Real Estate Trends in Lexington, MA
With its scenic locale, proximity to Boston, and strong education system, Lexington, Massachusetts is an appealing city for young professionals, families with children, and active retirees. Of course, one of the first questions that people ask when they start thinking about moving to Lexington is, “What are the housing prices like?”
Lexington is an affluent community and, in general, housing prices here are higher than the average price in Massachusetts as a whole. As of January 2015, Lexington homes for sale had an average listing price of just over $1.4 million. However, that does not mean only million-dollar houses are on the market. The median sales price was $297,700, a decrease of about 60% from the previous year. The average property price per square foot was $367, a decrease of 9.2% from the previous year. According to City-Data, the estimated median Lexington house or condo value in 2012 was $677,938.
While medium to large single-family homes are the most common type of properties listed in Lexington, the town also has a number of apartment complexes with units for rent. The percentage of renters in Lexington is slightly lower than the percentage of renters in Massachusetts as a whole, and City-Data reports that the gross median rent for Lexington apartments in 2012 was $1,898.
What Factors Are Shaping Lexington Real Estate Trends?
As a general trend, Lexington properties have significantly increased in value in the post-recession economy. Small single-family homes are in high demand in the area, but the supply is relatively low. Part of the reason for this high demand is due to Lexington’s position along Route 128. Due to the emergence of life science and biotech businesses along this route, most of the 128 corridor has seen housing prices going up in recent years.
Lexington is also recognized for having some of the best public schools in the state. US News ranked Lexington High School as the 11th best public high school in Massachusetts, and Jonas Clarke Middle School was recognized as a National Blue Ribbon Public School in 2013. The combination of job opportunities in the science and tech industries as well as the excellent school system has attracted many well-educated, affluent parents with school-age kids to Lexington.
While Lexington homes may have listing prices higher than the state average, these houses are also known for being well-cared for and for maintaining—or increasing—their value over time. For many of the town’s residents, the benefits and convenience of living in Lexington make the housing prices worth it.
If you’re considering a move to Lexington, make sure you work with a CENTURY 21 Commonwealth realtor to find Lexington, MA homes for sale in your price range.