Boston, Cambridge, and Somerville share a collective population of just under 1,000,000 people across 40+ neighborhoods. In this market report, we present key market statistics and explore what these figures could mean to buyers, sellers, renters, and investors.
Market figures across Boston, Cambridge, and Somerville saw a reported decrease in home values in October. In Boston, listing and sale prices for single-family homes and condominiums were lower than September’s numbers. In Cambridge and Somerville, single-family home values slightly decreased while their condo markets saw steady growth. Buyers should take advantage of these slower fall and winters months to find their new home before the activity picks back up again. Homeowners in the early stages of preparing to sell should take this time to assess their home’s condition and begin any necessary improvement projects.
Asking rents in each market remain more or less the same from previous months, with Boston and Cambridge hovering around $3,000 and Somerville around $2,500 for the average two-bedroom. Renters interested in moving into the area will find plenty of affordable and luxury options ranging from a charming one-bedroom in Davis Square to an apartment with a view in the Seaport.
Learn more about real estate activity in these three markets, download the October 2021 market report here.
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