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Home prices continue to climb in Lynn

LYNN — Sales of single-family homes in the city continued to rise while prices also increased, according to The Warren Group, the Boston real estate tracker.

There were 61 home sales in Lynn in October, up 3 percent from the same month one year ago. As sales rose, so did prices. The median price for a single-family home swelled to $310,000 in October, an increase of more than 5 percent from $292,500 last year.

Condominium sales fell slightly in October to 14 from 18 a year ago. While sales slipped, the median price for a condo rose by 35 percent to $259,000, up from $168,400 a year ago.

One of the reasons prices are rising, say brokers, is the lack of inventory. As of Monday, there were only 23 condos available for sale, priced from $119,900 to $600,000, according to the MLS Property Information Network, the Shrewsbury-based listing firm.

Single-family home sales and prices are on track to outpace 2016 levels. But inventory continues to plague buyers, say agents. While there are 79 single-family homes for sale on MLS this week, fewer than two dozen were priced at or below the median price.

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