It’s dearer to purchase a single-family residence in Medford, Massachusetts, in comparison with Malden, Massachusetts, and potential Medford residence patrons pay a better proportion than the unique itemizing worth, in response to knowledge compiled by the Massachusetts Affiliation of Realtors (MAR).
By way of April 2024, Medford residence patrons paid a median worth of $907,000 for a house, up 25 p.c from $725,000 throughout the identical interval final yr. Malden noticed single-family residence costs rise 8 p.c to $671,000 from $622,550 in the course of the first 4 months of 2023.
Competitors elevated for single-family houses in Medford and Malden from January via April. Medford residence patrons paid a mean of 105 p.c of the unique itemizing worth in comparison with 101.5 throughout the identical interval final yr. In Malden, residence patrons paid 103.3 p.c of the unique itemizing worth, on common, up from 100.2 p.c final yr.
Malden’s inexpensive and fewer aggressive housing market noticed single-family residence gross sales bounce greater than 15 to 37 p.c in the course of the first 4 months of the yr yr over yr. Medford residence gross sales fell 22 p.c to 46 p.c.
By way of stock, Medford’s single-family residence provide fell 40 p.c in April, whereas Malden’s single-family stock remained sturdy. Each cities had lower than one month’s provide for one household. About 5 or 6 months of stock is taken into account a stability between residence patrons and sellers.
The next in-depth actual property market knowledge from MAR compares Medford and Malden.
12 months-to-Date Knowledge Comparability (Jan. – Apr.)
Single Household Properties
- Closed Gross sales
- Medford: 46 in 2024, down from 59 in 2023 (-22.0%)
- Malden: 37 in 2024, up from 32 in 2023 (+15.6 p.c)
- Common Promoting Worth
- Medford: $907,500 in 2024, up from $725,000 in 2023 (+25.2 p.c)
- Malden: $671,000 in 2024, up from $622,500 in 2023 (+7.8 p.c)
- New Record
- Medford: 64 in 2024, down from 67 in 2023 (-4.5 p.c)
- Malden: 43 in 2024, up from 34 in 2023 (+26.5 p.c)
- Share of Precise Record Worth Obtained
- Medford: 105.0% in 2024, up from 101.5% in 2023 (+3.4% on common)
- Malden: 103.3% in 2024, up from 100.2% in 2023 (+3.1% on common)
Condominium buildings
- Closed Gross sales
- Medford: 95 in 2024, up from 80 in 2023 (+18.8 p.c)
- Malden: 26 in 2024, up from 23 in 2023 (+13.0 p.c)
- Common Promoting Worth
- Medford: $789,000 in 2024, up from $634,450 in 2023 (+24.4 p.c)
- Malden: $441,000 in 2024, up from $390,000 in 2023 (+13.1 p.c)
- New Record
- Medford: 92 in 2024, down from 99 in 2023 (-7.1%)
- Malden: 40 in 2024, up from 26 in 2023 (+53.8 p.c)
- Share of Precise Record Worth Obtained
- Medford: 99.9% in 2024, up from 97.8% in 2023 (+2.1% on common)
- Malden: 103.1% in 2024, up from 98.4% in 2023 (+4.8% common)
April knowledge comparability
Single Household Properties
- Closed Gross sales
- Medford: 14 in April 2024, down from 17 in April 2023 (-17.6 p.c)
- Malden: 16 in April 2024, from 7 in April 2023 (+128.6 p.c)
- Common Promoting Worth
- Medford: $955,000 in April 2024, up from $949,974 in April 2023 (+0.5 p.c)
- Malden: $700,000 in April 2024, up from $670,000 in April 2023 (+4.5 p.c)
- Share of Precise Record Worth Obtained
- Medford: 109.5% in April 2024, up from 105.2 p.c in April 2023 (+4.1 p.c on common)
- Malden: 106.7 p.c in April 2024, up from 104.0 p.c in April 2023 (+2.6 p.c on common)
- Actual Property Listings
- Medford: 12 in April 2024, down from 20 in April 2023 (-40.0 p.c)
- Malden: 8 in April 2024, unchanged from April 2023 (0.0 p.c)
Condominium buildings
- Closed Gross sales
- Medford: 23 in April 2024, down from 33 in April 2023 (-30.3 p.c)
- Malden: 9 in April 2024, from 6 in April 2023 (+50.0 p.c)
- Common Promoting Worth
- Medford: $750,000 in April 2024, up from $638,900 in April 2023 (+17.4 p.c)
- Malden: $465,000 in April 2024, down from $493,750 in April 2023 (5.8 p.c)
- Share of Precise Record Worth Obtained
- Medford: 101.8% in April 2024, up from 99.5% in April 2023 (+2.3 p.c on common)
- Malden: 104.4 p.c in April 2024, up from 102.0 p.c in April 2023 (+2.4 p.c on common)
- Actual Property Listings
- Medford: 25 in April 2024, down from 29 in April 2023 (13.8 p.c)
- Malden: 5 in April 2024, down from 7 in April 2023 (-28.6 p.c)
