Real estate firm names South Medford as one of the area’s hottest neighborhoods
Redfin looked at growth in page views and home favorites on its site to determine what neighborhoods were hottest in the metro Boston area.
Here’s a name that’s not often heard in discussions of Boston’s frothing real estate market: South Medford.
Yet the area recently topped a list of Boston metro’s hottest neighborhoods of 2016 in a report by real estate firm Redfin.
South Medford seems to be the place for people to move when they can’t afford the other expensive neighborhoods in surrounding Cambridge and Somerville.
Kendall Square in Cambridge and Cobble Hill in Somerville ranked second and third, respectively, in Redfin’s report.
Redfin noted that homes in South Medford spend a median of 8 days on the market and the average sells for 104.4 percent of its listing price.
Redfin also considered growth in page views and home favorites on its site, access to public transit, affordability, and charm when ranking hottest neighborhoods.
Both Kendall and Cobble Hill had similar median days on the market and average sale-to-list percentages, but they different in one key area.
The median sale price in South Medford is $500,000, which is still above Boston’s average, but falls far behind Kendall’s $672,000 median sale price and Cobble Hill’s $617,000 tag.
“It borders Cambridge and Somerville, two well-established cities that are too expensive for many buyers, making Medford the next best choice,’’ Redfin listing agent Nancy McLaughlin, who also grew up in Medford, said in a statement.
Though you don’t usually see Medford on these lists – Zillow recently ranked East Boston, North Dorchester, and North Harvard as the hottest neighborhood in the area – many people seemed to know gentrification and rising home values were coming to the town.
Back in 2011, in a Boston.com story predicting which markets were set to heat up next, Medford was mentioned, given that it might get a couple of Green line stops. Though that project is running into delays, other factors have played into Medford’s increasing home values.
According to the Zillow Home Value Index, the median home value in Medford increased 9.1 percent in the past year, which is right on par with the 9.9 percent increase in Boston.
“For a long time Medford didn’t have commercial centers with shops, restaurants and other amenities,’’ McLaughlin added. “Due to the revitalization of Assembly Row and growth in Station Landing, Medford has more amenities that are drawing first-time buyers and empty nesters alike.’’
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