Medford Real Estate Market Review: 2023
Introduction
As we look back on 2023, I’m excited to share with you the following data pertaining to Medford, Massachusetts, broken down by specific neighborhood:
The median prices that 1- 4 bedroom units actually rented for in 2023.
The median prices that 2 and 3 family properties actually sold for in 2023.
If you want to skip the high-level data summary and jump RIGHT to details on your neighborhood only, click on one of the links below:
Data Summary
This data could be valuable to you in several cases:
You own a multi-family property in one of these neighborhoods: The data will give you a general understanding of rental rates and how your rental pricing compares.
You’re interested in selling in one of these neighborhoods. The data will give you a general understanding of what properties were selling for last year.
You’re interested in buying/investing in one of these neighborhoods. The data will give you a general understanding of what you might have to pay in order to get your foot in the door as an investor. You’ll also begin to see what types of rents you might be able to capture as a part of your investment strategy.
A few quick caveats on the data:
The data is from MLSpin. Understand that there are many rentals that also happen off MLS.
No off-market data is included.
All data is median, not average. For this data set I found that averages are misleading and skewed by outlier data points.
Some fields have N/A. We require a minimum 10 rental data points or 3 buy/sell data points to populate data.
All neighborhood locations are 0.5 mile radius from their T or commuter rail stop
Unfortunately there was insufficient data to include studios this year
After looking at this data, are you concerned your rental is underpriced or overpriced? Are you curious about selling or investing in multi-families? Please give me a ring to discuss anytime at 617-833-7457. Read on for my thoughts and analysis.
Neighborhood Deep Dive
Continue reading for my thoughts on each neighborhood. If you don’t want to scroll to find the neighborhood you’re interested in, just click on one of the links below.
South Medford
Rental Units
In South Medford, you’ll find mostly 2 and 3-bedroom apartments and occasionally 4-bedroom apartments. 2-beds rented for $2600/mo and 3-beds for $3300/mo. Pretty solid numbers for an area where multi-family sale prices are significantly lower when compared to Somerville and Cambridge.
Multi-Families
We only had enough sales price data for 2-families in South Medford. The median price clocked in at $1.02M. South Medford is a place where prices REALLY can fluctuate wildly depending on WHERE in South Medford you are.
There are parts of South Medford where you can get a good 2-family for $1.3-$1.4M, and other areas where you shouldn’t be spending more than $925k - $950k.
I believe South Medford will see tremendous growth over the next 5 years, as investors are priced out of Camberville and look for other towns close to Boston with T access that are more affordable.
West Medford
Rental Units
West Medford has similar rental data to South Medford ($2525/mo for 1-beds and $3375/mo for 2-beds). What you’ll find is typically these units take a bit longer to rent so it’s critical that you provide enough notice period in your search.
I find West Medford provides solid opportunities to purchase units in great condition at reasonable prices in a way that other parts of Medford and Camberville do not. If you are planning on owner occupying, some parts of West Medford are definitely worth exploring.
I expect solid price increases in West Medford in the future, although not at the same rate as the hottest parts of Somerville/Cambridge (i.e. Union Square, Central Square, Gilman Square, Magoun Square, etc).
Multi-Families
When compared to South Medford, there are virtually identical multi-family sales numbers for West Medford, with the median sold price coming in at $1.01M. These are very solid numbers, and I would say this is a great area for owner occupants to focus on.
And that wraps up the latest data and my analysis on Medford! If you want to discuss further, give me a ring/text at 617-833-7457 or shoot me an email at Sage@CambridgeSage.com.