Is Cambridge, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$1,089,333
$877/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cambridge have sold for 2.6% less than they did a year ago.
Summary: The median home sold price in Cambridge was $1,089,333 in May 2024, down 2.6% from last year, and the median price per square foot was $877.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $607.5K | $675K | +11.1% |
| 2 Bedrooms | $885K | $909K | +2.7% |
| 3 Bedrooms | $1.4M | $1.4M | 0.0% |
| 4 Bedrooms | $2.0M | $2.1M | +8.1% |
| 5+ Bedrooms | $2.3M | $2.1M | -8.7% |
Summary: Cambridge housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 2.7%, 3 bedroom homes did not change, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes decreased by 8.7%.
Median Sold Price Compared To Nearby Cities
| Somerville | $939.4K | $1.0M | +11.2% |
| Belmont | $1.2M | $1.3M | +5.7% |
| Watertown Town | $796K | $815K | +2.4% |
| Watertown | $797.5K | $815K | +2.2% |
| Cambridge | $1.1M | $1.0M | -2.6% |
Housing Supply in Cambridge, MA
How many homes are available in Cambridge, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 257 | 270 | +5.1% |
Summary: The Cambridge real estate market had 270 homes for sale in May 2024, a 5.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 35 | 35 | 0.0% |
| 2 Bedrooms | 84 | 88 | +4.8% |
| 3 Bedrooms | 52 | 67 | +28.8% |
| 4 Bedrooms | 31 | 36 | +16.1% |
| 5+ Bedrooms | 55 | 44 | -20.0% |
Summary: The Cambridge housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 28.8%, 4 bedroom homes increased by 16.1%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 56 | 58 | +3.6% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
34 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cambridge, you could pay more than the asking price. 58.6% of homes here sold above asking price last month.
Summary: A total of 58 homes were sold or pending in Cambridge in May 2024, up by 3.6% month-over-month. Of the 58 sold homes, 26% were sold under asking, 16% were sold at asking, and 59% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 25 Days | -15.8% |
Summary: Homes in Cambridge had an average of 25 days on market in May 2024, down by 15.8% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 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 May 2024, 58 homes were sold in Cambridge; 76% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
