It is no secret that Medford and West Medford homes have been steadily increasing in value. Growing demand has evolved it into one of the most sought-after towns in Greater Boston - close to the city, right on the commuter rail, walkable town with fantastic shops and restaurants, plenty of parks and open space, great schools, and a variety of homes to suit anyone's style or taste.
The average sale price of a single family home in Medford is up 8.4% as compared to the same timeframe last year (see below*). The number of homes available is holding steady with just a 1.7% increase as compared to last year.
Medford is also a popular alternative to Somerville and Cambridge - offering more space yet it still has an urban feel and is easily accessible to Boston. As such, condo prices have seen an 18.9% increase over the same timeframe last year, and a decrease in sold listings (i.e. availability) of 15%.
The average price of multi-family homes have seen a jump of 14.2% as compared to the same timeframe last year with average days on market up just 16.3%
Bottom line? Medford real estate is hopping - and now is the time to get in before you're left out!
*Data Source: MLS, January--August 2013 vs. 2014
Sold Listings: 174 Avg. List$: $415,550 Avg. DOM: 36.85 Avg. Sale$: $416,868
Sold Listings: 177 Avg. List$: $448,011 Avg. DOM: 46.71 Avg. Sale$: $451,718
Sold Listings: 140 Avg. List$: $306,653 Avg. DOM: 46.78 Avg. Sale$: $305,671
Sold Listings: 119 Avg. List$: $357,428 Avg. DOM: 50.46 Avg. Sale$: $363,290
Sold Listings: 63 Avg. List$: $501,525 Avg. DOM: 28.54 Avg. Sale$: $507,000
Sold Listings: 77 Avg. List$: $563,482 Avg. DOM: 33.22 Avg. Sale$: $579,091