Cambridge Sales: A Yearly Comparison
Overall, Cambridge Massachusetts has seen increased sale prices from 2016 to 2017. East Cambridge, (zip code 02141) has seen the most dramatic increase of 49% in single family homes. The average single family home price in East Cambridge sold for $829,500 in 2016 vs just over 1 million dollars, or $1,232,583 in 2017. The second community to see the largest jump in sale prices for single family homes was the zip code 02138, the area around Harvard University, with an increase of 16%. In 2016 prices were on average $2,068,557 and in 2017 they increased to $2,398,129. The Davis Square area of Cambridge (zip 02140) also saw an increase, of 7%; with single family homes selling for $1,415,855 in 2017 vs $1,324,947 the previous year. The only out lander for single family homes was the MIT area of Cambridge (02139) which saw a decrease of 11% between 2016 and 2017. Sales in 2017 were still competitive at $1,343,659, just not quite as high as 2016 prices which came in 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 Davis Sq saw a 17% increase in average sale prices from 2016 to 2017. The Kendall Square district increased average condominium sales by 11%. Going from an average price of $1.1 million to $1.6. The MIT area of Cambridge saw a 1% increase. Lastly, the Harvard University 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 mutli-family homes in Cambridge saw the largest across the city increase of 29%. East Cambridge increased in sale price from approximately $1.2 million to just over $2 million. An increase of 62%. The Harvard University area of Cambridge also saw a large increase in sales prices of mulit-family homes, going from $1,399,000 in 2016 to $2,069,271 in 2017, an increase of 48%. The MIT area 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 of Davis Square, but 1%.
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.