As we progress through 2024, Medford's real estate market continues to demonstrate significant growth, offering considerable advantages for both sellers and buyers. Here’s a detailed look at the latest trends and their implications for those involved in the Medford housing market.
Single-Family Mid-2024 Update
Medford's real estate market is thriving in 2024. Although single-family sales have decreased by 17.6%, from 108 in 2023 to 89 this year, the average sales price has risen by 10%, from $837,956 to $920,176. Additionally, the average days to offer (DTO) for single-family homes have significantly decreased from 19.67 to 12.27 days, indicating a faster selling pace.
Condominium Mid-2024 Update
Condominium listings in Medford have seen a substantial increase of 13.5%, from 126 in 2023 to 143 in 2024. The average DTO for condos has decreased from 29.04 to 24.99 days, reflecting quicker sales. The average sales price for condos has climbed by 15.6%, from $677,831 to $783,449.
Multi-Family Mid-2024 Update
Multi-family home sales in Medford have almost doubled, rising by 47.8% from 23 to 34 listings. The average sales price has increased by 14.4%, from $1,001,761 to $1,145,585. The average DTO for multi-family homes has improved, decreasing from 16.35 to 13.74 days.
These trends highlight a strong and competitive market in Medford, making it an excellent time to list your home. For sellers, the current conditions of rising prices and reduced days to offer suggest a prime opportunity to sell. For buyers, the competitive market emphasizes the need to be prepared and act quickly. Whether you’re buying or selling, Steve McKenna & The Home Advantage Team is here to provide expert guidance and ensure you achieve the best possible outcome. Contact us today to discuss your real estate needs and take advantage of the thriving market.
