At 93 Bedford Street, you drive down into a garage where every owner has a deeded space with EV charging. From there a central elevator rises through three floors, and each floor holds ten single-level homes. The Lex Residences is the first project in Lexington built under the MBTA Communities Act to open. The Lexington Observer reported in October that nearly every unit had sold and some owners had already moved in.
Most public debate over Lexington's rezoning was about apartments and density. The first homes it has produced are something different. They are for-sale flats, most bought by downsizers, at prices close to what a Lexington house sells for. More are coming, and in a town that closes only a few dozen condo sales a year, the new supply is large.
A building that sold before it was finished
Ben Finnegan of Finnegan Development, which built The Lex Residences with Katz Development, told the Observer that most of the 30 condos in the main building sold for between $1.2 million and $2 million. He said buyers were mostly older couples looking to downsize. All 30 are two-bedroom, two-bath homes, and twelve of them add a den. Four affordable condos were offered by lottery.
The developers sold the main building early enough that some buyers could customize their interiors. The building has 40 underground spaces. That is one per home plus ten extras that owners can buy. Each home also gets a storage unit in the garage, and owners share a gym and an outdoor patio with a grill. A renovated historic house on the site will hold two one-bedroom condos, and Finnegan guessed they could reach the market in spring 2027.
Finnegan explained to the Observer why his firm wanted this product in this town:
"The MBTA Communities Act, for us, really opened up a lot of opportunity to deliver a product that we've actually been building since the late 1990s, which is stacked flat condominiums. They're generally targeted for down-sizers…and in my opinion, were greatly lacking in the town before this."
He told the Observer that the biggest change for his firm was permitting. Under the new zoning, multifamily housing is allowed by right, so the project did not need special permits or variances for its basic use.
Priced like a Lexington house
The price comparison matters most for a homeowner considering a move. The Massachusetts Association of REALTORS® Local Market Update for Lexington, September 2026 shows where the new flats sit against the existing market.
| Lexington, January through September 2026 | Closed sales | Median sale price |
|---|---|---|
| Single-family homes | 223 | $1,750,000 |
| Condominiums | 32 | $1,015,000 |
| The Lex Residences, main building | 30 | Most between $1.2M and $2M |
The town's single-family median for the first nine months of 2026 falls inside the range the new flats sold for. The condo median falls below it. A downsizer selling a typical Lexington house to buy one of these flats is buying single-level living, an elevator and deeded garage parking. They are not buying a much cheaper home. For many sellers, the money freed by the move may be small. Whether that trade makes sense depends on the household. Families who had expected downsizing to free up a large sum can see from these numbers that, in this product, it may not.
The MAR figures are drawn from MLS records, and the town's condo count may or may not include the sales at The Lex Residences.
One building, almost a year of condo sales
The volume is where the change shows. Lexington recorded 32 condominium sales from January through September 2026. The Lex Residences' main building holds 30. One building on Bedford Street matches nearly nine months of condo sales across the whole town.
The projects behind it are larger still. In total, Lexington's pipeline has 17 projects and about 1,600 planned homes, 236 of them affordable, according to the Observer's October 27 roundup. That count includes both approved and proposed projects. Most of those homes are not condos. Even so, the for-sale projects named below add up to more than 230 condos. At 2026's pace so far, that is more than five years of Lexington condo sales.
The 2026 market figures already show some movement. Condo inventory in September 2026 was 14 units, up from 4 a year earlier, and months of supply rose from 1.1 to 3.9. The year-to-date condo median rose 16.0% to $1,015,000. New construction may explain part of that rise, though the report does not say so. MAR also warns that one month's activity can look extreme because the samples are small. September had three condo closings.
Why the pipeline survived the rollback
Lexington was the first town in Massachusetts to adopt compliant MBTA Communities zoning, at its spring 2023 Annual Town Meeting. It rezoned 227 acres across 12 districts, and Boston Indicators puts the by-right capacity at about 13,400 units. The state required 50 acres.
When proposals arrived faster than expected, a special Town Meeting session in March 2025 voted 164–9 to cut the overlay back to roughly 90 acres and about 2,411 units of capacity. The vote removed eight districts, including Lexington Center. It capped density at 20 units per acre for residential buildings and 25 for mixed-use. The roughly 1,600 units already proposed were allowed to go forward.
So the condos now in the pipeline came from the original, broader zoning, and they are not being replaced at the same scale. A homeowner thinking about a single-level home in town has a defined group of projects to consider, and the town has chosen to keep that group limited.
What comes next, in order of readiness
- The Marrett, 419 Marrett Road. The Lex Residences developers have broken ground on a nine-unit building, and every unit is planned as two bedrooms, two baths and a den. Finnegan called it "a boutique, smaller building" and expects it to attract the same kind of buyer. He told the Observer pricing would be announced around January 1, 2027. The Planning Board's site plan decision is dated May 27, 2026.
- Fieldside at Lexington, 475 Bedford Street. Pulte Homes' New England division is the developer of this project of about 150 condos, which Pulte describes as single-level homes in elevator buildings. As of late October, Pulte's project page lists pricing and sales-center hours as coming soon. Finnegan told the Observer that a local developer rarely competes with national builders of Pulte's size.
- 217–241 Massachusetts Avenue, East Lexington. North Shore Residential Development received Planning Board approval on May 7, 2025 for a five-story building. It will have 44 condominiums, six of them inclusionary units, and 4,586 square feet of commercial space.
- 16 Clarke Street, Lexington Center. In October 2025, the Observer reported that North Shore was designing a four-story building with 52 or more condos and ground-floor commercial space. At that point it had not filed a site plan application.
The list shows a pattern for buyers. The first new condos sold early. The next small building releases prices in January. The largest project has not yet released prices. Anyone who wants one of these flats will likely have to commit while the building is still under construction or not yet started.
The timing problem for a seller staying in town
That pattern creates the main difficulty for a Lexington homeowner. The new flats sell early, and the house that would fund one now sells more slowly. In September 2026, Lexington had 83 single-family homes for sale, up 29.7% from a year earlier, or 3.5 months of supply. From January through September 2026, single-family homes took a median of 50 cumulative days on market to sell, compared with 36 in 2025. Sellers received 99.2% of their original list price, down from 101.6%.
Taken together, the timeline is the problem. The developer asks for a commitment before the building is finished, while the house that pays for it now needs more time and more careful pricing than it did in 2025. Some Lex Residences buyers got to customize their units because they committed early. A seller who waits until the house is under agreement may find the floor plan they wanted already gone. A seller who reserves first may end up carrying two properties. Planning the presentation and timing of the house sale before pricing comes out at The Marrett or Fieldside makes each step less rushed.
Rentals and the center are a separate story
Some of the pipeline is rental housing. 185–189 Bedford Street, for example, is a 25-apartment building with three permanently affordable units, and it was approved in about five and a half months. The March 2025 vote also removed Lexington Center from the by-right overlay districts, which means no new by-right districts there. 16 Clarke Street was still at the proposal stage as of October 2025.
If you own a house in Lexington and are thinking about one of these single-level condos, timing the house sale is where planning helps most. Arman Chitchian can help you prepare your home, set its price for this slower fall market, and line up its sale with the dates on the condo side. Let's Connect.
