MA condos flat at $525K while single-family climbs — is that the entry point?

Question

September split Massachusetts in two, and the split was by property type.

Per the Massachusetts Association of REALTORS September data: single-family closed sales climbed 4.8% year over year and the median rose 2.4% to $670,000. Condos went the other way — closed sales fell 6.4% and the median stayed flat at $525,000. New listings rose for both (+7.6% single-family, +6% condos), so condo buyers are getting more choice without prices moving. The Warren Group / MLS PIN cut of the same month shows the negotiation side of it: price adjustments up 11.2% to 1,126, and pending sales down 7.9%.

I'm a Realtor with Candor Investment Group / eXp Realty, licensed in MA, RI, and NH, and co-founder of TWM Residential — 17+ rental units as an operator. When I underwrite a condo as a rental, the flat price is only the start: HOA dues, special-assessment risk, and rental restrictions in the docs can eat the whole spread, which is why I usually end up in small multifamily instead. But at a flat $525K median while single-family keeps climbing, I get why first-time house-hackers and new landlords are looking hard at condos right now — especially with Freddie Mac's 30-year at 7.24% (Oct 29 survey, down from the 7.40% peak but up from 6.17% a year ago).

For those of you buying in MA this fall — are you taking the softer condo market as your entry point, or paying up for single-family / small multifamily, and what do the numbers look like on the deals you're actually running?

Inder Singh · Answer

Ametria, good question — here it's mostly concessions and terms, not headline price. Sellers are holding price to protect their comps and giving ground on closing-cost credits, rate buydowns, and inspection timelines instead. And you're right on the underwriting: on the condo deals I've run lately, the HOA line is where the spread lives or dies — dues, what's actually in reserves, and whether a special assessment is even rumored. A flat price with a healthy association beats a 'discount' with a thin one every time.

Ametria Chaney · Answer

Interesting split, Inder. The general principle I share with buyers: a flat segment can be an entry point, but only if the numbers work as a rental or the discount is real — not just "less competitive." With condos specifically, I'd underwrite the HOA dues, special assessment risk, and rental caps before getting excited about the flat price, because those can erase the spread fast (sounds like you're already on that). In my market I see the same dynamic — the "deal" is only a deal if it cash-flows or appreciates on its own merits, not just because it's the cheaper door in. Are you seeing condo sellers negotiate more on price or on concessions?

MA condos flat at $525K while single-family climbs — is that the entry point?

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