Is Medway, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Medway was a Neutral Market.
Key Takeaway
Medway is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Medway, MA
How much do homes in Medway, MA cost?
Median Sold Price
$679,000
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Medway have sold for 15.1% more than they did a year ago.
Summary: The median home sold price in Medway was $679,000 in March 2024, up 15.1% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | - | N/A |
| 2 Bedrooms | $359K | $410K | +14.2% |
| 3 Bedrooms | $530K | $615.5K | +16.1% |
| 4 Bedrooms | $735K | $736K | 0.1% |
| 5+ Bedrooms | $760K | $925K | +21.7% |
Summary: Medway housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 14.2%, 3 bedroom homes increased by 16.1%, 4 bedroom homes increased by 0.1%, and 5+ bedroom homes increased by 21.7%.
Median Sold Price Compared To Nearby Cities
| Medway | $590K | $679K | +15.1% |
| Franklin | $579K | $636K | +9.8% |
| Franklin Town | $582K | $636K | +9.3% |
| Holliston | $648.5K | $686K | +5.8% |
| Norfolk | $710.4K | $707.5K | -0.4% |
Housing Supply in Medway, MA
How many homes are available in Medway, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 24 | 23 | -4.2% |
Summary: The Medway real estate market had 23 homes for sale in March 2024, a 4.2% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 6 | 2 | -66.7% |
| 3 Bedrooms | 9 | 11 | +22.2% |
| 4 Bedrooms | 8 | 7 | -12.5% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Medway housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 66.7%, 3 bedroom homes increased by 22.2%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 9 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Medway, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Medway in March 2024, the same as the previous month. Of the 9 sold homes, 22% were sold under asking, 11% were sold at asking, and 67% were sold over asking.
Days on Market for Medway, MA
How long does it take to sell a home in Medway, MA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 52 Days | 15 Days | -71.2% |
Summary: Homes in Medway had an average of 15 days on market in Mar 2024, down by 71.2% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Medway are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 9 homes were sold in Medway; 89% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
