Cape Cape real estate market slows down, but prices still rising

BOSTON — Single-loved ones property gross sales in Massachusetts plummeted previous thirty day period to the least expensive November full in 8 several years though prices climbed to a new significant, according to the most current report from The Warren Group.

Single-relatives residence sales on the Cape and Island dropped 29.6{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} from November 2021, in accordance to knowledge compiled by the Massachusetts Association of Realtors. There have been 526 closed income in November 2022 compared to 714 in November 2021.

The drop in product sales quantities was accompanied by an improve in median sale cost. It rose from $630,000 in November 2021 to $650,000 in November 2022, a 3.2{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} enhance.

Throughout the condition, there were 3,806 profits of one-household households in November, reflecting a 29.4{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} drop from the identical month 1 year ago and a 34.7{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} decline from two several years back, The Warren Team said in a report released Wednesday.

That’s the most affordable November total due to the fact 2014, elevating the stakes in a housing debate that lawmakers have been unwilling to dive into irrespective of numerous households emotion economically burdened or locked out of the current market.