Is Medford, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$836,983
$506/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Medford have sold for 11% more than they did a year ago.
Summary: The median home sold price in Medford was $836,983 in May 2024, up 11% from last year, and the median price per square foot was $506.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $599.9K | $599.9K | 0.0% |
| 2 Bedrooms | $580K | $635K | +9.5% |
| 3 Bedrooms | $755.2K | $802.8K | +6.3% |
| 4 Bedrooms | $884K | $995K | +12.6% |
| 5+ Bedrooms | $1.0M | $1.0M | -0.6% |
Summary: Medford housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes decreased by 0.6%.
Median Sold Price Compared To Nearby Cities
| Somerville | $939.4K | $1.0M | +11.2% |
| Medford | $754.1K | $836.9K | +11.0% |
| Malden | $600K | $659.7K | +10.0% |
| Everett | $615K | $662.5K | +7.7% |
| Winchester | $1.3M | $1.3M | +6.0% |
Housing Supply in Medford, MA
How many homes are available in Medford, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 126 | 146 | +15.9% |
Summary: The Medford real estate market had 146 homes for sale in May 2024, a 15.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 31 | 29 | -6.5% |
| 3 Bedrooms | 48 | 62 | +29.2% |
| 4 Bedrooms | 20 | 22 | +10.0% |
| 5+ Bedrooms | 22 | 28 | +27.3% |
Summary: The Medford housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 6.5%, 3 bedroom homes increased by 29.2%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 27.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 37 | -9.8% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
3 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. 64.9% of homes here sold above asking price last month.
Summary: A total of 37 homes were sold or pending in Medford in May 2024, down by 9.8% month-over-month. Of the 37 sold homes, 27% were sold under asking, 8% were sold at asking, and 65% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 20 Days | 23 Days | +14.8% |
Summary: Homes in Medford had an average of 23 days on market in May 2024, up by 14.8% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
0 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 May 2024, 37 homes were sold in Medford; 70% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
