The real estate market in Greater Boston, specifically Arlington, Woburn and Medford, has shown a variety of trends throughout 2024. By comparing the first three quarters of 2023 to the same period in 2024, we can see valuable insights for both buyers and sellers. Whether you’re in the market to buy or thinking about selling, here’s what you need to know.
Single-Family Homes: Stability and Growth
Arlington:
- Average Sale Price: In 2024, the average sale price for single-family homes increased slightly by 1.3%, rising to $1,281,606 from $1,265,201 in 2023. This steady appreciation highlights the strong demand for homes in this area.
- Days on Market (DOM): Homes sold more quickly, with the average DOM dropping from 16.91 days to 13.91 days, indicating stronger buyer interest and competition.
- Highest Sale: The highest sale price reached $3,000,000, up from $2,850,000 in 2023, further reflecting Arlington’s desirable market.
Medford:
- Average Sale Price: Single-family homes in Medford saw an 11% increase, with average prices rising from $835,679 in 2023 to $923,060 in 2024.
- Days on Market (DOM): The DOM also decreased from 17.67 days to 13.5 days, showing that homes are selling faster.
- Highest Sale: The highest sale price slightly decreased from $1,672,500 in 2023 to $1,640,000 in 2024.
Woburn:
- Average Sale Price: Woburn saw significant growth, with a 11.7% increase in average sale prices, rising from $750,132 in 2023 to $837,728 in 2024.
- Days on Market (DOM): The DOM remained fairly steady, dropping slightly from 17.1 days in 2023 to 16.37 days in 2024.
- Highest Sale: Woburn’s highest sale price also saw an uptick, reaching $1,750,000 in 2024 compared to $1,649,000 in 2023.
Multi-Family Homes: Strong Performance
Arlington:
- Average Sale Price: Multi-family homes in Arlington saw a substantial increase of 13.5%, with prices rising from $1,192,212 in 2023 to $1,352,912 in 2024.
- Days on Market (DOM): The DOM dropped from 23.42 days to just 12.69 days, indicating robust demand in this sector.
- Highest Sale: The highest sale price also surged, reaching $2,870,000 in 2024, a significant increase from $1,600,000 in 2023.
Medford:
- Average Sale Price: Multi-family homes in Medford also performed well, with a 11.2% increase in average sale prices, rising from $1,029,698 to $1,144,915.
- Days on Market (DOM): The DOM dropped from 18.17 days in 2023 to 12.95 days in 2024, suggesting faster-moving transactions.
- Highest Sale: The highest sale price reached $1,870,000, up from $1,450,000 in 2023.
Woburn:
- Average Sale Price: Woburn saw remarkable growth in multi-family home prices, with a 23.5% increase in average sale prices, jumping from $755,475 in 2023 to $932,789 in 2024.
- Days on Market (DOM): The DOM dropped slightly from 13.75 days to 12.58 days.
- Highest Sale: The highest sale price surged from $926,000 in 2023 to $1,680,000 in 2024.
Key Takeaways for Buyers and Sellers
The trends across Arlington, Medford, and Woburn suggest that the Greater Boston real estate market remains competitive and continues to appreciate. However, with interest rates beginning to ease and the presidential election around the corner, we're starting to notice a subtle shift—good news for buyers.
For buyers, while prices have generally risen and properties continue to move quickly—especially in the single-family and multi-family sectors—this shift means days on market are extending slightly for some properties. While the quantity of offers is not the same as we've seen over the past few years, it's important to note that the offers submitted are of high-quality; which is why it is absolutely vital to have a buyer's agent on your side. If you've been waiting on the sidelines, now might be your chance. For long-term planning, it's important to note the steady appreciation in all three areas, showing particularly strong growth throughout Greater Boston.
For sellers, the market remains favorable, with homes selling quickly and often above asking price with favorable terms. These communities are not only maintaining their value but also commanding higher prices, making it an excellent time to list. However, with subtle shifts occurring, having a trusted real estate team by your side is more important than ever.
If you're thinking about buying or selling in these areas, Steve McKenna & The Home Advantage Team can help guide you through this ever-changing market. Connect with us today for personalized advice and to explore your real estate options.
