Median Price for Single-Family Homes in Greater Boston Exceeds $1M for First Time

The median sales price for a single-family home in Greater Boston has hit the $1 million mark for the first time in history, according to data from the Greater Boston Association of Realtors (GBAR). 

This milestone figure, recorded from June home sales, reflects the continued demand for homes in one of the country's most expensive real estate markets.

According to the GBAR, the median sale price for a single-family home in the Greater Boston area reached $1,003,250 in June. This figure represents a 2.4% increase from May's median of $980,000 and a 4.5% boost from $960,000 in June 2024.

“If you needed any more evidence that Greater Boston was one of the most desirable areas of the country to live, you just got it with June's record median price of a single-family home surpassing $1 million,” Mark Triglione, president of the GBAR, said in a news release shared with Boston.com.

This report from the GBAR takes into account data from 64 cities and towns that the association labels as “Greater Boston.”

With a higher sales price, the actual cost of buying and owning a $1 million home is increasing as well. A homebuyer purchasing a $1 million home will seek to make a down payment of at least 20% or $200,000. At a 6.5% interest rate, a 30-year fixed mortgage would result in a monthly mortgage payment of approximately $5,057 in principal and interest, according to Boston.com figures from 2024.

Looking ahead to October, Triglione said that Massachusetts' new home inspection law would also serve as a potential real estate market influencer. 

“For most sellers, their home is their largest asset, and losing the ability to accept an offer that creates the absolute best possible situation for them to capitalize on could impact the upcoming market,” he added.