Cost of Living in Somerville in 2020: Condominiums
How much does a condo cost in Somerville, MA?
At the end of 2013, the average cost of a condo in Somerville, MA was $449,936.
475 sales in 2013. Sale price averaged 102% of original price.
At the end of 2016, the average cost of a condo in Somerville, MA was $635,140.
488 sales in 2016. Sale price averaged 103% of original price.
At the end of 2019, the average cost of a condo in Somerville, MA was $787,359.
537 sales in 2019. Sale price averaged 100% of original price.
If we look at the first five months of 2020 (through May 31, 2020):
The average sale price of a condo in Somerville, MA at the end of this period of time was $836,387. Sale price averaging 99% of original price.
152 condo sales in Somerville, MA during this period of time (1/1/20--5/31/20):
• 6 sales under $500,000
• 62 sales between $500,000 and $800,000
• 57 sales between $800,000 and $1,000,000
• 25 Sales between $1M and $1.5M
• 2 sales over $1.5M
The heart of the condo market in Somerville, MA is between $$500,000 and $1M, with 79% of condo sales in this price range in the first five months of 2020. Noteworthy that the number of sales in the first half of 2020 is reduced (Covid-19). That being said, average sale price is higher.
Here are three Somerville condos I listed and sold in the first five months of 2020 to give you a better sense of the condo market in Somerville, MA:
Sold for $520,000 ↓↓↓↓↓
Sold for $700,000 ↓↓↓↓↓
Sold for $895,000 ↓↓↓↓↓
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