Cambridge, Massachusetts continued to see rising home values in 2017, based on data obtained from the Multiple Listing Service Property Information Network (MLSPIN).
Single Family Home Sales
Sales prices in East Cambridge, (zip code 02141) saw prices jump a whopping 49% year-over-year for single-family (SF) homes. The average single-family home price in East Cambridge sold for $829,500 in 2016 versus $1,232,583 in 2017.
The second largest jump in sale prices for single family homes came the zip code 02138, which includes the sought-after Harvard Square, West Cambridge & Fresh Pond with a year-over-year increase of 16%. In 2016 prices averaged $2,068,557 and saw an increase to $2,398,129 in 2017.
Running from Porter Square to North Cambridge, (zip 02140) prices rose by 7% from the previous year's average; with single-family homes selling for $1,415,855 in 2017 vs $1,324,947 the previous year.
The only decline in value came for single-family homes in (02139) encompassing the Cambridgeport, Central & Inman Squares, Mid-Cambridge, and a portion of the Riverside (aka the Coast) areas of Cambridge, dropping 11% between 2016 and 2017. Sales in 2017 were still competitive at $1,343,659, just not quite as high as 2016 prices at $1,512,770.
The picture was very similar for condominium sales in Cambridge, increasing overall throughout the city by 5%.
Both East Cambridge and the area from Porter Square to North Cambridge saw a 17% increase in average sale prices from 2016 to 2017. The
The sales in zip code, 02142, represent average sale prices in two buildings, the Esplande, luxury condominiums, 75-83 Cambridge Parkway and The Rivercourt Condominiums at 10 Rogers which are adjacent to the rapidly developing Kendall Square. These sales increased by 11% from 2016 to 2017. Going from a price of $1,144,235 to
The zip code, 02139, encompassing the Cambridgeport, Central & Inman Squares, Mid-Cambridge, and a portion of the Riverside (aka the Coast) area saw a 1% increase. Lastly, the Harvard Square, West Cambridge & Fresh Pond area of Cambridge saw the only decrease in condominium sales, a small decrease of 3%. Prices went from $981,099 to $950,149.
Our final comparison of multi-family homes in Cambridge saw the largest across the city increase of 29%. East Cambridge increased in sale price from $1,239,708 to $2,013,692. An increase of 62%.
Harvard Square, West Cambridge & Fresh Pond also saw a large increase in sales prices of multi-family homes, going from $1,399,000 in 2016 to $2,069,271 in 2017, an increase of 48%.
The areas encompassing Cambridgeport, Central & Inman Squares, Mid-Cambridge, and a portion of the Riverside (aka the Coast) also increased in sale price by 13%. The average sale price in 2016 was $1,647,206 and increased to $1,856,289 in 2017.
The only slight decrease in average sale price for multi-family homes occurred in zip code 02140, the area running from Porter Square to North Cambridge, by 1%. Prices decreased from $1,467,422 to $1,450,000.
What does this mean for you? If you'd like to chat about how these prices impact your home or how to give yourself the best advantages as a buyer in this market, please contact us to set up a meeting.