The headline number in Lexington is 1,600. That is roughly how many new apartments and condominiums are under construction, approved, or in review under the town's MBTA Communities zoning. For context, Lexington approved just two multifamily units in the decade before, as reported by The Boston Globe. It is easy to read that as more supply on the way and an easier entry point into a $1.5 million town.
The sales record from the first finished building points somewhere else. According to the Lexington Observer, nearly every unit at The Lex Residences on Bedford Street has sold, most of them for between $1.2 million and $2 million and mostly to older couples looking to downsize. Lexington's new for-sale housing is built for people who already own a large home. If it changes anything for a buyer in the near term, the likely place is the supply of houses.
What the first 30 flats actually were
The Lex Residences, developed by Finnegan Development and Katz Development, is the town's first MBTA Communities project to open. The Observer's description of the product explains who bought it:
- 30 condos in a three-story main building, ten per floor, all single-level and reached by a central elevator
- 18 two-bedroom, two-bath units and 12 two-bedroom, two-bath units with a den
- Garage-under parking, with 40 spaces that each have EV charging, plus a storage unit for every residence
- A communal gym and a shared outdoor patio with a grill
- Four affordable condos offered by lottery
- Two one-bedroom units in a renovated historic house on the site, which Ben Finnegan expects could launch in spring 2027
Finnegan told the Observer that this stacked-flat format is "generally targeted for down-sizers" and was "greatly lacking in the town before this." He also said only one family with children moved in. The Globe reported that the cheapest unit was listed at $1.2 million.
Set those prices beside the town's resale numbers from the Massachusetts Association of Realtors' September 2026 Lexington report:
| Measure | Price |
|---|---|
| Most Lex Residences sales | $1.2M to $2M |
| Lexington condo median, September 2026 | $915,000 |
| Lexington condo median, year to date through September 2026 | $1,015,000 |
| Lexington single-family median, September 2026 | $1,570,000 |
| Lexington single-family median, year to date through September 2026 | $1,750,000 |
The new flats sit well above the town's condo median and overlap the single-family median. A buyer here is weighing a new flat against a house, not against an older condo. A household that sells a Lexington colonial and moves into one of these units adds a house to the market and takes a condo off it.
Where the 1,600 units actually land
Most of the volume is rental. A Town of Lexington residential-impact report dated April 2, 2025 sorted the larger pipeline projects by tenure, using a project snapshot taken as of February 1, 2025. That report counts 3-5 Militia Drive at 300 units. The Town's March 2025 compromise motion lists it at 292. Add the projects announced since then, and the split looks like this:
| Project | Units | Type | Status as last reported |
|---|---|---|---|
| 17 Hartwell Ave | 312 | Rental | Under construction |
| 3-5 Militia Dr | 300 | Rental | Pending, February 2025 |
| 331 Concord Ave | 200 | Rental | Approved, February 2025 |
| 7 Hartwell Ave | 130 | Rental | Pending, February 2025 |
| 185-189 Bedford St | 25 | Rental | Pending, February 2025 |
| 475 Bedford St, Fieldside at Lexington | 150 | Condo | Pricing not yet announced |
| 5-7 Piper Rd | 46 | Condo | Approved, February 2025 |
| 217-241 Massachusetts Ave | 44 | Condo | Pending, February 2025 |
| The Lex Residences main building, Bedford St | 30 | Condo | Open, October 2026 |
| The Marrett, 419 Marrett Rd | 9 | Condo | Groundbreaking reported October 2026 |
| 231 Bedford St | 7 | Condo | Pending, February 2025 |
That comes to roughly 970 rental units and about 290 for-sale units among the projects with a known tenure. The "pending" labels date from February 2025, and some of these projects have moved forward since. The Town's project pages for 7 Hartwell Avenue and 3-5 Militia Drive now list both as approved.
The single biggest project, BXP's 312 apartments at 17 Hartwell Avenue, broke ground in July 2025. At the time, Boston Real Estate Times reported completion expected in mid-2027. A town staff presentation from June 2025 estimated occupancy around 2027-28.
The largest for-sale project comes from a national builder. Pulte Homes' New England division is building 150 condos at 475 Bedford Street. Pulte's Fieldside at Lexington page describes elevator buildings and low-maintenance living near the Minuteman Bikeway, and still shows "Price Coming Soon." Elevator buildings and low-maintenance living are the same features that sold out The Lex Residences.
Why the list is not going to grow much
Lexington's 2023 zoning covered about 227 acres. Town Meeting scaled it back at a Special Town Meeting on March 17, 2025, with about 94 percent support, as the Lexington Observer reported. The Town's compromise motion cut the overlay to 89.6 acres with 1,314 units of capacity, just above the 1,231-unit state minimum it cited. It removed the Lexington Center and Bedford Street North overlays.
Future projects now face these limits:
- 20 units per acre for residential buildings, 25 for mixed-use
- 40 feet and three stories for residential buildings
- 50 feet and four stories for mixed-use buildings
Projects already in the pipeline were allowed to continue. The Globe described the rollback as slowing new projects "to a trickle." For a buyer, this means the table above is close to the full set of new multifamily housing Lexington will see for some time, and only a small share of it is for sale.
The market also moved faster than the town expected. Officials first projected 400 to 800 units over a decade. Planning director Abigail McCabe told the Globe, "We did not necessarily expect the market to react so quickly."
What the house market is doing this fall
If downsizers buy new flats and then sell their houses, more houses should come up for sale. Lexington's single-family numbers through September 2026 fit that pattern. MAR's report shows:
- Inventory of 83 single-family homes in September 2026, up from 64 a year earlier
- 3.5 months of supply, up from 2.8
- 354 new listings year to date, up from 329
- A year-to-date median of $1,750,000, down 10.3 percent from $1,950,000
- Sellers receiving 99.2 percent of original list price year to date, down from 101.6 percent
- 50 cumulative days on market year to date, up from 36
These numbers fit the downsizer story without proving it. The MAR data does not show who listed those homes or why, and many other forces act on a fall market. Still, this is the measure to watch as Fieldside and The Marrett come online. Each new single-level condo that appeals to a long-time owner may also put a house up for sale.
The condo side is too thin to read much into. MAR counted 32 condo closings year to date and three in September, and its report warns that one month "can sometimes look extreme due to small sample size." Condo inventory did rise from 4 to 14 over the year, which gives condo shoppers more options than they had last fall.
The timing problem for anyone who wants a new flat
New flats in Lexington sell before they are finished. Finnegan and Katz sold every unit in The Lex Residences' main building early enough for some buyers to customize their interiors. At The Marrett, all nine units will be two bedrooms, two baths and a den, and Finnegan Development plans to announce pricing around January 1, 2027. Finnegan described it as "a boutique, smaller building" likely to attract the same buyer as The Lex Residences.
"There are more national players with Pulte. As a local developer, it is rare that we see players like that competing."
Finnegan made that comment to the Lexington Observer, and he added that building single-family houses is still far more competitive. For a downsizer, that means planning the purchase and the sale together. Pricing announcements and sellouts can come months before move-in, and the house sale has to fit around a construction schedule.
For a family looking for a house, the plan is simpler. Watch the single-family inventory count each month, especially in the seasons after a condo building delivers.
FAQ
Is the Belfry Hill project in Lexington Center happening? The 16 Clarke Street proposal from North Shore Residential Development had only a preliminary subdivision plan approved, on April 17, 2025. The Planning Board's decision says this does not guarantee approval of a definitive plan. The site is in the Battle Green Historic District and needs Historic District Commission approval.
Will the new apartments lower rents or prices in Lexington? No source in this market has measured that yet. The largest rental project, 17 Hartwell, is not expected to be ready before mid-2027 at the earliest.
Are there affordable for-sale units in these buildings? The Lex Residences included four affordable condos offered by lottery.
If you own a Lexington home and are thinking about a single-level condo at Fieldside or The Marrett, the sale of your current house and the timing of the new purchase have to be planned together. Kim Covino & Co can map out both sides with you, including pre-listing preparation and timing your sale around a construction schedule. Request a complimentary home strategy.
