Is Medford, MA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Medford is a seller's market

Buyer's
Market

Difference Since June 2023

Since last year, Medford has remained a Seller's Market.

Key Takeaway

Medford is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Medford, MA

How much do homes in Medford, MA cost?

Median Sold Price

$848,266

$507/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$98,213(+13.1%)

Key Takeaway

Homes in Medford have sold for 13.1% more than they did a year ago.

Summary: The median home sold price in Medford was $848,266 in June 2024, up 13.1% from last year, and the median price per square foot was $507.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $599.9K$599.9K
0.0%
2 $580K$644K
+11.0%
3 $755K$830K
+9.9%
4 $877.5K$992.5K
+13.1%
5+ $1.0M$1.1M
+6.3%

Summary: Medford housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes increased by 6.3%.

Median Sold Price Compared To Nearby Cities

Medford
+13.1%
Malden
+12.6%
Somerville
+11.4%
Winchester
+7.8%
Everett
+6.4%

Housing Supply in Medford, MA

How many homes are available in Medford, MA?

Number of Homes For Sale

May 2024Jun 2024CHANGE
1541540.0%

Summary: The Medford real estate market had 154 homes for sale in June 2024, the same as May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 54
-20.0%
2 2924
-17.2%
3 6871
+4.4%
4 2628
+7.7%
5+ 2627
+3.8%

Summary: The Medford housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 17.2%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes increased by 3.8%.

Number of Homes Sold

May 2024Jun 2024CHANGE
4356+30.2%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

35 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Medford, you could pay more than the asking price. 62.5% of homes here sold above asking price last month.

Summary: A total of 56 homes were sold or pending in Medford in June 2024, up by 30.2% month-over-month. Of the 56 sold homes, 30% were sold under asking, 7% were sold at asking, and 63% were sold over asking.

Days on Market for Medford, MA

How long does it take to sell a home in Medford, MA?

Average Sale Time

Jun 2023Jun 2024CHANGE
19 Days17 Days-12.2%

Summary: Homes in Medford had an average of 17 days on market in Jun 2024, down by 12.2% compared to last year.

Breakdown of Home Sale Times

49 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Medford are selling fast, if you're buying plan to act quickly.

Summary: During June 2024, 56 homes were sold in Medford; 88% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 19 Days Ago

Newest Listings in Medford, MA

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