Lexington MA Condos for Sale – Buyers Guide

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Lexington MA Condos for Sale – Buyers Guide

Picture this – morning coffee savored on the balcony with an uninterrupted view of the Lexington’s cityscape; tranquility that adds value to your living space; a safe neighborhood with all amenities within reach. Not just any home, but a condo in Lexington MA! If you’re thinking about buying your dream condo in Lexington, this is your ultimate price guide for 1, 2, and 3 bedroom options. Get ready to navigate the real estate market like never before and find a condo that not only matches your lifestyle, but also fits your budget.

Based on our research, the average price for a 1-bedroom condo in Lexington MA is around $500,000. A 2-bedroom condo averages around $750,000, while a 3-bedroom condo averages around $1 million. It’s important to note that these prices can vary depending on factors such as location, age of the property, and amenities offered. To get a more specific idea of pricing for condos in Lexington MA, it may be beneficial to consult with a local real estate agent or browse current listings online.

Overview of Lexington MA Condo Market

Lexington, Massachusetts has long been known as one of the most affluent towns in the state. With its rich history, great schools, and diverse community, it’s no surprise that many people are willing to pay top dollar to live here. However, over the years, the town has attracted more and more developers who have built numerous luxury condos within its area.

One thing that sets Lexington apart from other towns is its strong sense of community. This feeling is reflected in many aspects of daily life, including housing options. The condos here vary greatly in terms of prices and styles, but all reflect a commitment to quality living while benefiting from vibrant local amenities. From beautiful courtyards to personal fitness centers, you’ll find everything that you want when looking for a place to call home.

For instance, if you’re someone who loves being outdoors, consider looking for a condo located near some of Lexington’s green spaces such as Hastings Park or the nearby 2.7-mile trail called “Battle Road Trail”. If you enjoy exploring vibrant local markets and shops, make sure you check out Massachusetts Avenue which is lined with plenty of dining options especially Italian cuisine.

As one might expect for an upscale town like Lexington, prices can be jaw-dropping as well. According to recent estimates provided by reliable sources from real estate companies based locally here such as Redfin or Zillow indicate median home values of around $1.5 million dollars which reflects an increase of about 15% so far in 2021.

Now let’s take a look at how Lexington compares to some nearby towns in terms of properties for sale.

Comparing Lexington to Nearby Towns

While Lexington can surely be considered one of the most expensive places to live in Massachusetts especially compared to neighboring Burlington and Waltham; these towns are known for their family-friendly neighborhoods and top-rated schools that many locals enjoy.

In terms of condo prices, generally speaking, there is a range of price differences especially for 2 and 3-bedroom units. In Lexington, the median price for a two-bedroom condo is around $800,000 while in Burlington it’s around $550,000 and Waltham $600,000. So, if you’re looking to buy or rent a condo in one of these areas take into consideration that although you may get less in some aspects like size or quality finishes compared to Lexington – your dollar may go further.

It’s like shopping at high-end department stores versus outlet stores – you’ll often pay more at the former but gain high-quality features that you likely won’t find elsewhere.

For instance, if proximity to retail shopping centers is important to you then living in Burlington might be more appealing as it is home to “The District” lifestyle center which has plenty of retail shops while also being nearby Boston. However, if local history and charming architecture sound more enticing then choosing Lexington will most likely put a smile on your face.

All said and done, the decision ultimately comes down to what you can afford or willing to invest for your dream home here in Massachusetts. Depending on your stage in life such as student life or empty nesters’ lifestyle choices also play an essential role too.

Now let’s dive deeper into specific bedroom counts options and their respective costs when living in Lexington condos.

• As of 2023, the average price of condominiums in Lexington, MA is around $1 million depending on varying factors such as square footage, location, amenities etc.
• In a real estate report from 2022, it was found that the price per square foot for condos in Lexington ranged between $300 – $600.
• A growth rate of approximately 7% in condo prices was observed in Lexington, MA from 2021 to 2023 according to local government data.

Lexington MA Condo Prices by Bedroom Count

Lexington, Massachusetts is a highly desirable area to live in for those looking for a luxurious lifestyle and convenient location. When it comes to purchasing condos in the town, buyers should consider the number of bedrooms they require. Condos vary in price depending on how many bedrooms they have, with 1-bedroom options appearing at a lower price point than 2 or 3 bedroom condos.

If you’re a young professional or newly married couple without children, a 1-bedroom condo may be the perfect fit for you. The prices for such condos in Lexington can range from $500K to $800K, depending on the location, amenities, and overall size of the unit. For instance, the smallest and most affordable 1-bedroom unit can be found in a complex near Lexington Center and historic Minuteman National Park. These units are perfect for those wanting to live closer to downtown Lexington’s many shops, restaurants and libraries.

For those in need of more space, then 2-bedroom condos are preferable. These condos offer enough room for couples with children or individuals who require an extra bedroom for entertainment or office purposes. The cost of 2-bedroom condos varies widely depending on their location within Lexington; properties near the reservoir or further out from downtown generally come at a lower price point compared to those nearer to downtown’s amenities. Two-bedroom condos featuring luxury finishes and amenities can cost upwards of $900K – $1 million dollars. Yet, the average 2-bedroom condo in Lexington currently ranges from $800K-$900K.

Some may argue that a 3-bedroom condo is too big for anyone simply looking for housing in Lexington but there are always exceptions with large families or groups looking to spend time together in one abode. If this is your position look no further! Not only do several highly sought-after developments in Lexington offer 3-bedroom condos, they also feature exquisite views of natural landscapes, balconies, and access to a range of amenities. Although 3-bedroom condos are undoubtedly expensive, starting at around $1 million dollars, many believe the additional cost is worth it for the added space and quality of life features.

Now that we’ve looked at the various bedroom options for condos in Lexington, next we will examine different prices by specific bedroom count. To create a more detailed picture of the market today, we can break down some average prices across different condo sizes and locations.

1-Bedroom Prices and Features

When deciding on a 1-bedroom condo there are several factors to be aware of. Size matters and units sized below 700 square feet tend to be cheaper than maisonettes with a yard or terrace. The closer you are to downtown Lexington, the higher the price point but it also means you’re within walking distance to great restaurants like Lexx as well as schools like Minuteman.

At present, on average you could own a 1-bed condo from $650K-$850K depending on how close to downtown you’d like to be. An older complex nearby Parker street offers these types of condominiums for lesser starting rates whereas an updated condo near Follen Road would certainly come at a premium price point.

2-Bedroom Prices and Features

When it comes to 2-bedroom condos in Lexington, MA, prices vary depending on various factors such as location, square footage, and amenities. The average price for a 2-bedroom condo in Lexington is around $800,000 – $1 million. Of course, there are more affordable options available and also high-end luxury condos that exceed $1 million.

For instance, there is a recently renovated 2-bedroom condo on Waltham Street that’s listed at $790,000 and offers an open concept living space with hardwood flooring throughout the unit. The kitchen features granite countertops and stainless steel appliances, making it perfect for those who love to cook and entertain guests.

Generally speaking, 2-bedroom condos in Lexington are ideal for small families or couples who need an extra room for guests or a home office. These types of properties are typically less expensive than 3-bedroom condos but offer more space than 1-bedroom units.

However, one may argue that buying a 2-bedroom condo is not always the best investment option because it limits your potential resale value. If you’re considering buying a condo as an investment property or planning to sell it in the future, keep in mind that bigger properties tend to appreciate more in value over time.

Investing in a 2-bedroom condo is like purchasing a mid-range car instead of a luxury sports car. While the latter is flashy and impressive, the former is still practical and gets you where you need to go without breaking the bank.

Now, let’s take a look at what you can expect from 3-bedroom condos in Lexington.

3-Bedroom Prices and Features

3-Bedroom condos in Lexington provide plenty of space to accommodate larger households with enough room for kids, overnight guests, or even a home office. Depending on location and square footage, 3-bedroom condos range from $900,000 to over $1.5 million in Lexington.

A prime example of a luxurious 3-bedroom condo is the recently built unit on Clarke Street that’s listed for $1.48 million. This condo offers three floors of spacious living with an open-concept layout. The high-end kitchen features custom cabinetry, Subzero and Wolf appliances, and plenty of counter space.

3-Bedroom condos are generally ideal for larger families or individuals who need more space than what a 2-bedroom condo can offer. In addition to having more bedrooms, these condos often feature additional living spaces and amenities such as balconies, patios, or fitness centers.

However, one may argue that 3-bedroom condos tend to be more expensive than their smaller counterparts. Not only are they pricier to purchase but also cost more to maintain in terms of utilities and cleaning.

Investing in a 3-bedroom condo is like purchasing a luxury SUV instead of a cheaper sedan. While the former is spacious and impressive, the latter is still economical and gets you where you need to go without overspending.

Now that we’ve explored the options for different bedroom counts in Lexington MA condo market let’s examine what elements can impact the pricing of condominiums in this town.

• Three-bedroom condos in Lexington offer ample space for larger households, home offices, or overnight guests. They are available at a range of prices, from $900,000 to over $1.5 million. Buyers who seek luxury living spaces can consider units such as the recently built Clarke Street property that boasts an open-concept design and high-end kitchen appliances. Nevertheless, purchasing a three-bedroom condo can be considerably more expensive than a smaller unit in terms of purchase price and maintenance costs. However, those who value extra space and amenities may find that the benefits outweigh the additional costs. Ultimately, buyers must weigh their preferences against prospective pricing when considering a condominium purchase in Lexington MA.

Elements Impacting Lexington Condo Pricing

When it comes to buying a condo in Lexington, MA, the price can vary greatly depending on a number of factors. These elements include the location of the condo, its size and features, as well as market demand and the economy in general.

One key factor impacting condo pricing in Lexington is its proximity to the town center. Condos situated within walking distance of the town center, shops, and restaurants tend to command higher prices than those located further away. Similarly, condos offering scenic views or easy access to popular parks and outdoor recreation areas are often priced higher than units lacking such amenities.

Another crucial element impacting Lexington condo pricing is the size and features of the unit. A 1-bedroom condo will cost less than a 2 or 3-bedroom unit with more square footage. Moreover, condos with additional unique features like private outdoor space or a garage will generally be priced higher. In addition to this, some buildings may offer shared amenities like a gym or pool, which can influence pricing as well.

Some may also argue that market demand plays an essential role in determining Lexington condo prices. In a hot housing market where homes are selling quickly, condo prices are likely to rise as well. Conversely, when demand for condos decreases due to changes in interest rates or other economic factors, prices will often decline accordingly.

It’s important to keep in mind that these factors are interdependent. For example, a luxury building with high-end finishes may attract buyers interested in premium amenities—who are willing to pay top dollar for them. However, if market demand shifts away from these more luxurious features toward simpler designs and more affordable units community-wide, then we could see prices go down as well.

With those important elements covered let’s dive into another one – the role of location and maintenance fees in determining Lexington condo pricing.

Role of Location and Maintenance Fees

Location plays a major role in the price of a condo in Lexington, but it’s not just about proximity to preferred amenities. Condos located in neighborhoods with low crime rates or highly-regarded school districts may command higher prices than comparable units situated in areas deemed less desirable.

Along with location, maintenance fees can impact condo pricing as well. These fees cover any repairs or maintenance needs for common areas like shared hallways, elevators, and lobbies. A well-maintained building with up-to-date amenities can attract more buyers and raise demand levels.

Depending on the condo association bylaws, maintenance fee increases could factor into higher prices for buyers. If the association needs to complete a series of upgrades or repairs on the property such as roofing work or elevator upgrades, those costs will most likely be passed down to owners through increased monthly payments.

However, some buildings may offer lower maintenance fees as they have fewer extensive amenities. While this may make the property more attractive to potential buyers given that their monthly expenses are expected to be less landlord obligation is upheld through regular maintenance checks which may increase these charges as time goes by.

It’s important to consider both location and maintenance cost when buying a condo in Lexington because both factors impact the overall price of owning and living in the unit. Essentially this is what’s known as supply-chain management where organizations are focused on delivering products at low costs by maintaining consistency throughout their supply chain management processes.

All things considered, purchasing a condo requires thorough due diligence beyond aesthetic features – one requiring research on pricing patterns, property regulation, amongst other matters that impact value.

Weighing the Benefits: Buying vs Renting in Lexington MA

If you are looking to settle down in the picturesque town of Lexington, MA, one of the most significant decisions you might have to make is whether you should rent or buy a condo. It can be a challenging decision, given the financial implications it poses. In this section, we will weigh the benefits of buying versus renting and equip you with knowledge that could help inform your decision.

Firstly, let’s look at buying a condo in Lexington. Purchasing property has always been perceived as an excellent investment, especially since property prices across various locations increase against inflation over time. When you buy a condo in Lexington, there is a sense of stability as you aren’t at risk of sudden rent increases from landlords or evictions when your lease term ends. You also have complete control over how you want to make your space feel like home as homeownership allows for more freedom to design and decorate according to your preferences.

When considering purchasing property anywhere, including Lexington, a critical factor is financing options available. However, with buying a condo comes additional expenses such as monthly mortgage payments, property taxes, maintenance fees and insurance costs which renters are spared from. However, many people argue that equity built through mortgage payments is an excellent perk because unlike rental payments that go towards your landlord’s pockets; mortgage payments contribute to increasing personal wealth and value in the long run.

Location is another factor at play when considering buying. Areas within walking distance from downtown Lexington come with a heftier price tag than those on the outskirts. Downtown properties may appreciate faster while slower appreciation but may imply more affordable options further away from town center areas.

However, just as purchasing real estate has its benefits, renting has its advantages too! Renting offers more flexibility when it comes to mobility – if a better career or educational opportunity comes up, it is far easier to opt-out of a lease agreement rather than break away from a mortgage. Plus, Renters aren’t accountable for maintenance fees and additional expenses that come with homeownership.

Renting also may offer more social interaction and community feel. With rentals in prime locations such as downtown Lexington, you are more likely to have amenities such as shared pool areas, lounge areas or gyms which make it easier to meet other people living in the complex and create an instant sense of social connection.

There is no doubt that condos are essential to many people as they offer convenient living spaces without the responsibility of ownership or maintenance obligations. If buying a condo is not something you can afford at present, it doesn’t mean it’s entirely off the table for your future but planning for the long term might help set expectations on priorities. Ultimately whether you prefer renting versus owning a condominium is an individual decision based on various factors including personal requirements, financial capabilities, and lifestyle preferences.

In conclusion, it’s important first to understand what matters most to you and your family when deciding if it’s better to rent vs buy a condo in Lexington. Much like choosing between staying in town for college versus going away feels like an independent yet significant milestone; making homebuying decisions feels just as crucial! The focus should be entirely on personal circumstances and needs. We hope we’ve equipped aspiring homeowners with some guidance on what benefits exist from owning property in Lexington MA and weighing it against alternative options such as renting helps get closer on that decision.