Located about 30 minutes by car from downtown Boston, this area is where Route 128 and Route 2 intersect. The criteria for choosing a home in Lexington often start with this commuting distance. Families that frequently commute to the city tend to first look at condos or townhomes near Massachusetts Avenue, while those prioritizing schools for their children and a yard typically aim for single-family homes from the outset.

The average value of homes in Lexington is $1,626,351, which has increased by 2.3% compared to a year ago, according to Zillow data from 2026. Breaking this average down by type, the average price for single-family homes is around $1.75 million, while condos are relatively more accessible at about $525,907. It should be noted that there is a limited supply of townhomes in Lexington, making it difficult to find separate median price statistics.

The reason single-family homes are strong in this city is clear. Lexington is considered a high-reputation school district within the Boston metro area, and many families are looking to buy single-family homes with yards to settle down for the long term. With top-rated elementary, middle, and high schools according to GreatSchools and Niche, it is common for Korean families to choose Lexington for their children's education. However, school district boundaries change frequently, so it is advisable to check the assigned school for a specific address before purchasing.

Condos have become a suitable option for single individuals prioritizing commuting convenience or couples looking to downsize after retirement. They require less management since maintenance is handled externally, allowing residents to simply move in. However, there are monthly HOA fees for building maintenance, which can vary significantly based on the size and amenities of the complex. In contrast, single-family homes may have low or no HOA fees, but homeowners are responsible for everything from the roof to the boiler and landscaping.

For families who have just moved from Korea, this difference may feel unfamiliar. While the concept of condo maintenance fees in Korea and HOA fees in the U.S. may seem similar, the management entities and responsibilities differ, so it is essential to read the contract carefully. Families moving from other states should also consider that Massachusetts has different property tax rates than their previous residences. Property taxes and insurance rates can vary by county and town, so individual verification is necessary.

Investors looking for rental income or capital gains should approach Lexington differently. The high purchase prices generally lead to lower rental yields, and some condo complexes have regulations that restrict rentals or limit the number of units available for rent annually, so it is crucial to check the HOA rules before buying. Single-family homes have steady rental demand, but the initial investment is significant, and it cannot be guaranteed that property values will continue to rise. It is important to consider that trends can change based on interest rates and local development plans.

Mortgage conditions also vary by type. Condos typically have lower purchase prices, resulting in relatively lower monthly payments, but lenders often assess the overall financial health of the building and the level of HOA reserves. According to Freddie Mac standards, condo approval requirements can sometimes be stricter than those for single-family homes, so it is wise to be aware that even if you like a property, you might encounter obstacles during the loan process.

The first dilemma is likely whether to maintain your current rental or buy at this point. In high-priced areas like Lexington, it is essential to compare rental prices with monthly mortgage payments side by side. Condo rentals tend to be lower than single-family home rentals, so it is not uncommon for families settling in the area to start with renting and later transition to buying as they monitor the market. However, it is advisable to check rental price variations by region using resources like RentCafe or Zumper.

Ultimately, Lexington appears to be a city where commuting and school districts are the two main factors influencing housing type choices. If accessibility to the city is prioritized, condos are favored, while single-family homes are preferred for settling down and education. This article does not constitute investment or legal advice, and it is recommended to consult with a real estate professional and a tax advisor before making any actual contracts.