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 February 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

$800,500

$482/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$28,000(+3.6%)

Key Takeaway

Homes in Medford have sold for 3.6% more than they did a year ago.

Summary: The median home sold price in Medford was $800,500 in February 2024, up 3.6% from last year, and the median price per square foot was $482.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $569.9K$606.9K
+6.5%
2 $580.4K$628K
+8.2%
3 $770K$780K
+1.3%
4 $879.9K$980K
+11.4%
5+ $1.0M$1.0M
-2.4%

Summary: Medford housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.5%, 2 bedroom homes increased by 8.2%, 3 bedroom homes increased by 1.3%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes decreased by 2.4%.

Median Sold Price Compared To Nearby Cities

Malden
+5.8%
Everett
+5.5%
Somerville
+5.4%
Winchester
+3.9%
Medford
+3.6%

Housing Supply in Medford, MA

How many homes are available in Medford, MA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
9091+1.1%

Summary: The Medford real estate market had 91 homes for sale in February 2024, a 1.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 78
+14.3%
2 2733
+22.2%
3 2424
0.0%
4 2114
-33.3%
5+ 1112
+9.1%

Summary: The Medford housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 22.2%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes increased by 9.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3520-42.9%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Medford, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in Medford in February 2024, down by 42.9% month-over-month. Of the 20 sold homes, 50% were sold under asking, 10% were sold at asking, and 40% 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

Feb 2023Feb 2024CHANGE
42 Days38 Days-9.5%

Summary: Homes in Medford had an average of 38 days on market in Feb 2024, down by 9.5% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

2 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 February 2024, 20 homes were sold in Medford; 45% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 10% 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 28 Days Ago

Newest Listings in Medford, MA

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