Home prices in Greater Boston have continued to surge at the start of 2021 for one simple reason: There’s just not much to buy.
And now, as the typically busy spring market opens up, that could send prices even higher.
The median price for a single-family home in the region hit a record in February, again, reaching $648,750, up 5.7 percent from the same month last year. That’s according to data put out Tuesday by the Greater Boston Association of Realtors. Condo prices climbed, too, with the median up 3.1 percent to $597,000.
It’s been the trend for months now, driven by strong demand — a rebounding economy, still-low interest rates, and cooped-up apartment-dwellers looking for space to stretch out — coupled with supply that remains quite low, said Dino Confalone, an agent with Gibson Sotheby’s International in Cambridge and the current president of the realtors association.