Is Cambridge, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$1,028,642
$866/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Cambridge have sold for 9% less than they did a year ago.
Summary: The median home sold price in Cambridge was $1,028,642 in March 2024, down 9% from last year, and the median price per square foot was $866.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $605K | $665K | +9.9% |
| 2 Bedrooms | $901.6K | $885K | -1.8% |
| 3 Bedrooms | $1.4M | $1.5M | +6.3% |
| 4 Bedrooms | $1.9M | $2.0M | +6.4% |
| 5+ Bedrooms | $2.3M | $2.1M | -6.5% |
Summary: Cambridge housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.9%, 2 bedroom homes decreased by 1.8%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 6.5%.
Median Sold Price Compared To Nearby Cities
| Somerville | $935K | $1.0M | +9.5% |
| Belmont | $1.2M | $1.2M | +1.6% |
| Watertown Town | $799.6K | $807.5K | +1.0% |
| Watertown | $800K | $807.5K | +0.9% |
| Cambridge | $1.1M | $1.0M | -9.0% |
Housing Supply in Cambridge, MA
How many homes are available in Cambridge, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 188 | 219 | +16.5% |
Summary: The Cambridge real estate market had 219 homes for sale in March 2024, a 16.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 22 | 25 | +13.6% |
| 2 Bedrooms | 57 | 65 | +14.0% |
| 3 Bedrooms | 50 | 56 | +12.0% |
| 4 Bedrooms | 23 | 27 | +17.4% |
| 5+ Bedrooms | 36 | 46 | +27.8% |
Summary: The Cambridge housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 14%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 17.4%, and 5+ bedroom homes increased by 27.8%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 26 | 43 | +65.4% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cambridge, you could pay more than the asking price. 48.8% of homes here sold above asking price last month.
Summary: A total of 43 homes were sold or pending in Cambridge in March 2024, up by 65.4% month-over-month. Of the 43 sold homes, 40% were sold under asking, 12% were sold at asking, and 49% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 43 Days | 42 Days | -0.7% |
Summary: Homes in Cambridge had an average of 42 days on market in Mar 2024, down by 0.7% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
8 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 March 2024, 43 homes were sold in Cambridge; 67% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
