SOUTH HADLEY, Mass. (WWLP) – The challenges potential home buyers are facing may not be going away any time soon.
Hideaway Circus returns to Buttery Brook Park in South Hadley We spoke with a local realtor about what we are seeing in our region—and how state officials are combating this issue, and it doesn’t seem to be coming down any time soon, with home prices hitting a record high in May.
Economists say it could take years for the housing market to recover from the COVID-19 pandemic and inflation–making homes less affordable across the country and intensifying the housing crisis. Local realtor Steven LaPlante with Era M. Connie LaPlante Real Estate, told 22News, “It really just comes back to simple economics– supply and demand. When you have 15% fewer homes hitting the market, you are going to see prices go up.”
In western Massachusetts, the median price of a single-family home is up by 11% since last year. The median sale price for Franklin County, and Hampden County inching closer to $400,000. Hampshire County, nearing $500,000. Communities in the region are making efforts to combat these high prices to get people into homes.
The City of Springfield, constructing 40 new affordable condominiums in the South End, for first-time home buyers. On Beacon Hill, the State Senate is working on its version of the housing bond bill, which would authorize more than 5 billion to address the housing crisis.
The bill would encourage housing production and provide incentives for affordable housing.
In the meantime, other measures are being taken by communities to adapt. “It’s the new version of in-law apartments, they are called ADUs—accessory dwelling units. We are seeing more of those being allowed in communities–allowing multiple generations to live on the same property,” adds LaPlante.
The State Senate will debate the housing bond bill on Thursday. Lawmakers must get the bill on Governor Healey’s desk before the end of the formal session on July 31st.
Applications for the affordable housing complex in Springfield’s south end are due by this Friday.
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Kristina D’Amours is a reporter who is a part of the evening 22News team. Follow Kristina on X @KristinaD_WWLP and view her bio to see more of her work.
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