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Somerville 3-Year Home Price Comparison

This is going to sound like deja vu if you already read yesterday’s Cambridge Price Comparison post, but just to cover my bases, going to repeat the intro info…

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. Today, I’m looking at Somerville…

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 – 5 units sold – average price: $281,400 2013 YTD – 12 units sold – average price: $273,029 2014 YTD – 12 units sold – average price: $331,074

Condo — 2BR/1ba, with 1 parking space

2012 YTD – 21 units sold – average price: $356,724 2013 YTD – 22 units sold – average price: $376,245 2014 YTD – 25 units sold – average price: $397,320

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

2012 YTD – 48 units sold – average price: $532,232 2013 YTD – 39 units sold – average price: $599,858 2014 YTD – 39 units sold – average price: $688,203

Single-family — up to 2000 square feet

2012 YTD – 38 units sold – average price: $425,884 2013 YTD – 29 units sold – average price: $479,328 2014 YTD – 23 units sold – average price: $516,155

Single-family — larger than 2000 square feet

2012 YTD – 14 units sold – average price: $749,357 2013 YTD – 10 units sold – average price: $729,000 2014 YTD – 18 units sold – average price: $835,139

2-family properties

2012 YTD – 53 units sold – average price: $500,609 2013 YTD – 56 units sold – average price: $662,078 2014 YTD – 46 units sold – average price: $722,265

3-family properties

2012 YTD – 28 units sold – average price: $586,904 2013 YTD – 17 units sold – average price: $713,765 2014 YTD – 19 units sold – average price: $924,053

And to summarize:


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