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