Medway Condos
Approximately 13,000 people live in Medway, which is a town in Norfolk County. The town has traditionally been a residential and business community, with a number of factories and farms employing residents over the years. The town has similar characteristics today, and it is a desirable place to live for people working in Worcester, Boston, and Providence, RI. The town forms the geographical center among all three cities, and transportation is available to all three locations. Interstate 495 runs close to the town's southern border. Other main roadways are Route 126 and Route 109. Public transportation is provided by the MBTA commuter rail, which has service to two stations in Boston. The town's bucolic setting and proximity to three major cities continues to attract residents, and it is also one of the reasons for rising median home values. In 2018, there was a 5.4% increase in median home value over 2017. In dollar amount, homes are currently valued at an average of $443,000. Home values are forecast to continue on an upward trend, and they're expected to be about 3.2% higher by the end of 2019. The median listing price of homes here is $440,000, and the median selling price is slightly lower at $395,100. In square feet, the median list price is $223. This is about $40 per SF less than the median list price in the Greater Boston area. Home values are influenced by several factors, including foreclosure and the local market's financial health. Approximately 4.7 out of 10,000 homes are foreclosed on in Medway annually, which is above the national rate of 1.6 homes in every 10,000 foreclosed on in all states. About 4.3% of homeowners in this town are underwater on their mortgages, which is lower than the rate of 6.3% in the Greater Boston area. The market is considered to be financially healthy, with an overall market health score of 5.9 out of 10. About 4.3% of homes in town have negative equity, which is much lower than the national average of over 10%. There are about 1.1% of homeowners in town who are delinquent on mortgages, which is less than the 1.6% of mortgage delinquencies that exists across the United States.
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Homes sell for an average price of $345,550. They remain on the market for approximately 141 days before turning hands. New listings since 2017 have included a 50-50 split of properties priced below $200,000 and those priced between $400,000 and $600,000. Places with a sale price in the range of $200,000 to $400,000 account for half of all sales, while homes priced between $400,000 and $600,000 are close behind. A smaller number of home sales is made up of homes below $200,000 and those priced above $600,000. June, July, and August are generally the busiest months for sales. In July of 2017, nearly 2 million properties sold by the end of the month. Just under 1.5 million sold in August, and about 1 million sold in June. Sales slowed in the fall and picked up again in December, when just over 1 million were sold. Units with a listing price of $400,000 to $600,000 stay on the market for an average of 112 days before selling, while properties priced lower than $200,000 remain on the market for an average of 38 days before selling. Sales price also affects market time. Homes priced between $600,000 and $800,000 remain on the market for just under one year, while homes sold at a price between $200,000 and $400,000 remain on the market for about 215 days.
Whether you are buying a townhouse or selling your home, there are considerations to keep in mind as you start to plan. As a home buyer, you'll need to start planning for a mortgage and down payment. Getting pre-approved for a mortgage is highly recommended, as it can help you get a home you want more quickly, and at a price that you are more willing to pay. Keeping your lifestyle and personal preferences in mind, you will also need to do some research on the neighborhoods in the area. After selecting homes to visit, you'll meet the homeowners and make a final selection.
Selling a place requires some work, too. First, your home will have to be presentable to attract buyers. You'll then have to advertise your property in the right places. Scheduling open homes and showings is also critical, and it often involves the assistance of a realtor. The last part is closing the sale, which is when you'll review any contingencies and finalize the contract with the buyer.
Regardless of what stage of home buying or selling you are in, contact our office today with any questions you have. We're familiar with real estate and the Boston area, which is a winning combination when it comes to property transactions.
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