If you’re looking to buy a house in Foxboro or other parts of western Norfolk County, be prepared to pay a little more.
The median price of a single family home in Foxboro reached $480,000 in May according to the latest figures from The Warren Group, which tracks local real estate sales statistics. That’s up from $410,100, or 17 percent from May 2016.
When all sales from the first five months of 2017 were compared with 2016, however, the average median price was a more modest $380,000, roughly flat compared with last year.
The price spike in Foxboro and other communities coincides with a general trend toward inflating home sale prices.
According to The Warren Group, the median price of a single-family home in Massachusetts rose to its highest point on record for the month of May.
The median sale price of a single-family home in Massachusetts for May increased 6.9 percent to $370,000. May marked 14 straight months in which the median sales price has increased year over year.
In the Foxboro area, Attleboro, Norfolk, North Attleboro, Norton, Rehoboth and Seekonk also registered increases in median sale prices compared with May, 2016.
In Norfolk, the median price of a home shot from $519,900 in May 2016 to $587,500 last month, according to The Warren Group. That’s a hike of 13 percent.
Sales of single family homes were brisk throughout the Foxboro area last month totaled 215, up 23 percent from last May’s total of 174.
In Foxboro, a total of 19 single family homes were sold last month, up 11.6 percent from 17 homes sold in May, 2016. Year to date, 66 homes have been sold, compared to 62 last year.
There were 5,396 single-family homes sold in May statewide, edging out the 5,315 in May 2016 for a 1.5 percent increase, and bringing that total to its highest point since May of 2004.
“Though single-family sales are on the rise, they’re not rising as swiftly as the median price, which smashed the previous record of $352,500 from May 2005,” said Timothy Warren, CEO of The Warren Group. “Low inventory of homes for sale has many industry experts on edge. Buyers are finding very little choice and are forced to bid aggressively to make a purchase.”
There were 2,430 condominiums sold in Massachusetts last month, compared to 2,147 last year – an increase of 9 percent.