Cambridge 3-Year Home Price Comparison
For the past couple years, I’ve been doing a post-spring market analysis in July, looking at what it costs to purchase a home in Cambridge & Somerville. To put it in context, I’m also looking at how these numbers compare to previous years. Let’s start with Cambridge for this post…
The following data reflects 3-year price changes (2012 – 2014) for a sampling of property types — comparisons are based on YTD sales up to July 21 for the past three years. (If you look back at my previous posts, note that data is based on slightly different YTD dates, hence the slight differences in numbers used here.)
So here’s what it costs to buy a…
Condo — 1BR/1ba, without parking
2012 YTD – 46 units sold – average price: $326,992 2013 YTD – 41 units sold – average price: $350,956 2014 YTD – 26 units sold – average price: $413,425
Condo — 2BR/1ba, with 1 parking space
2012 YTD – 48 units sold – average price: $454,722 2013 YTD – 28 units sold – average price: $431,239 2014 YTD — 29 units sold — average price: $532,726
Condo — 3BR/1.5+ba, with 1+ parking space(s)
2012 YTD – 37 units sold – average price: $808,462 2013 YTD – 49 units sold – average price: $954,927 2014 YTD — 36 units sold — average price: $1,045,972
Single-family — up to 2000 square feet
2012 YTD – 29 units sold – average price: $635,237 2013 YTD – 36 units sold – average price: $668,600 2014 YTD — 31 units sold — average price: $825,763
Single-family — larger than 2000 square feet
2012 YTD – 37 units sold – average price: $1,668,541 2013 YTD – 43 units sold – average price: $1,949,895 2014 YTD – 37 units sold — average price: $2,027,646
2-family properties
2012 YTD – 29 units sold – average price: $807,179 2013 YTD – 13 units sold – average price: $965,731 2014 YTD — 14 units sold — average price: $1,069,357
3-family properties
2012 YTD – 9 units sold – average price: $999,333 2013 YTD – 15 units sold – average price: $1,139,800 2014 YTD — 12 units sold — average price: $1,229,167
And to summarize:
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