It's more expensive to buy a single-family home in Medford, Massachusetts, compared to Malden, Massachusetts, and prospective Medford home buyers are paying a higher percentage over the original listing price, according to data compiled by the Massachusetts Association of Realtors (MAR).
Through April 2024, Medford home buyers paid a median price of $907,000 for houses, up 25 percent from $725,000 during the same timeframe last year. Malden saw single-family home prices rise 8 percent to $671,000 from $622,550 during 2023's first four months.
Competition increased for single-family homes in Medford and Malden from January through April. Medford home buyers paid an average of 105 percent of the original listing price compared to 101.5 during the same period last year. In Malden, home buyers paid 103.3 percent of the original listing price, on average, up from 100.2 percent last year.
The more affordable and less competitive Malden real estate market saw single-family home sales jump more than 15 percent to 37 during the first four months of the year on a year-over-year basis. Medford home sales dropped 22 percent to 46.
Regarding inventory, Medford’s single-family home supply decreased by 40 percent in April, while Malden’s single-family inventory remained steady. Both cities had less than one month of single-family supply. About five or six months of inventory is considered balanced between home buyers and sellers.
The following is more in-depth real estate market data from MAR compares Medford and Malden.
Year-to-Date Data Comparison (Jan. – Apr.)
Single-Family Properties
- Closed Sales
- Medford: 46 in 2024, down from 59 in 2023 (-22.0 percent)
- Malden: 37 in 2024, up from 32 in 2023 (+15.6 percent)
- Median Sales Price
- Medford: $907,500 in 2024, up from $725,000 in 2023 (+25.2 percent)
- Malden: $671,000 in 2024, up from $622,500 in 2023 (+7.8 percent)
- New Listings
- Medford: 64 in 2024, down from 67 in 2023 (-4.5 percent)
- Malden: 43 in 2024, up from 34 in 2023 (+26.5 percent)
- Percent of Original List Price Received
- Medford: 105.0 percent in 2024, up from 101.5 percent in 2023 (+3.4 percent on average)
- Malden: 103.3 percent in 2024, up from 100.2 percent in 2023 (+3.1 percent on average)
Condominium Properties
- Closed Sales
- Medford: 95 in 2024, up from 80 in 2023 (+18.8 percent)
- Malden: 26 in 2024, up from 23 in 2023 (+13.0 percent)
- Median Sales Price
- Medford: $789,000 in 2024, up from $634,450 in 2023 (+24.4 percent)
- Malden: $441,000 in 2024, up from $390,000 in 2023 (+13.1 percent)
- New Listings
- Medford: 92 in 2024, down from 99 in 2023 (-7.1 percent)
- Malden: 40 in 2024, up from 26 in 2023 (+53.8 percent)
- Percent of Original List Price Received
- Medford: 99.9 percent in 2024, up from 97.8 percent in 2023 (+2.1 percent on average)
- Malden: 103.1 percent in 2024, up from 98.4 percent in 2023 (+4.8 percent average)
April Data Comparison
Single-Family Properties
- Closed Sales
- Medford: 14 in April 2024, down from 17 in April 2023 (-17.6 percent)
- Malden: 16 in April 2024, up from 7 in April 2023 (+128.6 percent)
- Median Sales Price
- Medford: $955,000 in April 2024, up from $949,974 in April 2023 (+0.5 percent)
- Malden: $700,000 in April 2024, up from $670,000 in April 2023 (+4.5 percent)
- Percent of Original List Price Received
- Medford: 109.5 percent in April 2024, up from 105.2 percent in April 2023 (+4.1 percent on average)
- Malden: 106.7 percent in April 2024, up from 104.0 percent in April 2023 (+2.6 percent on average)
- Inventory of Homes for Sale
- Medford: 12 in April 2024, down from 20 in April 2023 (-40.0 percent)
- Malden: 8 in April 2024, unchanged from April 2023 (0.0 percent)
Condominium Properties
- Closed Sales
- Medford: 23 in April 2024, down from 33 in April 2023 (-30.3 percent)
- Malden: 9 in April 2024, up from 6 in April 2023 (+50.0 percent)
- Median Sales Price
- Medford: $750,000 in April 2024, up from $638,900 in April 2023 (+17.4 percent)
- Malden: $465,000 in April 2024, down from $493,750 in April 2023 (-5.8 percent)
- Percent of Original List Price Received
- Medford: 101.8 percent in April 2024, up from 99.5 percent in April 2023 (+2.3 percent on average)
- Malden: 104.4 percent in April 2024, up from 102.0 percent in April 2023 (+2.4 percent on average)
- Inventory of Homes for Sale
- Medford: 25 in April 2024, down from 29 in April 2023 (-13.8 percent)
- Malden: 5 in April 2024, down from 7 in April 2023 (-28.6 percent)