How much do you need to buy a home in Cambridge or Somerville in 2018?

At the end of every spring/summer market I like to do a little recap / analysis on prices. This year, as expected, prices rose yet again across the board. If you want to see the comparative prices from last year, or even really shock yourself and look at the 2013 prices, you can link to last year’s post here. To give an idea, back in 2013, the average cost to buy a 2 bedroom / 1 bath condo with a parking space in Cambridge was just $457,736 — it’s now almost $300k more!

For this post, I’m just going to let you know the average sale prices for 2018 listings that closed as of about a week ago when I ran the data. When you see the relatively small number of each type of unit sold, the hyper-competitiveness and rising prices will probably make a little more sense: we just don’t have enough homes to sell!

Condo — 1BR/1ba, without parking

Cambridge average price — $572,300 (20 units closed)

Somerville average price — $432,857 (7 units closed)

Condo — 2BR/1ba, with 1 parking space

Cambridge average price — $743,575 (16 units closed)

Somerville average price — $596,875 (16 units closed)

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

Cambridge average price — $1,483,871 (31 units closed)

Somerville average price — $983,238 (50 units closed)

Single-family — up to 2000 square feet

Cambridge average price — $1,123,095 (19 units closed)

Somerville average price — $781,732 (24 units closed)

Single-family — larger than 2000 square feet

Cambridge average price — $2,378,056 (18 units closed)

Somerville average price — $1,233,889 (9 units closed)

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