Greater Boston home prices surpass $1 million for first time in history

The median price of a single-family home in Greater Boston just surpassed $1 million. That is a historic high, according to the Greater Boston Association of Realtors.

The median price reached $1,003,250 in June, according to a Thursday press release from the association. That's up 2.4% from the previous month when the median home price was $980,000. It's also up 4.5% from this time last year when the median home price was $960,000.

Home prices in Greater Boston have been marching towards this million-dollar milestone since April, according to the realtors' group, whose boundary lines for the region span 64 communities in eastern Massachusetts.

Mark Triglione, the president of the Greater Boston Association of Realtors, said housing inventory has increased in some markets and homes have been on the market longer.

"This has led some buyers to believe they may see some relief on prices, but the data and buying behavior continues to defy that notion," Triglione said in a statement. "And properties priced right are selling faster than the recent Red Sox turnaround."

In the condo market, prices have gone in the opposite direction, according to the realtors' group. The median price of a condo was $725,000 in June. That's down 3.3% from both the previous month and this time last year when median condo prices were $750,000.

The condo market has been steadier overall. Condo prices have remained around $700,000 since 2022.

"Increased condo development across the region appears to be leading to more predictable price tags," Triglione said.