While the median price of a single-family home statewide increased 2.5 percent in 2014, home prices in Lexington, Massachusetts soared more than 20 percent, according to data compiled by the Massachusetts Association of Realtors.
The median price of a single-family home in Lexington increased to $1,050,000, a 20.7 percent increase from the 2013 median price of $870,000. The median price in December was $1,060,000. Home buyers paid on average 99.4 percent of the original list price in 2014.
There were 364 homes sold in 2014, a 5 percent decline from the 383 single-family homes sold in 2013. Pending sales – homes under agreement that haven't closed – decreased 3.4 percent last year.
Lexington single-family inventory in December remained tight. There were 1.5 months supply of inventory, the same as December 2013. New listings more than doubled from five in December 2013 to 11 new listings in December 2014.
The median condominium price in Lexington increased to $505,000 in 2014, a 16.2 percent jump from $434,500 in 2013. The median price in December 2014 was $470,000. Home buyers paid on average 99.9 percent of the original list price.
There were 69 condo units sold in 2014 compared to 64 in 2013. Pending sales increased 9.4 percent.
The months supply of condominium inventory plunged 81.1 percent. There was 1.7 months of supply in December 2013 and just 0.3 percent of supply in December 2014. New condo listings increased from one in December 2013 to two in December 2014.
In a report published by The Warren Group on February 10, 2015, Lexington placed third on a list of communities with the largest increase in median price since 2005.