At The Lex Residences on Bedford Street, residents park under the building in a deeded space, take a central elevator, and walk into a home where everything is on one floor. In October 2026, Ben Finnegan of Finnegan Development told The Lexington Observer that his firm has been building this kind of "stacked flat" condominium since the late 1990s. He said Lexington "greatly" lacked it before the MBTA Communities Act opened the door.
The Lex is the first project to open under Lexington's MBTA Communities zoning. Almost every unit sold, and some residents have moved in. Finnegan told the Observer that most of the 30 condos in the main building sold for between $1.2 million and $2 million, mostly to older couples looking to downsize. That price range sits right on top of what a single-family house in Lexington has been selling for this year. In this town, downsizing does not mean spending less. It means paying about the same for a different way of living, at a time when the houses being left behind face a slower market.
The Units Were Gone Before the Building Was Finished
According to the Observer, Finnegan Development and Katz Development sold every unit in the main building early enough that some buyers could customize their interiors. By the time The Lex opened, there was almost nothing left to buy.
So for this product, the buying window opens when prices are announced, not when a ribbon is cut. The next two dates on the calendar are already set or partly set:
- The Marrett, 419 Marrett Road. The same two developers have broken ground on nine units, all two bedrooms and two bathrooms with a den. Finnegan expects to announce pricing around January 1, 2027, and called it "a boutique, smaller building" that he thinks will draw the same buyer as The Lex.
- The Lex's historic house, 93 Bedford Street. The renovated historic house on the site is being converted into two one-bedroom condos. Finnegan guessed they could come to market in spring 2027.
That makes eleven units across two releases in the next several months. For a downsizer who still owns a Lexington house, a January pricing announcement means deciding about a condo purchase in the middle of winter, before many people would list a single-family home.
What $1.2 Million to $2 Million Buys on Bedford Street
The price makes sense once you look at what is being sold. In the Observer's description, the main building is three stories with ten condos per floor. Eighteen units have two bedrooms and two baths, and twelve add a den. The garage has 40 underground spaces, all with EV charging. With 30 condos in the main building, that works out to one space for each of those condos plus ten extras that residents can buy. Every residence gets a storage unit in the garage. There is also a shared gym, an outdoor patio with a grill, bike storage at the historic house, and a bus canopy planned on Bedford Street in front of the property.
In Finnegan's account to the Observer, these condos are "generally targeted for down-sizers." What buyers are paying for is single-level living, elevator access, and covered parking in a town whose housing stock is mostly detached homes. When a product has been missing for decades, buyers judge its value against the house they are leaving, not against older condos in town.
Building it also takes more capital than people might expect. Finnegan told the Observer that more national builders are now competing, Pulte among them. He added that building single-family houses is still much more competitive than multifamily, partly because of the financing and extra work a larger building requires. Higher building costs and an untested product would tend to keep these units at the top of the market, not near the condo median.
The House Being Left Behind Is in a Slower Market
The September 2026 Local Market Update from the Massachusetts Association of Realtors shows the two sides of the trade moving in different directions.
| Lexington, year to date through September 2026 | Single-family | Condo |
|---|---|---|
| Closed sales | 223, up 1.4% | 32, down 3.0% |
| Median sales price | $1,750,000, down 10.3% | $1,015,000, up 16.0% |
| Cumulative days on market | 50, up from 36 | 46, up from 21 |
| Percent of original list price received | 99.2%, down from 101.6% | 98.9%, down from 103.3% |
The single-family numbers show a market that has loosened. In September 2026 alone, single-family inventory was 83 homes, up 29.7% from September 2025, and months of supply rose from 2.8 to 3.5. Sellers that month received 97.6% of original list price, compared with 98.9% a year earlier, and the monthly median was $1,570,000.
Put the two prices together. A downsizer who sells a house near the September median of $1,570,000 and buys at The Lex's reported range of $1.2 million to $2 million is making a move that costs about the same either way. The house gets sold into a market with more competing listings and longer days on market than a year ago. The condo gets bought from a developer who sold out before completion. One side of the trade gives the seller less leverage than the other, and that affects how a downsizer would sequence the two transactions.
For families and relocating buyers shopping single-family, the same numbers mean more choice and more room to negotiate than Lexington offered in 2025. The data does not show that new condos caused the single-family softening. No source we found makes that link, and MAR's medians do not account for seller concessions. What the data does show is that both trends are happening at the same time, in the same town, and the people moving from one product to the other are on both sides of it.
The Condo Numbers Are Thin
Lexington's condo statistics deserve caution. Only 32 condos closed year to date through September 2026, and three closed in September itself. MAR notes that one month's activity "can sometimes look extreme due to small sample size." The September condo median of $915,000, down 20.4%, reflects three sales, not a trend.
Two condo figures matter more. Inventory was 14 units in September 2026, compared with 4 a year earlier, and new condo listings year to date were up 35.9%. Condo supply in Lexington is starting to grow from a very small base, and the bigger projects have not delivered yet.
Why This Wave Has a Fixed Size
Lexington was the first Massachusetts municipality to adopt compliant MBTA Communities zoning, at its spring 2023 Annual Town Meeting. As Boston Indicators reported in September 2026, the town created 12 overlay districts across 227 acres with roughly 13,400 units of by-right capacity. That capacity drew a wave of developer proposals.
In March 2025, a special Town Meeting voted 164 to 9 to cut the overlay back to about 90 acres and roughly 2,411 units of capacity. The vote also capped heights at 40 feet and three stories for residential buildings and set a 0.48 floor-area ratio. The roughly 1,600 units already proposed were allowed to proceed. The Town's motion removed Lexington Center from the overlay entirely.
The pipeline that survived is the new housing Lexington will see for the foreseeable future. The Observer counts 17 developments totaling around 1,600 units. The named projects beyond The Lex and The Marrett show how much of it is still on paper:
- Fieldside at Lexington, 475 Bedford Street. Pulte Homes of New England is building 150 condos here, the largest ownership project in the pipeline. Pulte's project page lists single-level condos in elevator buildings, marked "Coming Soon" and "Price Coming Soon." The Conservation Commission's May 19, 2026 agenda still listed the project as a continued hearing, and we have not confirmed its status since.
- 185–189 Bedford Street. Two commercial buildings and a parking lot are becoming 25 apartments, three of them permanently affordable. Boston Indicators found the project was permitted in January 2025 after a 5.5-month pre-construction process.
- 17 Hartwell Avenue. In March 2026, the Observer described it as a proposed five-story conversion of lab and office space into 312 homes with retail.
Fieldside's pricing will be the most useful number Lexington has yet seen on this question. With 150 units, it is five times the size of The Lex, and it will show whether single-level condo demand at this price level goes beyond one sold-out building.
Frequently Asked Questions
Are the new Lexington condos being listed on the open market? At The Lex, units sold early enough for some buyers to customize interiors, which means most of the selling happened before completion. Watch the pricing announcements, such as The Marrett's expected date around January 1, 2027.
Were any affordable units included? Yes. The Lex offered four affordable condos by lottery. Under Lexington's zoning, projects of 14 or more units carry a 15% inclusionary requirement.
Will more projects like this be proposed? New proposals now fall under the smaller 2025 overlay, with its tighter density and height limits. The roughly 1,600 units already proposed make up most of what is coming.
If you own a Lexington house and are thinking about one of these condos, the hard part is timing a developer's pricing release against a single-family sale in a slower market. The David Green Group helps clients plan both sides of that move, from pricing the house to getting ready for the next release on Marrett Road or Bedford Street. Contact Us.
This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.
