The median price of single-family homes in Arlington, Massachusetts, and Melrose, Massachusetts, was flat in 2024 on a year-over-year basis.
Condominium prices were a different story, falling in Arlington and jumping double-digits in less expensive Melrose.
The following is a breakdown of the Arlington and Melrose real estate markets, comparing 2024 to 2023, based on data compiled by the Massachusetts Association of Realtors.
2024 vs. 2023 Real Estate Market Comparison
Single-Family Properties
Closed Sales:
• In Arlington, sales increased 9.3 percent from 205 in 2023 to 224 in 2024.
• House sales remained the same in Melrose, with 173 houses sold in both years.
Median Sales Price:
• The median sales price in Arlington increased by only 0.4 percent, from $1,150,000 in 2023 to $1,155,000 in 2024.
• Melrose’s median single-family sales price remained unchanged at $870,000 for both years.
New Listings:
• New house listings increased 3.5 percent in Arlington, from 230 in 2023 to 238 in 2024.
• In Melrose, new listings increased by 2.2 percent, from 181 in 2023 to 185 in 2024.
Percent of Original List Price Received:
• In Arlington, home buyers, on average, paid 105.2 percent of the original list price for houses, an increase of 0.7 percent from 104.5 percent in 2023.
• Melrose home buyers paid 105.8 percent of the original list price, a rise of 1.8 percent from 103.9 percent in 2023.
Condominium Properties
Closed Sales:
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Arlington condominium sales dropped 13.5 percent, declining from 208 in 2023 to 180 in 2024.
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In Melrose, condo sales slipped 2.9 percent, from 70 in 2023 to 68 in 2024.
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Median Sales Price:
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The Arlington median condo price fell 6.9 percent to $772,500 from $830,000 in 2023.
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Melrose saw condominium price growth, with the median sales price jumping 14.7 percent to $590,000 from $514,250 in 2023.
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New Listings:
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In Arlington, new condo listings increased 9 percent, from 212 in 2023 to 231 in 2024.
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Melrose’s new listings increased 9.3 percent to 82 from 75 in 2023.
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Percent of Original List Price Received:
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Arlington buyers paid 101.8 percent of the original list price, a slight 0.2 percent decrease from 2023.
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On average, Melrose condo buyers paid 100.6 percent of the original list price, 0.7 percent less than in 2023.
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December 2024 vs. December 2023 Comparison
Single-Family Properties
December Closed Sales:
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In Arlington, single-family sales increased to 18, rising 38.5 percent compared to 13 in December 2023.
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Melrose sales increased 21.4 percent, from 14 in December 2023 to 17 in December 2024.
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Median Sales Price in December:
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The median house price in Arlington increased 10.2 percent, from $1,100,000 in December 2023 to $1,212,500 in December 2024.
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In Melrose, the median sales price decreased 3.7 percent to $800,000 from $830,500 in December 2023.
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New Listings in December:
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In Arlington, new house listings decreased 25 percent, falling to six from 8 in December 2023.
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New listings in Melrose decreased 50.0 percent to three, dropping from 6 in December 2023.
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Percent of Original List Price Received:
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Arlington single-family home buyers, on average, paid 101.9 percent of the original list price in December 2024, a decrease of 1.2 percent from the previous December.
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Home buyers in Melrose paid 103.3 percent of the original list price in December 2024, down from 104.9 percent in December 2023.
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Condominium Properties
December Closed Sales:
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Arlington condominium buyers bought 10 units in 2024, one less than in December 2023.
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In Melrose, condo sales decreased by two, from 9 in December 2023 to 7 in December 2024.
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December Median Sales Price:
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The median condo price in Arlington increased significantly by 32.6 percent, rising from $750,000 in December 2023 to $994,500 in December 2024.
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In Melrose, the median price decreased 26.2 percent, from $610,000 in December 2023 to $450,000 in December 2024.
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New Listings in December:
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Arlington’s new condominium listings fell by one to six from seven in December 2023.
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There were two new listings in Melrose, one more than December 2023.
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Percent of Original List Price Received:
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Arlington condo buyers, on average, paid 104.5 percent of the original listing price, an increase of 7.5 percent from December 2023.
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Melrose buyers paid less than the original listing price for condominiums in December 2023 (98.4 percent) and December 2024 (96.6 percent)
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Additional Key Real Estate Data Points in Arlington, MA, and Melrose, MA
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Competition for condos at the end of the year was fierce in Arlington, with December prices spiking more than 30 percent and home buyers paying nearly 105 percent of the original listing price.
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The coming months will reveal whether the median price of a single-family home in Melrose has peaked after a flat 2024 and a decline in December 2024.
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Arlington had four houses and five condos for sale on December 31, 2024.
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Melrose only had one single-family house and three condominiums on the market on the last day of 2024.
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The most expensive single-family sale in Arlington in 2024 was $3 million, and 20 houses sold for between $2 million and $3 million.
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The most expensive condominium in Arlington sold for $1.8 million. Four units sold for between $1.5 million and $1.99 million, while 55 condos sold for between $1 million and $1.49 million.
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Melrose’s most expensive single-family sale in 2024 was $2.47 million, and 60 houses fetched more than $1 million.
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The expensive condominium sale in Melrose in 2024 was $1.29 million. Home buyers purchased seven units for between $1 million and $1.49 million.
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