Will Home Sale Prices Rise in 2022?
Multiple offers and bidding wars continued in MA during the first quarter of 2022 for homes in good condition, priced fairly, and providing larger living space. If home buyer demand continues to outpace available inventory then we can expect home sale prices to continue rising.
In most of the local markets the average sale price in Q1 2022 was above list price. The most significant increases were for Single Family homes in Arlington, Cambridge, Medford, and Somerville MA.
Sale prices fell below list prices in Q1 2022 for Arlington multi-family, Cambridge multi-family, and Somerville condominiums. The charts below provide Q1 2022 home sale prices for Arlington, Belmont, Cambridge, Medford, and Somerville, Massachusetts.
Arlington MA Home Sale Prices Q1 2022
SP:OP = Sale Price to Original List Price Ratio
- Condo: 4% above list
- Single Family: 10% above list
- Multi-Family: 2% below list
Home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Arlington, Massachusetts in Q1 2022:
| ARLINGTON | Average Sale $ | Median Sale $ | Days to Offer | SP:OP % |
| Condominium | $886,129 | $815,000 | 15 Days | 104% |
| Single Family | $1,250,814 | $1,100,000 | 15 Days | 110% |
| Multi-Family | $1,111,625 | $1,084,000 | 29 Days | 98% |
Home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Belmont, Massachusetts in Q1 2022:
| BELMONT | Average Sale $ | Median Sale $ | Days to Offer | SP:OP % |
| Condominium | $729,857 | $627,500 | 26 Days | 102% |
| Single Family | $1,710,738 | $1,500,000 | 26 Days | 101% |
| Multi-Family | $1,256,278 | $1,265,000 | 25 Days | 102% |
Belmont MA Home Sale Prices Q1 2022
SP:OP = Sale Price to Original List Price Ratio
- Condo: 2% above list
- Single Family: 1% above list
- Multi-Family: 2% above list
Cambridge MA Home Sale Prices Q1 2022
SP:OP = Sale Price to Original List Price Ratio
- Condo: 1% above list
- Single Family: 7% above list
- Multi-Family: 2% below list
Home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Cambridge, Massachusetts in Q1 2022:
| CAMBRIDGE | Average Sale $ | Median Sale $ | Days to Offer | SP:OP % |
| Condominium | $1,099,381 | $865,000 | 25 Days | 101% |
| Single Family | $2,339,381 | $1,475,000 | 20 Days | 107% |
| Multi-Family | $2,238,545 | $1,749,000 | 24 Days | 98% |
Home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Medford, Massachusetts in Q1 2022:
| MEDFORD | Average Sale $ | Median Sale $ | Days to Offer | SP:OP % |
| Condominium | $701,123 | $629,900 | 21 Days | 101% |
| Single Family | $824,665 | $801,000 | 15 Days | 105% |
| Multi-Family | $1,054,616 | $975,000 | 24 Days | 102% |
Medford MA Home Sale Prices Q1 2022
SP:OP = Sale Price to Original List Price Ratio
- Condo: 1% above list
- Single Family: 5% above list
- Multi-Family: 2% above list
Somerville MA Home Sale Prices Q1 2022
SP:OP = Sale Price to Original List Price Ratio
- Condo: 1% below list
- Single Family: 5% above list
- Multi-Family: At list price
Home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Somerville, Massachusetts in Q1 2022:
| SOMERVILLE | Average Sale $ | Median Sale $ | Days to Offer | SP:OP % |
| Condominium | $919,199 | $850,000 | 42 Days | 99% |
| Single Family | $1,226,920 | $1,200,000 | 13 Days | 105% |
| Multi-Family | $1,728,889 | $1,210,000 | 27 Days | 100% |
Data Source: MLS Pinergy® as of 4-11-2022
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Average Sale Price vs. Median Sale Price
In some cases there can be a significant gap between the average sale price and the median sale price. Mortgage underwriters monitor the median sale prices very closely because it is one of many factors used to determine mortgage loan rates.
For example, if a mortgage underwriter sees median sale prices are increasing in a given zip code, then it signals a strong appreciating housing market and the lender will likely give more favorable terms.
On the contrary, if a mortgage underwriter sees median sale prices are decreasing in a given zip code; that could be a sign of a weakening housing market and a perceived higher risk which could result in less favorable loan terms for the borrower.
City & Town Resources
The official city and town websites for Arlington, Belmont, Cambridge, Medford, and Somerville, Massachusetts:
Tamela Roche
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