What Does $400,000 Buy You In Medford?
Are you searching for affordability within the urban core?
Medford could be your option. The average price per square foot is $432 – in Boston it’s over $700.
With over 75 properties sold year to date, average pricing topping $536,000 – up 8% since last year – and average days-to-offer at 11 days for 1-bedrooms, Medford has transitioned into a growing market comprised of young professionals due to its proximity to employment hubs in Somerville, Cambridge and Downtown Boston.
- Earlier this month, 48 Forest Street – Unit 102 sold for $360,000. This property contains a beautiful open concept build out, bolsters an updated kitchen, and stretches 702 square feet.
- 231 Spring Street – Unit 3, is a completely renovated 2-bedroom closed for $394,000. This steal of a condo has a brand new kitchen with quartz counter-tops and sprawls over 851 square feet.
With greater connectivity coming to College Station, in addition to a rapid influx of new developments, Medford will continue to be a desirable market for those looking to live within the core without breaking the bank.
In the past two years, Medford has delivered 680 Class-A rental units, with another 350 planned on Locust Street. As of Q2 2018, RE150 has reached 81.50% occupancy and is currently offering one month free rent until August. The average rent for a 1-bedroom reaching $2,891, on par with developments in East Boston.
The recently completed Modera, which is 69.9% occupied, is also offering a promotional one month free rent. The average 1-bedroom apartment is $2,766, bringing the asking price to $2.99 PSF. At 100% occupancy, The Sphere has an average rent of $2,461 – significantly lower than comparable developments.