Some Massachusetts homes are selling for hundreds of thousands of dollars over the asking price
A red-hot real estate market has anxious homebuyers bidding hundreds of thousands of dollars over asking prices, leading some properties to sell on the same day they are listed, brokers say.
“It’s been a seller’s market for some time; it’s just on steroids now,” said Jared Wilk of the Shulkin Wilk Group at Compass in Wellesley. “I’ve never seen anything like it in my 17 years.”
The 1,161 detached, single-family homes sold in May was the ninth-highest sales volume for the month in Massachusetts and a 29.9% increase over the 894 homes sold in May 2020, according to the Greater Boston Association of Realtors.
The median sales price reached a record-high for the month at $761,000, a 14% increase over the May 2020 median sales price of $667,500.
For condominiums, it was the most active May on record in Greater Boston, with 1,372 sold, a 123% increase over the May 2020…