Seller's Market Driving Buyers to Suburbs

Single-family homes in Medford are currently selling at a $385,000 median selling price, which is about 1.7% less than when the market peaked back in 2005. But one real estate broker said that he recently listed a home in the area and had 22 confirmed showings on a Friday and eight offers by Saturday. The home ended up selling for about $450,000, nearly 8% above the asking price. The agent told the Boston Globe that there are plenty of able and willing buyers out there, but there aren’t enough houses. As a result, buyers are venturing farther out of Boston and into areas like Medford and other suburbs in order to find a home. As mortgage rates rise and the supply of properties remains limited, this is a trend that could persist, if only for a while.