As Greater Boston's real estate market continues to evolve, comparing year-over-year data provides valuable insights for both buyers and sellers. Let's take a closer look at how the markets in Arlington, Medford and Woburn have changed between August 2023 and August 2024, highlighting trends in single-family homes, condominiums and multi-family properties.
Arlington: Market Shifts in Single-Family and Condominium Sales
In Arlington, while the number of single-family home listings slightly declined, with 134 listings in 2024 compared to 152 in 2023, the average sale price increased from $1,280,750 to $1,284,314. The average days to offer (DTO) dropped significantly from 15.61 to 9.37, suggesting homes are moving off the market faster. The condominium market in Arlington also saw a reduction in listings, yet the average sale price rose from $843,689 to $886,889, with a slight decrease in DTO, from 13.21 to 11.82, pointing to heightened demand and competitiveness in this segment. For multi-family homes, the average sale price surged from $1,227,423 to $1,408,324. This increase in value may reflect the growing appeal of multi-family properties as investments, despite the slower turnover, as the DTO increased from 10.27 to 12.04.
Medford: Consistent Growth in Single-Family and Multi-Family Properties
Medford experienced notable changes in its single-family home market. The average sale price rose significantly from $856,863 to $925,561. Additionally, the average DTO shortened from 13.97 to 10.16, indicating a more competitive environment. The condominium market in Medford followed a similar trend. However, the average sale price remained steady, with a slight increase from $730,569 to $730,745, while the average DTO improved from 19.99 to 15.97. Multi-family properties saw fewer listings, dropping from 41 to 39, but with a sharp increase in average sale price, rising from $1,014,849 to $1,194,318. The reduced average DTO, from 17.61 to 10.03, suggests that multi-family homes are becoming increasingly attractive to buyers and investors alike.
Woburn: Declining Inventory with Mixed Price Trends
Woburn’s single-family home market saw a reduction in listings, with 112 homes listed in 2024 compared to 134 in 2023. The average sale price increased from $782,453 to $817,372, while the DTO decreased from 17.01 to 9.88, reflecting a quicker pace in the market. For condominiums in Woburn, interestingly, the average sale price fell from $715,422 to $618,566, and the average DTO increased from 13.52 to 16.91, indicating a slower-moving market. In the multi-family segment, listings dropped from 15 in 2023 to 14 in 2024, but the average sale price saw a significant jump from $767,867 to $974,286. The DTO improved from 15.07 to 11.5, reflecting increasing interest in multi-family properties.
What Does this Mean?
The year-over-year comparison of real estate markets in Arlington, Medford and Woburn reveals some consistent trends:
1. Shrinking inventory,
2. Faster market movement, and, in many cases,
3. Rising sale prices.
Whether you're a buyer looking to enter the market or a seller considering your next move, understanding these shifts is key to making informed decisions. For more detailed insights into how these trends could impact your real estate goals, reach out to our team today—we’re here to help you navigate the evolving market!
