Real estate market statistics showing the Medford MA home price for Condo, Single, and Multi-Family homes sold 2021 through 2023 are provided below.
Medford MA Home Price
| Property Type | Avg. Sale $ | Median Sale $ | SP:OP |
| Condo | |||
| YE 2021 | $631,401 | $610,000 | 100% |
| YE 2022 | $691,985 | $629,000 | 101% |
| YE 2023 | $710,980 | $659,900 | 100% |
| Single Family | |||
| YE 2021 | $771,635 | $750,000 | 103% |
| YE 2022 | $845,618 | $815,418 | 104% |
| YE 2023 | $843,641 | $799,500 | 103% |
| Multi-Family | |||
| YE 2021 | $944,479 | $880,000 | 102% |
| YE 2022 | $1,050,895 | $1,010,000 | 102% |
| YE 2023 | $1,030,234 | $1,010,000 | 100% |
KEY: YE = Year End SP:OP = Sales Price to Original Price Ratio
Data Source: MLS Pinergy® as of 2-26-2024
©2024 Intellectual property of Tamela Roche, all rights reserved
Medford MA Housing Inventory 2021-2023
A comparison of the total number of homes listed for sale in Medford MA from 2021 to 2023 are provided below:
| Property Type | YE 2021 | YE 2022 | YE 2023 |
| Condo | 351 | 369 | 304 |
| Single-Family | 371 | 328 | 242 |
| Multi-Family | 139 | 109 | 78 |
KEY: YE = Year End
Data Source: MLS Pinergy® as of 2-26-2024
©2024 Intellectual property of Tamela Roche, all rights reserved
Medford MA Average Home Price
How Is Average and Median Price Calculated?
In order to calculate an average home sale price, divide the total number of homes sold by the total sum of all home sale prices. Find the median sale price by sorting the data from the lowest to highest price, then find the middle value. It is not unusual in our local markets for the average sale price and median sale price to be significantly different.
Why Is Median Home Price Important?
Despite the fact that most media outlets will focus on the average home sale price in news about real estate; the median sale price is also very important. Mortgage underwriters watch median home sale price activity to determine risk for lending in any given market. An underwriter will typically analyze median home sale price activity either by a postal zip code or by the county as a whole.
Changes in the median home price will indicate if the home values are increasing or decreasing. Many factors determine the costs associated with a home mortgage loan. For example, borrowers who purchase a home in a market with decreasing median home sale prices may receive a higher mortgage interest rate.
About Medford MA
Location
Medford, Massachusetts is located 3.2 miles northwest of Boston and the total land area comprises approximately 8.1 square miles. The postal zip code is 02155.
Style of Government
First settled in 1630, Medford was later incorporated as a city in 1892 and follows the “Mayor-City Council” style of governing.
Residential Taxes in Medford MA
The residential tax rate in Medford MA for fiscal year 2024 is 8.52%. Tax rates are stated as a percentage for every $1,000 of the assessed value. There are several types of tax savings available which includes a residential exemption for qualified homeowners.
For more information: Residential Taxes in MA
To learn more about the average home price and other real estate market statistics in Medford MA, contact me to schedule a Home Seller or Home Buyer Consultation. Primary service areas also include Cambridge, Arlington, Belmont, and Somerville Massachusetts.
About Tamela Roche, Realtor® – RE/MAX Destiny
