Are MA Home Sale Prices Still Rising in 2022?

Comparing home sale prices for year-to-date August 31, 2021 and 2022 confirms that sale prices in Massachusetts continue to rise despite higher interest rates.

In Arlington, Belmont, Cambridge, Medford, and Somerville the average sale price for Condominium, Single Family, and Multi-Family homes increased from 4% to 22%. Median sale prices also increased from 5% to 29% with just three exceptions being Arlington Multi-Family (no change at $1.2m), Belmont Condominium (decreased 2%), and Belmont Multi-Family (decreased 1%).

The highest percentage of home sale price increases were for Single Family homes; not surprising since the need for larger living spaces has continued since the early stages of the pandemic in 2020.

Is It a Seller’s Market or a Buyer’s Market Today?

Comparing year-to-date home sale prices as of August 31, 2021 to August 31, 2022 and from watching local market trends in real time, there are positive insights for both home sellers and and home buyers today:

  • The good news for home sellers is that rising home sale prices continue to be driven by low supply and high demand. Even in cases where the number of listings (supply) increased over the past year – so did home sale prices. When the number of listings increase and sale prices also increase, we can only surmise that the amount of inventory is simply not enough to meet buyer demand.
  • The good news for home buyers is that the “feeding frenzy” activity has noticeably decreased since the first half of 2022. We are seeing a smaller number of offers being submitted which means there is less competition. In addition, Sellers are becoming more willing to consider offers with home buyer contingencies such as mortgage financing and home inspections.

As always, and especially in a changing market, I recommend home sellers and home buyers keep a vigilant eye on home sale pricing trends to protect their best interests and investments.

Arlington MA Home Sale Prices

Jaunary 1 2022 – August 31 2022

Condo:  4% above list
Single Family:  11% above list
Multi-Family:  3% above list

2022 home sale prices for residential Condominium, Single Family, and Multi-Family homes sold January 1 to August 31 in Arlington, Massachusetts:

ARLINGTONAverage Sale $Median Sale $Days To OfferSP:OP %
Condominium$810,526$765,00013 Days104%
Single Family$1,285,527$1,237,50010 Days111%
Multi-Family$1,256,963$1,200,00017 Days103%

Arlington MA Condo Sales YTD:  Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 14%; median sale price increased 8%, and homes sold 4% above list price in 2021 and 2022
  • Timing: Offers to purchase were received 2 days faster
  • Inventory: The total number of Condominium listings decreased 11% and total number sold decreased 16%

Arlington MA Single Family Sales YTD:  Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 22%; median sale price increased 30%, and homes sold 2% higher above list price in 2022
  • Timing: Offers to purchase were received 1 day faster
  • Inventory: The total number of Single Family listings decreased 11% and total number sold changed less than 1%

Arlington MA Multi-Family Sales YTD:  Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 8%; median sale price did not change ($1.2m), and homes sold 1% higher above list price in 2022
  • Timing: Offers to purchase were received 4 days slower
  • Inventory: The total number of Multi-Family listings and total number sold changed less than 1%

2022 home sale prices for residential Condominium, Single Family, and Multi-Family homes sold January 1 to August 31 in Belmont, Massachusetts:

BELMONTAverage Sale $Median Sale $Days To OfferSP:OP %
Condominium$845,209$757,50014 Days105%
Single Family$1,841,943$1,693,00018 Days105%
Multi-Family$1,247,172$1,200,00022 Days102%

Belmont MA Home Sale Prices

Jaunary 1 2022 – August 31 2022

Condo:  5% above list
Single Family:  5% above list
Multi-Family:  2% above list

Belmont MA Condo Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 4%; median sale price decreased 2%, and homes sold 3% higher above list price in 2022
  • Timing: Offers to purchase were received 4 days faster
  • Inventory: The total number of Condominium listings decreased 31% and total number sold decreased 37%

Belmont MA Single Family Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 18%; median sale price increased 16%, and homes sold 2% less above list price in 2022
  • Timing: Offers to purchase were received 4 days slower
  • Inventory: The total number of Single Family listings decreased 21% and total number sold decreased 13%

Belmont MA Multi-Family Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: On average the sale price increased 6%; median sale price decreased 1%, and homes sold 3% less above list price in 2022
  • Timing: Offers to purchase were received 12 days slower
  • Inventory: The total number of Multi-Family listings decreased 20% and total number sold decreased 9%

Cambridge MA Home Sale Prices

Jaunary 1 2022 – August 31 2022

Condo:  3% above list
Single Family:  7% above list
Multi-Family:  2% below list

2022 home sale prices for residential Condominium, Single Family, and Multi-Family homes sold January 1 to August 31 in Cambridge, Massachusetts:

CAMBRIDGEAverage Sale $Median Sale $Days To OfferSP:OP %
Condominium$1,142,895$945,75017 Days103%
Single Family$2,525,678$1,897,50020 Days107%
Multi-Family$2,221,301$1,887,50039 Days98%

Cambridge MA Condo Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 17%; median sale price increased 15%, and homes sold 2% higher above list price in 2022
  • Timing: Offers to purchase were received 12 days faster
  • Inventory: The total number of Condominium listings decreased 3% and total number sold decreased 13%

Cambridge MA Single Family Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 22%; median sale price increased 5%, and homes sold 3% higher above list price in 2022
  • Timing: Offers to purchase were received 1 day faster
  • Inventory: The total number of Single Family listings decreased 4% and total number sold decreased 27%

Cambridge MA Multi-Family Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: On average the sale price increased 12%; median sale price increased 12%, and homes sold 3% less above list price in 2022
  • Timing: Offers to purchase were received 11 days slower
  • Inventory: The total number of Multi-Family listings increased 15% and total number sold increased 64%

2022 home sale prices for residential Condominium, Single Family, and Multi-Family homes sold January 1 to August 31 in Medford, Massachusetts:

MEDFORDAverage Sale $Median Sale $Days To OfferSP:OP %
Condominium$696,323$629,90015 Days102%
Single Family$873,795$850,00012 Days107%
Multi-Family$1,065,595$1,068,00014 Days105%

Medford MA Home Sale Prices

Jaunary 1 2022 – August 31 2022

Condo:  2% above list
Single Family:  7% above list
Multi-Family:  5% above list

Medford MA Condo Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 11%; median sale price increased 5%, and homes sold 1% higher above list price in 2022
  • Timing: Offers to purchase were received 13 days faster
  • Inventory: The total number of Condominium listings increased 11% and total number sold increased 5%

Medford MA Single Family Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 11%; median sale price increased 15%, and homes sold 3% higher above list price in 2022
  • Timing: Offers to purchase were received 6 days faster
  • Inventory: The total number of Single Family listings decreased 8% and total number sold decreased 3%

Medford MA Multi-Family Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: On average the sale price increased 11%; median sale price increased 21%, and homes sold 2% higher above list price in 2022
  • Timing: Offers to purchase were received 4 days faster
  • Inventory: The total number of Multi-Family listings decreased 15% and total number sold decreased 8%

Somerville MA Home Sale Prices

Jaunary 1 2022 – August 31 2022

Condo:  2% above list
Single Family:  7% above list
Multi-Family:  3% above list

2022 home sale prices for residential Condominium, Single Family, and Multi-Family homes sold January 1 to August 31 in Somerville, Massachusetts:

SOMERVILLEAverage Sale $Median Sale $Days To OfferSP:OP %
Condominium$887,442$815,00026 Days102%
Single Family$1,305,174$1,200,00012 Days107%
Multi-Family$1,473,540$1,275,00018 Days103%

Somerville MA Condo Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 4%; median sale price decreased 4%, and homes sold 2% above list price just as in 2022
  • Timing: Offers to purchase were received 2 days faster
  • Inventory: The total number of Condominium listings decreased 27% and total number sold decreased 23%

Somerville MA Single Family Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: The average sale price increased 22%; median sale price increased 29%, and homes sold 5% higher above list price in 2022
  • Timing: Offers to purchase were received 11 days faster
  • Inventory: The total number of Single Family listings decreased 13% and total number sold decreased 22%

Somerville MA Multi-Family Sales YTD: Aug 31, 2021 to Aug 31, 2022

  • Sale Prices: On average the sale price increased 18%; median sale price increased 6%, and homes sold 6% higher above list price in 2022
  • Timing: Offers to purchase were received 16 days faster
  • Inventory: The total number of Multi-Family listings decreased 20% and total number sold decreased 28%

Key:  SP:OP % = Sales Price to Original List Price Ratio
Data Source:  MLS Pinergy® as of 9-23-2022
©2022 Intellectual property of Tamela Roche, all rights reserved

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Tamela Roche

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