Cambridge & Somerville real estate in 2017 versus 2013

What a difference five years makes! Back in 2013, we were seeing our second year of price increases, after many years of flat market values. Buyers were still trying to get their heads around competitive offer situations and the fast pace of homes going under agreement. Many buyers backed out of the market altogether, choosing to “wait til things cooled down.” Well, so far that hasn’t happened.

The prices have just continued to rise in Cambridge and Somerville. To illustrate this trend, let’s look at a sampling of property types, comparing what a buyer would have paid five years ago, and what they are paying in 2017 so far.

Condo — 1BR/1ba, without parking

Cambridge average price in 2013 — $355,779 / now — $517,210

Somerville average price in 2013 — $284,148 / now — $411,317

Condo — 2BR/1ba, with 1 parking space

Cambridge average price in 2013 — $457,736 / now — $661,452

Somerville average price in 2013 — $364,241 / now — $558,629

Condo — 3BR/1.5+ba, with 1+ parking space(s)

Cambridge average price in 2013 — $954,117 / now — $1,226,190

Somerville average price in 2013 — $608,664 / now — $878,460

Single-family — up to 2000 square feet

Cambridge average price in 2013 — $722,321 / now — $1,026,656

Somerville average price in 2013 — $513,689 / now — $675,858

Single-family — larger than 2000 square feet

Cambridge average price in 2013 — $1,873,406 / now — $2,079,829

Somerville average price in 2013 — $720,800 / now — $1,037,406

2-family properties

Cambridge average price in 2013 — $916,825 / now — $1,437,722

Somerville average price in 2013 — $658,089 / now — $1,043,007

3-family properties

Cambridge average price in 2013 — $1,134,050 / now — $1,695,915

Somerville average price in 2013 — $809,568 / now — $1,214,800

 

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