Is Medford, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$826,166
$499/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Medford have sold for 9.2% more than they did a year ago.
Summary: The median home sold price in Medford was $826,166 in April 2024, up 9.2% from last year, and the median price per square foot was $499.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $599.9K | $599.9K | 0.0% |
| 2 Bedrooms | $582.9K | $635K | +8.9% |
| 3 Bedrooms | $765K | $793.5K | +3.7% |
| 4 Bedrooms | $879.9K | $992.5K | +12.8% |
| 5+ Bedrooms | $1.0M | $1.0M | -4.0% |
Summary: Medford housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes decreased by 4%.
Median Sold Price Compared To Nearby Cities
| Malden | $600K | $662.5K | +10.4% |
| Somerville | $935.5K | $1.0M | +10.1% |
| Medford | $756.2K | $826.1K | +9.2% |
| Everett | $618.4K | $662.5K | +7.1% |
| Winchester | $1.3M | $1.3M | +3.9% |
Housing Supply in Medford, MA
How many homes are available in Medford, MA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 107 | 122 | +14.0% |
Summary: The Medford real estate market had 122 homes for sale in April 2024, a 14.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 6 | -45.5% |
| 2 Bedrooms | 33 | 30 | -9.1% |
| 3 Bedrooms | 28 | 44 | +57.1% |
| 4 Bedrooms | 21 | 22 | +4.8% |
| 5+ Bedrooms | 14 | 20 | +42.9% |
Summary: The Medford housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 45.5%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes increased by 57.1%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 42.9%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 38 | 38 | 0.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Medford, you could pay more than the asking price. 63.2% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in Medford in April 2024, the same as the previous month. Of the 38 sold homes, 21% were sold under asking, 16% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 23 Days | 26 Days | +11.1% |
Summary: Homes in Medford had an average of 26 days on market in Apr 2024, up by 11.1% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
6 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 April 2024, 38 homes were sold in Medford; 76% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
