Is Cambridge, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Cambridge has remained a Seller's Market.
Key Takeaway
Cambridge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cambridge, MA
How much do homes in Cambridge, MA cost?
Median Sold Price
$1,039,571
$868/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Cambridge have sold for 8.7% less than they did a year ago.
Summary: The median home sold price in Cambridge was $1,039,571 in April 2024, down 8.7% from last year, and the median price per square foot was $868.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $605K | $665K | +9.9% |
| 2 Bedrooms | $901.6K | $886.6K | -1.7% |
| 3 Bedrooms | $1.4M | $1.5M | +6.3% |
| 4 Bedrooms | $1.9M | $2.1M | +10.5% |
| 5+ Bedrooms | $2.3M | $2.1M | -8.7% |
Summary: Cambridge housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.9%, 2 bedroom homes decreased by 1.7%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes decreased by 8.7%.
Median Sold Price Compared To Nearby Cities
| Somerville | $935.5K | $1.0M | +10.1% |
| Belmont | $1.2M | $1.2M | +3.3% |
| Watertown | $800.8K | $813.3K | +1.6% |
| Watertown Town | $800K | $812.5K | +1.6% |
| Cambridge | $1.1M | $1.0M | -8.7% |
Housing Supply in Cambridge, MA
How many homes are available in Cambridge, MA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 212 | 255 | +20.3% |
Summary: The Cambridge real estate market had 255 homes for sale in April 2024, a 20.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 28 | 35 | +25.0% |
| 2 Bedrooms | 68 | 81 | +19.1% |
| 3 Bedrooms | 46 | 57 | +23.9% |
| 4 Bedrooms | 27 | 30 | +11.1% |
| 5+ Bedrooms | 43 | 52 | +20.9% |
Summary: The Cambridge housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 19.1%, 3 bedroom homes increased by 23.9%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 20.9%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 41 | 54 | +31.7% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cambridge, you could pay more than the asking price. 46.3% of homes here sold above asking price last month.
Summary: A total of 54 homes were sold or pending in Cambridge in April 2024, up by 31.7% month-over-month. Of the 54 sold homes, 43% were sold under asking, 11% were sold at asking, and 46% were sold over asking.
Days on Market for Cambridge, MA
How long does it take to sell a home in Cambridge, MA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 33 Days | 29 Days | -13.0% |
Summary: Homes in Cambridge had an average of 29 days on market in Apr 2024, down by 13% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Cambridge are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 54 homes were sold in Cambridge; 76% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
