Want to buy a single family in Greater Boston? It’s gonna cost you a cool $1M – Wowza

Well, it finally happened—Greater Boston has officially crossed into the million-dollar club when it comes to real estate. According to the latest data from the Greater Boston Association of Realtors (GBAR), the median price for a single-family home in the area hit just over $1 million in June. We’re now playing in the same league as NYC, the San Francisco Bay Area, and Southern California.

According to the Boston Globe, if you already own a home in Boston or anywhere else in Greater Boston, congratulations—you’re sitting on some serious equity. But if you’re still out there looking? The market is no joke. Home sales are up almost 20% from May, and nearly 6% from this time last year, with 1,292 single-family homes sold across the region (excluding the North and South Shores). Condo sales also saw a little bump—just under 2% year-over-year—with nearly 1,000 units snapped up in June.

The million-dollar milestone has been on everyone’s radar for a while now. Real estate pros like Dino Confalone of Gibson Sotheby’s say they’ve been bracing for this since spring, as prices flirted with the seven-digit mark. And while it might seem like a dramatic headline, this number is more than just a flex—it’s likely to spark some political chatter on Beacon Hill and in the upcoming mayoral race.

So what does this all mean? In the short term, not a whole lot for those of us trying to buy in this bonkers market. Sure, the state might roll out new housing policies eventually, but don’t hold your breath for any affordable homes popping up overnight.

There is one small sliver of hope: more listings are hitting the market. Single-family home listings are up nearly 9% compared to last year, and condos jumped a whopping 19%. More inventory could mean a little relief on pricing—fingers crossed.

And remember, June is usually the peak of the housing market around here, so prices could cool off a bit as summer winds down. Will they dip back under the million-dollar mark? Maybe. But don’t expect a fire sale.

You can read more here.