What’s Happening with Cambridge’s Real Estate Market?
Hey there! I’m Jeff Chubb, a retired investment banker turned real estate agent with over a thousand home sales under my belt. I always keep an eye on the market stats to stay ahead of trends. But let me tell you, I was genuinely surprised by the recent numbers from the Cambridge real estate market.
So, here’s the scoop on Cambridge as of 2024. We’ve seen 102 condos sell at an average price of $1,082,477 and a median price of $919,000. Now, compare that to 2023, when 107 condos were sold at an average price of $1,211,732 and a median price of $975,000. Sales are slightly down by about 4.7%, but the real eyebrow-raiser is the drop in average and median prices—10.7% and 5.7%, respectively. This decline primarily reflects a dip in the sales of higher-end condos, which weren’t as robust as last year.
Now, you might wonder if this trend is unique to Cambridge or if it’s affecting the broader Boston area too. Over in Boston, it’s a mixed bag. This year, 794 condos have been sold, marking a 12% decrease in sales. However, the average sales price actually increased by 6.1% to $1,116,933, and the median price rose slightly by 2% to $740,000. Interestingly, the high-end market in Boston saw an 8% increase in sales, unlike Cambridge.
Back to Cambridge, the current inventory stands at 109 units, up a significant 45% from last year’s 75. With an average of 28.33 condos selling each month, there’s about 3.85 months’ worth of inventory on the market, suggesting a softening market. If you’re thinking of selling in Cambridge, it might be wise to move quickly.
If you have any questions about real estate or are thinking about buying or selling, feel free to reach out. I’m here to help navigate these interesting times in the real estate market.
Jeffrey Chubb 2024-05-07 13:24:53