Is Cambridge, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$1,100,000
$886/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Cambridge have sold for 0.5% less than they did a year ago.
Summary: The median home sold price in Cambridge was $1,100,000 in June 2024, down 0.5% from last year, and the median price per square foot was $886.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $607.7K | $684.5K | +12.6% |
| 2 Bedrooms | $891.3K | $917K | +2.9% |
| 3 Bedrooms | $1.4M | $1.4M | +3.2% |
| 4 Bedrooms | $2.0M | $2.1M | +5.1% |
| 5+ Bedrooms | $2.3M | $2.0M | -12.8% |
Summary: Cambridge housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.6%, 2 bedroom homes increased by 2.9%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes decreased by 12.8%.
Median Sold Price Compared To Nearby Cities
| Somerville | $942.9K | $1.0M | +11.4% |
| Belmont | $1.2M | $1.3M | +5.4% |
| Watertown Town | $803.7K | $810K | +0.8% |
| Watertown | $805.8K | $810K | 0.5% |
| Cambridge | $1.1M | $1.1M | -0.5% |
Housing Supply in Cambridge, MA
How many homes are available in Cambridge, MA?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 276 | 274 | -0.7% |
Summary: The Cambridge real estate market had 274 homes for sale in June 2024, a 0.7% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 39 | 47 | +20.5% |
| 2 Bedrooms | 87 | 77 | -11.5% |
| 3 Bedrooms | 72 | 70 | -2.8% |
| 4 Bedrooms | 35 | 36 | +2.9% |
| 5+ Bedrooms | 43 | 44 | +2.3% |
Summary: The Cambridge housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20.5%, 2 bedroom homes decreased by 11.5%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes increased by 2.3%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 66 | 60 | -9.1% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
29 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cambridge, you could pay more than the asking price. 48.3% of homes here sold above asking price last month.
Summary: A total of 60 homes were sold or pending in Cambridge in June 2024, down by 9.1% month-over-month. Of the 60 sold homes, 42% were sold under asking, 10% were sold at asking, and 48% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 26 Days | 45 Days | +69.4% |
Summary: Homes in Cambridge had an average of 45 days on market in Jun 2024, up by 69.4% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
7 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 June 2024, 60 homes were sold in Cambridge; 65% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
