Seven MetroWest communities have a median home sale price higher than $1 million

Why have housing prices in Massachusetts gotten so high? And with the economy now slowing, when will we see these price increases start to moderate?

The answer to the first question is well documented. There isn't nearly enough inventory — and hasn't been for several years — to accommodate demand, with restrictive local zoning cited by state officials as the No. 1 culprit.

The Warren Group reported in January that sales of single-family homes in Massachusetts last year totaled 40,828, down a shocking 22.4% from 2022 and the lowest number of homes sold in the state in 12 years. The median sales price last year was $570,000, up 3.6% from the 2022 median of $550,000, according to The Warren Group, a Peabody-based provider of banking and real estate data and publisher of Banker & Tradesman.

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Sales are picking up this year, albeit marginally. The Warren Group recently reported that 14,005 single-family homes were sold in Massachusetts through May 31, at a median price of $590,000. Sales were up 2.1% from the first five months on 2023, but the median sales price for those properties rose by a far more robust 9.3% (from $540,000 through May 31, 2023).

"Typically, increased sales would temper price growth, but the pent-up demand from homebuyers is redefining market dynamics," said Cassidy Norton, The Warren Group's associate publisher, in a statement.

Seven MetroWest towns have median selling price above $1 million

In MetroWest, seven communities now have a median sales price for single-family homes above $1 million. That's up from five a year ago.

Nine communities out of the 23 we looked at have seen their median sales price rise by at least 15%, and a 10th checked in at 14.9%.

Areas where prices are more affordable and not rising as quickly? Most of those spots are closer to Milford rather than Framingham.

"Low inventory is still an issue but there are still places that are more affordable, and when you get that the traffic (prospective buyers) is still there," said Toni Travaglini, a Realtor with ERA Key Realty Services' Milford office . She named Milford, Ashland and Holliston as places that contain more affordable offerings.

What follows is the year-over-year median price change for single-family homes in each MetroWest and Greater Milford community through the first five months of 2023 and 2024:

Hopkinton, up 24.0%

YTD 2024: $1,125,100

YTD 2023: $907,500

The year-over-year median home sale price has risen faster in Hopkinton than in any other MetroWest community.

As the Daily News previously reported, Hopkinton's population grew third-fastest in the state from 2010-20 , according to the U.S. Census. Housing stock is having trouble keeping up with demand.

Forty-five single-family homes have been sold this year in Hopkinton through May 31, down from 46 at the same time a year ago, according to The Warren Group .

The town is one of two in the region whose year-to-date median sales price has eclipsed $1 million for the first time.

Southborough, up 23.8%

YTD 2024: $1,150,000

YTD 2023: $928,600

In terms of price growth, Southborough is right on Hopkinton's heels so far this year. And like its neighbor to the south, its median year-to-date price has eclipsed $1 million for the first time.

Twenty-eight single-family homes have been sold this year in Southborough through May 31, compared to 33 at the same time in 2023, according to The Warren Group.

Wayland, up 23.0%

YTD 2024: $1,230,000

YTD 2023: $1,000,000

Wayland's median home sale price was exactly $1 million through May 31 last year, and it has risen another 23% this year.

Thirty-three single-family homes have been sold in town during the first five months of 2024, four more than a year earlier.

Northborough, up 20.2%

YTD 2024: $751,250

YTD 2023: $625,000

The fourth and final MetroWest community to experience a more than 20% increase in its median sales price so far this year is Northborough.

Thirty single-family homes have been sold in Northborough this year through May 31, down from 37 a year ago.

Weston, up 17.3%

YTD 2024: $2,370,000

YTD 2023: $2,020,000

Weston's median home sale price is the highest in MetroWest, and among the highest in the state. The town is one of two in the region with a median price greater than $2 million.

That its median sales price for single-family homes still climbed by more than 17% is an indicator that the high-end market is less affected by general economic worries.

Thirty-eight single-family homes have been sold in Weston through May 31 of this year, five fewer than were sold at the same time in 2023.

Wellesley, up 16.4%

YTD 2024: $2,182,500

YTD 2023: $1,875,000

Wellesley's strong year-over-year sales price increase for single-family homes brought its median to more than $2 million.

Despite the lofty price levels, sales have been steady — the 94 single-family homes sold through May 31 this year is one more than what was sold in the first five months of 2023.

Sherborn, up 16.2%

YTD 2024: $1,249,375

YTD 2023: $1,074,775

Six of the seven MetroWest communities with the biggest increases in median sales price from a year ago are places where the current median is more than $1 million. Sherborn is among this group.

That said, Sherborn (pop., 4,400) is not a hotbed of home sale activity. Twenty single-family homes were sold in town during the first five months of this year, up from 16 at the same point in 2023.

Natick, up 15.9%

YTD 2024: $910,000

YTD 2023: $785,000

Natick has long been a desirable place to live for Boston commuters. It's had an impressive year-over-year increase in median price, and this year sales have followed suit — through May 31, year-over-year single-family home sales have sprouted by nearly a half (from 75 in 2023 to 111 this year), according to The Warren Group.

Franklin, up 15.8%

YTD 2024: $660,000

YTD 2023: $570,000

Among Greater Milford communities, the Franklin housing market has shown the most burst in the past year. Like Natick, two MBTA stops make this a desirable community for would-be Boston commuters.

Sixty-nine single-family homes have been sold in Franklin through May 31 of this year, up from 64 at the same checkpoint in 2023.

Westborough, up 14.9%

YTD 2024: $780,000

YTD 2023: $679,000

Back in April, local listing agent Liz Lassen said in a news release that the town needs "more housing inventory at price points that are within reach of younger families.

"It is a big concern to go almost two weeks without having any Westborough homes for sale in the $500K to $800k range,” she said.

It's a problem to which many surrounding communities can relate.

Thirty-nine single-family homes were sold in Westborough through May 31, up from 37 at the same time a year earlier.

Milford, up 13.4%

YTD 2024: $560,000

YTD 2023: $493,750

Milford's median single-family sales price of $560,000 so far this year is quite close to the state median. Travaglini said low inventory remains a persistent concern but that when reasonably affordable properties come onto the market, "they attract traffic."

Through May 31, a total of 57 single-family homes were sold in Milford, down from 64 a year ago.

Holliston, up 11.8%

YTD 2024: $740,000

YTD 2023: $662,000

While Holliston's year-over-year price increase was only slightly above normal, its year-to-date sales are down sharply.

Thirty-seven single-family homes were sold in town this year through May 31, down 30% from the 53 sold at the same juncture in 2023.

Hudson, up 6.7%

YTD 2024: $600,000

YTD 2023: $562,500

Here's another community where the median single-family home price is close to the statewide figure.

Year to date (through May 31), home sales have totaled 43, up from 36 last year.

Framingham, up 6.3%

YTD 2024: $653,500

YTD 2023: $615,000

The median sales price for a single-family home sold in Framingham through the first five months of this year was 10% higher than the statewide median. There probably aren't a lot of people who would guess that.

And single-family homes in Framingham are selling on a nearly daily basis — 140 completed transactions through May 31, up 28.4% from the 109 sold at the same juncture last year.

Millis, up 6.2%

YTD 2024: $647,500

YTD 2023: $609,900

To accommodate the MBTA Communities Law, Millis must rezone for a possible 750 new units of multifamily housing — 22% of its existing housing stock. That's the highest proportion in MetroWest/Greater Milford.

Its current housing stock is selling much more quickly so far this year. Thirty-seven single family homes have changed hands through May 31, more than double the 17 sold at the same time a year earlier.

Marlborough, up 3.4%

YTD 2024: $565,000

YTD 2023: $546,450

Marlborough is another community whose median single-family home sale price is near the state average. Both the pricing and the sales (76 through May 31 his year, compared to 75 at the same point in 2023) of its housing have been stable.

Sudbury, up 2.9%

YTD 2024: $1,163,000

YTD 2023: $1,130,000

Sudbury is the seventh, and final community in our region to boast a median single-family home price above $1 million. It's the only one of those communities where home prices have not jumped by at least 16% in the past year.

Sixty-five single family homes have been sold in town through May 31, up from 57 at the same point a year ago.

Bellingham, no change

YTD 2024: $450,000

YTD 2023: $450,000

Through May 31, the median sales price for a single-family home sold in Bellingham was exactly the same as it was a year earlier — $450,000.

But quite a bit fewer homes are selling so far in town this year. The 43 sold through May 31 represents a 27% decline from a year ago (57).

Medway, down 4.0%

YTD 2024: $589,950

YTD 2023: $614,500

For these last five communities on the list, the median sales price for a single-family home is lower through May 31 than it was a year earlier. Medway's average single-family home can now (and again) be had for under $600,000.

Twenty-six single-family homes were sold in town through May 31, down from 34 at the same point in 2023.

Mendon, down 4.1%

YTD 2024: $590,000

YTD 2023: $615,000

Mendon's median sales price for a single-family home so far this year is the same as the state average. But it's hard to read too much into Mendon's housing market because homes move fairly slowly in this small town (pop. 6,200).

Through May 31, only 11 single-family homes changed hands in Mendon. Through the same period last year, there were 25 such sales.

Hopedale, down 6.6%

YTD 2024: $544,500

YTD 2023: $583,000

Hopedale's population is similar to neighboring Mendon's but there is far less land on which to construct new homes; Hopedale has just 5.2 square miles of land, compared to 18.1 square miles for Mendon.

Fourteen single-family homes have been sold this year in Hopedale through May 31, up from 13 at the same time last year.

Ashland, down 12.4%

YTD 2024: $620,000

YTD 2023: $707,500

It's possible that inventory was especially tight in Ashland a year ago, when the median single-family home sale price soared above $700,000 through the first five months of the year. Indeed, home sales have nearly doubled in this town from a year ago, from 22 to 39, according to The Warren Group.

Upton, down 23.9%

YTD 2024: $510,000

YTD 2023: $670,000

Upton is the local community that saw the sharpest decline in sales price for single-family homes in the past year. There were only 20 single-family homes sold through the first five months of 2023, and that number declined to just 13 this year.

This article originally appeared on MetroWest Daily News: Seven MetroWest communities have a median home sale price higher than $1 million