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.
Greater Boston’s real estate market has remained resilient as the city continues to recover from the Covid-19 pandemic. Thriving sectors like education, technology, and life sciences continue to bolster Boston’s economy and drive people to the city. Between Boston, Cambridge, and Somerville a combined 1,255 single-family homes and condominium units have come on the market from January to June. Cambridge saw the most expensive single-family homes listed for an average of $1,952,839, while Somerville single-family figures were the lowest at $995,549. Real estate activity in Boston held steady in the first half of the year; to date, a total of 500 single-family and condo properties have been put up for sale.
This first half of the year showed definite signs of a market favoring sellers. Both Cambridge and Somerville saw single-families and condos sell for above their listing prices. Single-family homes in Cambridge exchanged owners for just about $1,998,400 and in Somerville for $1,020,260. These same home types went for approximately $1,184,752 in Boston, a figure below the overall asking prices. The most expensive condos were found in Cambridge and sold for $964,344, the least in Somerville at $832,047. Again, Boston condos fell short of asking; these residences went for $829,592, a little under $25,000 less than their listing prices.
The rental markets in Boston, Cambridge, and Somerville look to be on the upswing from the end of 2020. Though landlords were making concessions with renters to keep them as tenants, property owners see more people returning to the city and possibly less incentive to lower their rates. Boston reports the most expensive rents at an average of $3,165 for a two-bedroom over six months. Cambridge and Somerville follow behind at $2,885 and $2,483. Though these may seem high, fear not. Communities like Jamaica Plain, Dorchester, and Roxbury offer more reasonably priced housing and feature the newly constructed residential apartments. These developing communities are transit-oriented and include just as many close-by amenities as the more expensive areas around the city.
For more information, download the Senné Semi-Annual Market Report here.
Published: July 9, 2021
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