Medford, Massachusetts

Medford, just five miles northwest of Boston, was founded in 1630 as part of Charlestown. Mystic Valley Parkway, a landscaped greenbelt designed by the Olmstead brothers, connects Medford and several neighboring towns with Boston. Medford is home to Tufts University, a major employer in the area. Interstate 93 runs through the city.

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Medford's several neighborhoods have distinct characters that reflect periods of the city's settlement. Many homes were built during the town's boom in the 1870s, with mansions, townhomes, grand Victorian single-family residences and wood frame triple-deckers creating interesting streetscapes. The spacious single-family homes on large lots from these early periods are in high demand today. MBTA bus service provides convenient access to Boston.

Medford Residential Investments

Almost 60 percent of Medford's housing was built before 1940. Single-family detached homes are the most common, totaling about 36 percent. Small apartment buildings, homes converted to apartments and duplexes make up an additional 32 percent. The homeownership rate is 56 percent.

Medford's median home value was $414,900 as of May 2015, an increase of 2.8 percent over the last year. Zillow predicts values will rise 1 percent during the next year. Approximately 3.4 homes per 10,000 are in foreclosure in Medford, lower than the national average of 3.9.

The median rent in Medford is $1,582, and the vacancy rate is about 5 percent. A one-bedroom apartment averages $1,850, but rents can vary by several hundred dollars between neighborhoods.

Choosing the Right Medford Investment Property

The proximity to Boston and the town's strong economic base make Medford a sought-after community. Several new developments such as the multi-use Arborpoint at Station Landing and 75SL on the waterfront have expanded the inventory of luxury apartments.

Agents at Boston City Properties know the neighborhoods of Medford. Real estate values have increased an average of 3 percent a year since 1990 and have increased 6.3 percent over the last two years. With demand increasing, investment potential also increases. Call 617-247-1933 for more information about how we can help you identify income-producing residential properties in Medford.

Medford Real Estate Market Overview 2017

With a very healthy rating of 9.8 out of 10, Medford experienced a hot real estate market in 2017. Currently, the median value of a home in the city is $553,300, which indicates a rise of 13 percent over 2016. The median sales price of a home in 2017 was $562,000, up 22.2 percent, or $102,000, from the previous year's price of $460,000.

Considering number of bedrooms, the median sales price of a one-bedroom home rose 5.9 percent from $329,000 to $348,500, that of a two-bedroom home rose 9.1 percent from $421,500 to $460,000; that of a three-bedroom dwelling rose 13.8 percent from $531,500 to $605,000 and that of a four-bedroom house rose 16.1 percent from $560,000 to $650,000. Through November, 7.8 percent of the homes were sold after the list price was cut.

The average sales price per square foot for the period rose from $349 to $384.

The median rent in Medford was $2,600 in August, which was the high for the year. The low point was in January, when the median rent was $2,100.

The city's foreclosure rate of 5.4 homes per 10,000 is higher than the national rate of 1.6.

The cost of housing in Medford ranks among the highest in the nation. The most expensive neighborhoods in the community, from highest to lowest, are West Medford, City Center, Medford Hillside, Mystic Avenue/Harvard Street, High Street/Harvard Avenue, Glenwood, Mystic Valley Parkway/South Street, Wellington and Fulton Street/Elm Street.

2017 Real Estate News

A pending project approved by the city is a three-building, 562,508-square-foot mixed-use development at 61 Locust Street, the site of a former Shaw's supermarket. The existing 60,468-square-foot supermarket building and Eastern Bank outbuilding will be demolished.

Included in the plan are 490 residential apartments, with 10 percent designated as affordable, 12,000 square feet of amenity space, 4,000 square feet of flex space and a new 3,000-square-foot ground-level Eastern Bank branch. Ranging in size from 440 to 1,300 square feet, the apartments will be available in studio, one- , two- and three-bedroom options. The plan calls for 781 parking spaces to be constructed, 735 of which will be reserved exclusively for residents.

In August, the mayor of Medford broke ground for a $749,900 redevelopment project of Riverside Plaza in Medford Square. The plan calls for the creation of an open park and public common space with an elevated stage, along with seating and green space. Signs directing visitors to walking and biking areas will be prevalent throughout the park, as will informational signs concerning the city's history and culture.

The project required the demolition of a former bus shelter and nearby brick area on Riverside Avenue. The targeted completion date is April 2018.

A newly-renovated 1,352-square-foot two-bedroom, two-bath top-floor condo at 44 Willard Avenue is listed for $724,900. Within a complex built in the early 1900s, the unit features 16-foot-high vaulted ceilings, an overlooking loft, high-end kitchen with remote-controlled under-cabinet lighting, granite island, stainless steel appliances, built-in cutting board and pantry, master bedroom with custom closet and en-suite bath with double vanity, large shower with sitting area and smart-home technology. Off-street parking is included.

Built in 1920, a 3,912-square-foot two-family home lists for $799,900, or $204 per square foot. Remodeled eight years ago, this house features one six-room unit consisting of a living room, dining room, large kitchen with granite countertops and ample cabinet and counter space, three bedrooms with generous closet space and full bath. The other unit is of two levels and includes two baths, well-lit living room, dining room, large kitchen with granite countertops and generous counter and cabinet space, three bedrooms, full bath plus a third floor featuring two bedrooms, full bath and laundry hookups, along with a large finished basement with bath and laundry. Both units feature hardwood flooring and offer separate gas utilities and off-street parking.

Owned by a licensed real estate agent, another two-family home with fenced-in yard is offered for sale at $839,000. This spacious 4,864-square-foot, six-bedroom, three-bath dwelling is located at 63 Burnside Street. The five-room main-floor unit features a spacious living room, and the top unit includes two floors with a total of four bedrooms and two baths. Both units have new gas heating systems and separate utilities. There's also a two-car garage with private drive.

Located in the much-desired Regency condominium complex, a 1,218-square-foot, two-bedroom, two-bath condo is listed for $379,900, or $312 per square foot. The open-concept unit features a formal dining room, spacious living room, eat-in kitchen, master bedroom with two closets and en-suite bath, a screened-in balcony outside the living room and bedrooms and one private parking space. Community amenities include a clubhouse, in-ground swimming pool and exercise room.

A 1,804-square-foot, two-bedroom, three-bath condo at 30 Evans Street is listed for sale for $599,999. Completely remodeled, the 1920s-era open-concept condo features a contemporary kitchen with quartz countertops, breakfast island and stainless appliances including a French door refrigerator, oak hardwood flooring, recessed lighting, master bedroom with en-suite bath, laundry hookups, central air conditioning, finished basement with full bath, Ring doorbell security system and garage parking.

A 3,462-square-foot, five-bedroom, five-bath modern Colonial-style home located at 21 Navarro Circle lists for $1,089,900. The home features 11 rooms in total, including a kitchen with tile floor, granite countertops, stainless appliances and breakfast bar, sundeck off the living and dining rooms, family room, master bedroom with walk-in closet and en-suite bath with double vanity and tiled multi-seat shower. All first-floor rooms feature recessed lighting. The lower level includes a kitchen with granite countertops, dining area with sliding glass doors to a patio and fenced-in yard, living room and bath. Neutral colors prevail throughout the home.

Built in 1915, a 1,656-square-foot, three-bedroom, two-bath Colonial home on a dead-end street in Fulton Heights lists for $549,000, or $332 per square foot. Sitting on a double lot, the residence features a main-floor eat-in kitchen with center island, granite countertops and stainless appliances, open dining area, spacious living room, hardwood floors and full bath. The second floor features wall-to-wall carpeting, three bedrooms, one-half bath and utility room. Also included are a large deck and private backyard.

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