The median sales price for a single-family home in Greater Boston reached $1,003,250 in June, marking a historic milestone as it surpassed $1 million. This price reflects a 2.4% increase from May and a 4.5% increase from June of the previous year. The data from the Greater Boston Association of Realtors highlights the ongoing demand in the competitive real estate market. A buyer seeking a $1 million home will face significant costs, with potential monthly mortgage payments near $5,057 at a 6.5% interest rate. Upcoming changes to home inspection laws may influence future market dynamics.
The median sales price for a single-family home in Greater Boston has surpassed $1 million for the first time in history, reflecting significant demand.
With a higher sales price, the true cost of buying and owning a $1 million home is likely increasing too, with monthly payments approximately $5,057 at a 6.5% interest rate.
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