The median price of a single-family home in Medford, Massachusetts increased 7.6 percent in December 2016 compared to December 2015 and increased 11.3 percent in 2016 compared to 2015, according to statistics collected by the Massachusetts Association of Realtors.
The median home price in December 2016 was $490,000 compared to $455,250 in December 2015. For the entire year, the median home price was $515,250 compared to $463,000 in 2015. In December 2016 homebuyers paid on average 100.6 percent of the original list price compared to 96.6 percent of the original list price in December 2015. During all of 2016, homebuyers paid on average 101.5 percent of the original list price compared to 101.4 percent in 2015.
Home sales decreased 34.4 percent to 21 houses sold in December compared to 32 sales in December 2015. The number of new single-family listings in December declined 55.6 percent to four compared to nine new listings in December 2015. Sales decreased 5.7 percent for the full year to 280 compared to 297 houses sold in 2015.
Medford condominium sales increased 37.5 percent in December from 16 to 22 units sold compared to December 2015. Condominium inventory declined 50 percent from 20 units on the market in December 2015 to 10 units available in December 2016; and, new condo listings decreased from 10 to eight in December compared to December 2015.
The median condo price increased 11.5 percent in 2016 to $430,000 from $385,750 during the same twelve-month period in 2015. In December, the median condo price decreased 6 percent to $430,000. On average homebuyers paid 101.2 percent of the original list price in December for condominiums in Medford. Homebuyers paid 98 percent of the original list price in December 2015. Homebuyers paid on average 101.6 percent of the original list price in 2016 and 101.5 percent in 2015.