off-season, were common … which ensured these small towns had a vibrancy and fairly steady population around the calendar year.”

Governor Healey's housing bond bill aims to help, including the creation of a Seasonal Communities Designation and a Seasonal Communities Advisory Council, which is tasked with providing advice and recommendations to the Executive Office of Housing and Livable Communities (EOHLC) regarding policies or programs necessary to serve the distinct needs of seasonal communities. The Advisory Council will consist of representatives from communities on the Cape, Islands and the Berkshires, exploring policies to incentivize year-round rentals and address the workforce and schooling crises in these communities.

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All the Single Ladies

All the single ladies aren’t waiting for someone to put a ring on it before buying a home.

A recent LendingTree study reveals that single women in the United States, despite earning less money than men, own significantly more homes than single men.

Several factors contribute to this disparity, including women's willingness to sacrifice for homeownership, a greater need for housing stability due to caregiving responsibilities, and higher education levels, especially in states like Massachusetts.

Millennial women in some metropolitan areas out-earn their male counterparts, further bolstering their home-buying power.

Key Findings

• Single women are more likely to own homes than single men in 47 states.

• Nationally, single women own roughly 2.72 million more homes than single men.

• In Massachusetts, single women own 232,554 homes compared 155,985 for single men.

• New Mexico, Mississippi, and West Virginia had the largest share of homeownership by single women.

• North Dakota, South Dakota, and Alaska had the largest share of homeownership by single men.

• States with the widest gender gap in homeownership rates between single women and single men were Delaware, Connecticut, and Maryland. Massachusetts ranked 9th.

LendingTree analyzed “microdata from the U.S. Census Bureau 2023 American Community Survey” for its study.

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Despite the real estate industry cheering the modest increase in single-family home sales in Massachusetts and Greater Boston last year, the sales numbers are significantly lower than a couple of years ago.

Statewide house sales increased nearly 3 percent in 2024 compared to 2023, not much of an increase coming off a 22 percent drop from 2022 to 2023, according to statistics compiled by real estate data company The Warren Group.

There were 42,019 single-family home sales in the Bay State in 2024 compared to 40,828 in 2023, 52,639 in 2023, and 62,335 in 2021. Even in 2020 – the year a worldwide pandemic kept many people indoors for at least part of the year – home buyers purchased 61,845 houses, almost 20,000 more than in 2024. Compared to 2021, there were about 33 percent fewer single-family home sales in 2024.

Condominium sales dipped about 2 percent in 2024 after falling 19 percent from 2022 to 2023 and 17 percent from 2021 to 2022. Home buyers bought 18,783 condos in 2024, 19,199 in 2023, 23,606 in 2022, and 28,530 in 2021. The number of units sold in 2024 was 34 percent less than in 2021.

See a detailed real estate datasheet

Single-family home and condominium sales in Greater Boston followed a similar pattern, posting modest gains in 2024 after significant declines in 2023. The Warren Group defines Greater Boston as the 139 cities and towns within I-495.

Single-family home sales increased nearly 4 percent in 2024 to 20,383 from 19,642 in 2023. In 2022, Greater Boston home buyers purchased 25,664 houses. Home buyers bought almost 21 percent fewer houses in 2024 compared to 2022.

Condominium sales slid 2 percent in 2024 after dropping 18 percent from 2022 to 2023. Condo sales in 2024 (13,580) were 20 percent less than in 2022 (16,967).

Slow sales haven't stopped prices from increasing. The median price of a single-family house in 2024 in Massachusetts rose nearly 8 percent to $615,000 and 6 percent to $760,000 in Greater Boston.

Statewide, the median condo price reached $535,000, up 5 percent in 2024. Condominium prices rose about 3 percent to $620,000 in Greater Boston from $599,900 in 2023.

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If January is any indication, sales might rebound in 2025. Statewide, single-family home sales rose about 9 percent compared to January 2024, while condominium sales jumped 19 percent. Median prices for houses ($585,000) and condos ($530,000) reached all-time highs for January.

In Greater Boston, single-family home sales rose nearly 11 percent, while condominium sales soared 21 percent from January 2024. House prices increased almost 9 percent to $750,000, and the median condo price dipped $5,000 to $620,000.

While the inventory picture is improving for home buyers, move-in-ready properties are still receiving multiple offers and selling for more than the listing price.

Boston Mayoral Campaign to Focus on Housing

Boston mayoral candidate Josh Kraft, son of New England Patriots owner Robert Kraft, plans to make housing a focal point of his campaign to unseat Boston Mayor Michelle Wu.

His campaign website states, "[He] will implement a multi-dimensional plan to turbo-charge housing production by providing incentives to get permitted housing built, give meaningful relief to renters, and provide support for first-time homebuyers."

Kraft blames Wu for a slowdown in housing production. "When it comes to housing production, Mayor Wu's administration has been inconsistent in its commitments and misleading in its portrayal of the facts."

Kraft claims that in the last "fourth" months of 2024, city officials advanced only 177 units, representing the fewest permits issued in the city over the past six years. He adds that over 26,000 units have been formally approved and are ready to be built; however, they are stalled and idle because irresponsible policymaking hinders development.

Massachusetts: Top State to Leave

There's a lot of talk about young professionals leaving Massachusetts due to high housing costs. A survey found that, yes indeed, many people are leaving Massachusetts, but not the people or for the reasons you might think.

United Van Lines named the Bay State one of the top states for people moving away in its 48th Annual National Movers Study, coming in fifth with outbound migration at 58 percent. The study showed the primary reasons driving people to leave were a job (25 percent), followed by family (24 percent), retirement (18 percent), and lifestyle (11 percent). Health and cost reasons were each responsible for about 4 percent of the moves.

The study found that the most significant percentage of people leaving Massachusetts were 65 and older (34 percent). Other age groups leading the migration out of Massachusetts were those 55 to 64 (23 percent) and those under 18 to 34 (19 percent).

Of those individuals who left Massachusetts, 21 percent were earning between $100,000 and $149,900, while 15 percent coming to Massachusetts were in that income range. The largest percentage (53 percent) leaving by income were individuals earning $150,000 or more; however, that income bracket also comprised the greatest rate of inbound migration (57 percent).

Massachusetts has been among the top outbound states for the past five years, according to the 2024 study. New Jersey, Illinois, New York, and California were the top four outbound states.

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News Nuggets

Cambridge First to Eliminate Single-family Zoning: The Cambridge City Council Monday recently voted to eliminate single-family zoning, clearing the way for increased density as the state seeks to address its housing crunch. Cambridge is the first in Massachusetts to take the step that allows four-story residential buildings to as of right, WBUR reported February 11, 2025. Developers can build six stories if they designate 20 percent of the building's units as affordable. Before the ordinance, city officials expected to add about 300 new units to the existing 55,000 over the next 15 years. With the change in zoning, the city anticipates seeing more than 10 times as many units built over the next 15 years.

Fixer-upper Anyone?: Zillow recently published research indicating a shift nationally in home buyer preferences, with "remodeled" homes now commanding a higher premium than fixer-uppers. Buyers will pay about 4 percent more than expected for move-in-ready properties. Previous trends showed fixer-uppers were more desirable, particularly among first-time buyers seeking affordable options. Homes needing work or "TLC" sell for around 8 percent less than expected, approximately $28,000 on a typical U.S. home. Zillow attributes the change to factors like rising renovation costs and buyers prioritizing convenience over the potential for customization. As home value appreciation slows, sellers may find that investing in renovations is a more effective strategy than offering discounted fixer-uppers. Zillow's analysis included more than two million homes for sale in 2024 and 359 listing keywords. First-time home buyers overwhelmed by the work needed on many Boston area homes may want to consider a rehabilitation loan.

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A recent report on the state of housing in Greater Boston suggests that 85,000 housing units could be constructed using just 5 percent of available public land.

The 2024 Greater Boston Housing Report Card, a collaborative effort by The Boston Foundation, Boston Indicators, and Boston University's Initiative on Cities, analyzes the region's persistent housing crisis. A "special topic" analysis examines the potential and challenges of utilizing publicly owned land for affordable housing, revealing significant obstacles such as complex regulations, lengthy permitting processes, and substantial public opposition.

The report includes policy recommendations aimed at streamlining land disposition procedures, reforming funding programs to prevent misuse, providing technical assistance to municipalities, and implementing further zoning reforms to facilitate affordable housing development.

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Greater Boston Housing Report Card 2024 Key Findings

I. Housing Market Trends and Demographics

• Population growth has leveled off, with a slight uptick in 2023 due to international immigration. (Source: Brookings)

• Greater Boston is aging. Households are smaller, and senior homeowners occupy larger homes.

• Median incomes are high, but income inequality is also very high. Homeowner incomes significantly exceed renter incomes.

• Gains in median household incomes have primarily benefited Black homeowners and Asian and Latino renters.

II. Housing Supply

• Sales of newly constructed homes have decreased over the last three years.

• The Metro Mayors Coalition (MMC) is not on pace to meet its 2030 production goal of 185,000 new units.

• Permitting activity in MMC communities declined by over 40 percent in 2023, primarily driven by a slowdown in Boston.

• "Metro Core Communities" and "Streetcar Suburbs" have permitted significantly more multi-family housing than other community types.

• Rental and homeowner vacancy rates in Greater Boston remain critically low, ranking among the lowest nationwide.

III. Housing Costs and Affordability

• Home values continue to increase, with median sales prices surpassing $1 million in 35 municipalities.

• Sales activity is depressed due to interest rate increases, but recent data suggest a modest uptick.

• A significant proportion of renters (50 percent) are cost-burdened, with persistent racial disparities for both homeowners and renters.

IV. Subsidized Housing

• Metro Core Communities provide a disproportionately larger share of subsidized housing units than other community types.

• Suburban communities are more likely to restrict subsidized housing to seniors only.

• A "concerning trend" is the prevalence of smaller units (one-bedroom or less) within the subsidized rental housing stock.

• The state's Subsidized Housing Inventory (SHI) overestimates how many below-market-rate units are available, leading to an inaccurate assessment of affordable housing availability.

V. The Use of Public Land

Availability and Potential:

• Publicly owned land constitutes almost one-fourth of the land in Greater Boston, with a significant portion vacant and not designated for conservation.

• Repurposing just 5 percent of this vacant land for housing at a density of 15 units per acre could yield over 85,000 new units, significantly addressing the region's housing shortage.

Obstacles to Development:

• Complex Regulatory Processes: The combined burden of state procurement laws (Chapter 30B) and local permitting processes creates a highly discretionary and fragmented system that hinders the redevelopment of public land.

• Public Opposition: Widespread opposition to housing development, particularly multi-family and affordable housing, poses a significant obstacle. The discretionary nature of development review processes empowers small groups to delay or halt projects effectively.

"Weaponization" of Public Land:

• The report reveals a trend where municipalities actively purchase land to prevent housing development, often in response to Chapter 40B proposals.

• "Since 2010, we identify 13 instances where communities purchased property to stop a housing development, using over $50 million in public funds, including resources from the Community Preservation Act."

• This "weaponization" of public land undermines efforts to address the housing crisis. It often results in significant financial burdens for municipalities managing these acquired properties.

VI. Policy Recommendations

• Streamline the Disposition of Public Land: The report recommends simplifying and expediting the processes for declaring land surplus and issuing requests for proposals (RFPs). The report also suggests reducing the required legislative majority for surplus land declarations and considering exemptions for transfers to affordable housing trusts.

• Provide Technical Assistance: The state could offer guidance and support to municipalities in navigating the complex process of redeveloping public land for housing. The state could assist in conducting feasibility studies and crafting realistic RFPs that attract developers.

• Streamline Housing Permitting: Another recommendation is more changes to zoning regulations and permitting processes to reduce barriers to housing development on both public and private land. The report suggests implementing a statewide affordable housing overlay to expedite approvals.

• Reform State Funding Programs: The report recommends ensuring municipalities cannot use state funding programs to obstruct housing development. Programs should align funding priorities to increase the affordable housing supply.

While using public land for affordable housing may seem promising, the idea's potential requires overcoming substantial regulatory and political obstacles. One has to look no further than the MBTA Communities Act, which requires 177 Cities and Towns to establish "at least 1 district of reasonable size in which multi-family housing is permitted as of right." The law has faced fierce opposition in some communities.

News Nuggets

Hot Housing Market: Realtor.com named Springfield, MA, No. 1 on its hottest housing markets list for November 2024. "Springfield's hotness means that high demand is met with low inventory as buyers claim available homes," Hannah Jones, Realtor.com senior economic research analyst, wrote in her report. Homes in Springfield attracted nearly three times the national average in views per listing and sold faster than in almost any other market. The appeal of living close to Boston drives demand. According to Realtor.com, for several years, many of the No. 1 hottest markets have one thing in common: proximity to Boston.

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HOA Holiday Hate: The holidays are a time of celebrations with friends and family, presents, and homeowners association complaints. Boston.com wrote about homeowners associations facing lawsuit threats over holiday decor. One attorney said the disputes can get nasty. "'HOA law makes divorce law look amicable,' said Jason G. Mahoney, an attorney and real estate broker in Boston, told Boston.com. 'Sometimes people can get divorced and be somewhat mature about it. But in an HOA, it seems like they're always looking to settle these small scores and grievances from years past, and now they have an opportunity to exact revenge.'" Read more.

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ADU Draft Regulations: A key provision of the massive $5.16 billion housing bond bill Massachusetts Governor Maura Healey signed in August allows accessory dwelling units (ADUs), or in-law apartments, by right in single-family zoned neighborhoods statewide. ADUs can be basement and attic apartments, home additions, or small detached dwellings. There are still rules and regulations, but the new law allows more flexibility and options. The Executive Office of Housing and Livable Communities has invited stakeholders to comment on proposed Protected Use Accessory Dwelling Unit (ADU) regulations through multiple opportunities, including written comments, webinars, and a public hearing. Read "Massachusetts Home Buyers Should Know About Accessory Dwelling Units."

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What Interest Rate Will Move Home Buyers?: Television personality and real estate mogul Barbara Corcoran told Fox Business host Neil Cavuto last week that "if mortgage rates drop to anywhere within the 5 percent range, it could trigger 'incredible' homebuying activity," Realtor.com reported. Boston area home buyers with good credit saw rates around 5.875 percent for a brief period earlier in the fall. Those rates did give the market a jolt of energy at the time. Compass CEO Robert Reffkin told CNBC on Wednesday, December 18, 2024, that his company expected interest rates in the 6 percent range over the next two years.

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The law that essentially prohibits waiving a home inspection in Massachusetts will not take effect for at least another eight months, and the Massachusetts Association of Realtors (MAR) is taking credit for stalling the pro-consumer piece of legislation.

In a unanimous vote (39-0) in late June, Massachusetts state senators adopted an amendment proposed by Millbury Senator Michael Moore that disallowed waiving home inspections. The amendment specifically directed the Executive Office of Housing and Livable Communities to establish regulations stating that home purchases cannot be contingent upon the buyer waiving their inspection rights. The House's housing bond bill did not include any such language.

The state Senate and House of Representatives needed to reconcile their differences before sending the final housing bill to Governor Healy for consideration. That happened on August 1, 2024, and included the Senate home inspection language [See housing bond bill]. Governor Healey signed the bill.

On December 4, 2024, MAR called delaying the implementation of the home inspection law a priority.

"One of MAR's year-end priorities was recently included in the closeout supplemental budget that was just passed by the Legislature: the extension of the deadline for the Executive Office of Housing and Livable Communities (EOHLC) to promulgate regulations mandating a right to conduct an inspection. The requirement for EOHLC to issue the regulations was included in the Housing Bond bill that was passed this summer. EOHLC now has until July 15, 2025. MAR will be involved in the regulatory process and will promulgate any recommended practice and forms changes once regulations are finalized."

The state Senate language is straightforward and doesn't allow sellers and agents to skirt the prohibition. The following is the full text of the amendment:

Section 101. The executive office of housing and livable communities shall promulgate regulations to ensure that no seller of a residential structure or a residential condominium unit, or agent thereof, shall: (i) condition the acceptance of an offer to purchase on the prospective purchaser's agreement to waive, limit, restrict or otherwise forego any prospective purchaser's right to have the structure or unit inspected, except when the sale of the structure or unit is to occur at an auction conducted by an auctioneer licensed under chapter 100; or (ii) accept an offer to purchase from any prospective purchaser, or agent thereof, who, in advance of the seller's acceptance of said offer, informs the seller, either directly or indirectly, that the prospective purchaser intends to waive, in whole or in part, the prospective purchaser's right to inspection; provided, however, that the seller may accept such an offer without violating this section when the prospective purchaser is: (A) the spouse, sibling, child, parent, grandparent, grandchild, great-grandchild or great-grandparent of the seller; or (B) the former spouse of the seller and the sale of the structure or unit is being made pursuant to a judgment or order under chapter 208; provided further, that other limited exceptions may be provided for by regulation."

Groups opposed to the law will undoubtedly focus on the law's last 12 words to water down the law.

In July, Moore told Real Boston that home buyers should know what they are buying before committing to one of the most significant investments in their lives.

"This amendment will curb the practice of making offers that waive the right to a home inspection, something that's become increasingly common in this ultra-competitive real estate market," Moore said. "Buyers must not feel obligated to waive inspections, risking their most important investment, in order to find their forever home. In a Commonwealth where we have long taken a strong approach to consumer protections, this is an obvious step to protect families from financial ruin due to costly undisclosed repairs."

Anyone involved in residential real estate knows the concerning number of prospective home buyers making offers that waive the home inspection contingency. While the number of offers without a home inspection contingency seemed to have decreased in recent months, it's likely still around 50 percent.

There's no doubt most listing agents are encouraging home sellers to prioritize offers without home inspection contingencies, even if the amount of the offers is slightly less money. Listing agents often tell buyer agents that a seller is looking for a "clean offer." Home buyers are also frequently encouraged to waive appraisal contingencies.

Greater Boston Monthly Market Report

The median price of a single-family home in the 64 cities and towns that comprise the Greater Boston Association of Realtors territory rose 3 percent in October compared to October 2023 and less than 1 percent from September 2024. The median house price in October was $855,000.

There were 885 houses sold in October, a significant increase of 18 percent from September's 751 sales, likely due to a brief but significant dip in interest rates in September. Sales were up 12 percent from 790 in October 2023, when interest rates briefly reached 8 percent for the first time since 2000.

The median condominium price in October increased to $700,000, less than 1 percent compared to October 2023 but 4 percent higher than September 2024. Through October, the median condo rose about 2 percent compared to the same 10-month period in 2023.

Condominium sales increased about 4 percent in October to 718 from 692 in October 2023.

New Hampshire November Real Estate Report

The Granite State's real estate market remains strong. The median price of a single-family home in November rose 11 percent on a year-over-year basis to $500,000, and sales increased by 2 percent to 1,071.

The number of houses for sale increased by 8 percent in November from November 2023; however, there was less than two months of supply.

New Hampshire condominium buyers got some relief in November, with the median price dropping more than 4 percent to $410,000 compared to $429,000 in November 2023. Condo sales fell 8 percent to 314.

There also was only two months of condominium supply in November. The number of available units rose nearly 9 percent.

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Rhode Island Real Estate Market Report

The median price of a single-family home in much more affordable Rhode Island rose more than 11 percent in October to $485,000 from $435,000 in October 2023. The median price stood at $405,000 in October 2022.

House sales rose about 5 percent to 680 compared to 645 in October 2023 and 777 in October 2022.

Condominium prices dropped nearly 7 percent in October to $355,000 from $380,000 in October 2023. The median price in October 2022 was $319,000.

Condo sales jumped 15 percent to 183 compared to 159 units sold in October 2023 and 172 in October 2002.

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Mortgage interest rates have risen for six consecutive weeks.

Although higher than the previous week, the current rate is nearly one percentage point lower than the 7.50 percent seen a year ago.

The 15-year, fixed-rate mortgage reached 6 percent, up slightly from 5.99 percent the prior week but less than 6.81 percent a year ago. The 15-year note is popular with homeowners who want to refinance.

Freddie Mac’s Chief Economist, Sam Khater, noted that rising rates have impacted home purchase demand. As rates climbed, mortgage applications dropped 10 percent over the past month.

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