Cost of Living in Somerville in 2020: Multi-Families
How much does a multi-family cost in Somerville, MA?
At the end of 2013, the average cost of a multi-family in Somerville, MA was $708,996.
149 sales in 2013. Sale price averaged 104% of original price.
At the end of 2016, the average cost of a multi-family in Somerville, MA was $956,408.
`168 sales in 2016. Sale price averaged 98% of original price.
At the end of 2019, the average cost of a multi-family in Somerville, MA was $1,305,309.
150 sales in 2019. Sale price averaged 96% of original price.
If we look at the first five months of 2020 (through May 31, 2020):
The average sale price of a multi-family in Somerville, MA at the end of this period of time was $1,411,156.
Sale price averaging 97% of original price.
61 multi-family sales in Somerville, MA during this period of time (1/1/20--5/31/20):
• 8 sales between $800,000 and $900,000
• 7 sales between $900,000 and $1M
• 29 sales between $1M and $1.5M
• 10 sales between $1.5 M and $2M
• 7 sales over $2M
The heart of the multi-family market in Somerville, MA is between $1M and $1.5M, with nearly half of the multi 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.
In terms of the types of multi-families, for the 61 multis sold in Somerville, MA in the first five months of 2020, 36 were two-families; 17 were three-families; 4 were four-families; and 4 were 5+ families. So, the vast majority of multi sales in Somerville are two and three-families.
Here are three Somerville two-families sold in the first five months of 2020 to give you a better sense of the two-family market in Somerville, MA:
Sold for $839,000 ↓↓↓↓↓
Sold for $1,075,000 ↓↓↓↓↓
Sold for $1,700,000 ↓↓↓↓↓
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