Is Medford, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$805,140
$490/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Medford have sold for 5% more than they did a year ago.
Summary: The median home sold price in Medford was $805,140 in March 2024, up 5% from last year, and the median price per square foot was $490.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $570K | $608.4K | +6.7% |
| 2 Bedrooms | $591K | $630K | +6.6% |
| 3 Bedrooms | $770K | $789K | +2.5% |
| 4 Bedrooms | $880K | $980K | +11.4% |
| 5+ Bedrooms | $1.0M | $1.0M | -4.6% |
Summary: Medford housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.7%, 2 bedroom homes increased by 6.6%, 3 bedroom homes increased by 2.5%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes decreased by 4.6%.
Median Sold Price Compared To Nearby Cities
| Somerville | $935K | $1.0M | +9.5% |
| Malden | $610.8K | $660K | +8.1% |
| Everett | $625K | $665K | +6.4% |
| Medford | $766.9K | $805.1K | +5.0% |
| Winchester | $1.2M | $1.3M | +4.7% |
Housing Supply in Medford, MA
How many homes are available in Medford, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 102 | 103 | +1.0% |
Summary: The Medford real estate market had 103 homes for sale in March 2024, a 1.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 10 | -16.7% |
| 2 Bedrooms | 35 | 30 | -14.3% |
| 3 Bedrooms | 25 | 28 | +12.0% |
| 4 Bedrooms | 17 | 22 | +29.4% |
| 5+ Bedrooms | 13 | 13 | 0.0% |
Summary: The Medford housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 29.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 20 | 39 | +95.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Medford, you could pay more than the asking price. 46.2% of homes here sold above asking price last month.
Summary: A total of 39 homes were sold or pending in Medford in March 2024, up by 95.0% month-over-month. Of the 39 sold homes, 18% were sold under asking, 36% were sold at asking, and 46% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 43 Days | 26 Days | -39.6% |
Summary: Homes in Medford had an average of 26 days on market in Mar 2024, down by 39.6% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Medford are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 39 homes were sold in Medford; 74% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
