Is Medway, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Medway has remained a Seller's Market.
Key Takeaway
Medway is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Medway, MA
How much do homes in Medway, MA cost?
Median Sold Price
$689,000
$314/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Medway have sold for 18.3% more than they did a year ago.
Summary: The median home sold price in Medway was $689,000 in May 2024, up 18.3% from last year, and the median price per square foot was $314.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $280K | +1.8% |
| 2 Bedrooms | $383.5K | $390K | +1.7% |
| 3 Bedrooms | $529.5K | $655K | +23.7% |
| 4 Bedrooms | $725K | $757.4K | +4.5% |
| 5+ Bedrooms | $754.5K | $960K | +27.2% |
Summary: Medway housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 1.7%, 3 bedroom homes increased by 23.7%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 27.2%.
Median Sold Price Compared To Nearby Cities
| Medway | $582.5K | $689K | +18.3% |
| Franklin Town | $582.3K | $640K | +9.9% |
| Franklin | $582.3K | $640K | +9.9% |
| Holliston | $651.2K | $700K | +7.5% |
| Norfolk | $710K | $750K | +5.6% |
Housing Supply in Medway, MA
How many homes are available in Medway, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 42 | +35.5% |
Summary: The Medway real estate market had 42 homes for sale in May 2024, a 35.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 4 | 7 | +75.0% |
| 3 Bedrooms | 14 | 17 | +21.4% |
| 4 Bedrooms | 8 | 14 | +75.0% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Medway housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 75%, 3 bedroom homes increased by 21.4%, 4 bedroom homes increased by 75%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 12 | +500.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Medway, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Medway in May 2024, up by 500.0% month-over-month. Of the 12 sold homes, 17% were sold under asking, 0% were sold at asking, and 83% were sold over asking.
Days on Market for Medway, MA
How long does it take to sell a home in Medway, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 45 Days | 13 Days | -71.0% |
Summary: Homes in Medway had an average of 13 days on market in May 2024, down by 71% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Medway are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Medway; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
