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What does it cost to buy a Cambridge or Somerville home in 2019?

Aug 14, 2019

What does it cost to buy a Cambridge or Somerville home in 2019?

Yes, we all know that Cambridgeville is an expensive place to buy. But word on the streets is that the real estate market is cooling, so is that helpful to buyers here? Good question. Earlier this spring, I ran the data (link to post here) and prices were up over last year. Also, having been out there with all my buyers this spring/summer, things felt just as competitive as ever, and some of the prices I was seeing were WAY over what I’d have expected based on 2018 sales. Int

May 31, 2019

State of the market: spring 2019

I’ve been hearing the same rumors you have about the market slowing down — including from agents I know who work in Boston — but the real estate market here in Cambridge & Somerville continues to be insanely competitive, and prices continue to appreciate. Here are a few data points to illustrate…. CAMBRIDGE: Single family sales YTD — average price $2,359,936, compared to $1,935,212 in 2018, an increase of 22% Condo sales YTD — average price $968,801, compared to $941,906 in 2

What to expect this spring in Cambridge & Somerville real estate

Jan 5, 2019

What to expect this spring in Cambridge & Somerville real estate

Happy 2019! After enjoying some rare downtime during the holidays, I’m back in full real estate mode today, and like so many people out there, wondering what the spring market will look like. If you’ve been out there looking, you’ve likely noticed that not a lot was happening this past fall / early winter. This is par for the course with our seasonal cycles, where the spring is super active, summer slows down, we get a brief uptick of activity after Labor Day and then things

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

Jul 27, 2018

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 t

Spring market 2018 — where we are to date

Apr 16, 2018

Spring market 2018 — where we are to date

Given we’ve been in a rapidly appreciating market since 2012, am sure it will not shock you to hear that prices in both Cambridge and Somerville are up YTD this spring. Sadly, Cambridge’s listing inventory is down significantly compared to the first quarters in the last three years, but interestingly, Somerville’s is up. I haven’t done a thorough analysis, but my gut tells me it’s due to the steady stream of recent condo conversions — particularly in East Somerville. In any c

Apr 15, 2018

Cambridge & Somerville consider drastic steps to address affordable housing

If you are distressed with the state of democracy on a national level, I highly encourage you to delve into your local politics. It’s messy, there are strong conflicting opinions, and there will always be some unhappy with the results, but if you’ve ever witnessed our local government in action, you know that the democratic process is alive and well in our little corner of the universe. Case in point: Cambridge’s City Council and Somerville’s Board of Aldermen have both recen

Sep 5, 2017

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

How condo prices stack up between Cambridge & Somerville

Mar 2, 2017

How condo prices stack up between Cambridge & Somerville

It used to be that when priced out of Cambridge, condo buyers could go to Somerville, but over the years, “The ‘Ville” has become more and more popular, and the prices have been going up and up. It’s hard to do an apples-to-apples comparison of prices city-wide, since the closer a home is to the T, the higher its market value. Obviously, Cambridge has an edge here, with more condos close to train stations than Somerville has. This skews the averages so it’s no surprise that C

Taxes, taxes everywhere…

Jan 12, 2017

Taxes, taxes everywhere…

The good news is that both Cambridge and Somerville once again lowered their tax rates for fiscal year 2017 while also increasing their residential exemptions. On the flip side, assessed values for homes went up, so it may be a wash. Following are the new taxes for each city, along with some other pertinent info: CAMBRIDGE The FY2017 tax rate is $6.49 per $1,000 of your home’s assessed value (down from $6.99 in FY2016) The residential exemption will effectively discount your

No crystal ball, but… predictions for the 2017 real estate market

Jan 11, 2017

No crystal ball, but… predictions for the 2017 real estate market

Anyone who’s been involved — or even KNOWS someone who’s been involved — in a recent home sale or purchase in the Greater Boston area is likely well aware that we’ve been in a hyper-competitive, low-inventory, rapidly-appreciating market for the past several years. And while it may feel painful for anyone out there trying to purchase a home, in many ways, it is a positive, since it’s a reflection of our strong economy, low unemployment, and the fact that we live in a pretty g

Cambridge v. Somerville: Comparing Housing Costs with Property Taxes

Jan 21, 2015

Cambridge v. Somerville: Comparing Housing Costs with Property Taxes

Anyone shopping for a home in Cambridgeville knows that you generally get more bang for the buck when buying a home in Somerville than in Cambridge. For example, the average price of a Somerville condo last year was $518,875, while in Cambridge, the average price was $657,750. On the other hand, Cambridge’s taxes are the lowest of any city in the state, at a rate of just $7.82 per $1,000 of a home’s assessed value, compared to Somerville’s rate of $12.61. Both cities have res