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:

ARLINGTONAverage Sale $Median Sale $Days to OfferSP:OP %
Condominium$886,129$815,00015 Days104%
Single Family$1,250,814$1,100,00015 Days110%
Multi-Family$1,111,625$1,084,00029 Days98%

Home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Belmont, Massachusetts in Q1 2022:

BELMONTAverage Sale $Median Sale $Days to OfferSP:OP %
Condominium$729,857$627,50026 Days102%
Single Family$1,710,738$1,500,00026 Days101%
Multi-Family$1,256,278$1,265,00025 Days102%

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:

CAMBRIDGEAverage Sale $Median Sale $Days to OfferSP:OP %
Condominium$1,099,381$865,00025 Days101%
Single Family$2,339,381$1,475,00020 Days107%
Multi-Family$2,238,545$1,749,00024 Days98%

Home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Medford, Massachusetts in Q1 2022:

MEDFORDAverage Sale $Median Sale $Days to OfferSP:OP %
Condominium$701,123$629,90021 Days101%
Single Family$824,665$801,00015 Days105%
Multi-Family$1,054,616$975,00024 Days102%

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:

SOMERVILLEAverage Sale $Median Sale $Days to OfferSP:OP %
Condominium$919,199$850,00042 Days99%
Single Family$1,226,920$1,200,00013 Days105%
Multi-Family$1,728,889$1,210,00027 Days100%

Data Source:  MLS Pinergy® as of 4-11-2022
©2022 Intellectual property of Tamela Roche, all rights reserved

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:

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Tamela Roche

Contact Tamela to schedule a Home Seller Consultation or Home Buyer Consultation to prepare for the sale of your current home or to purchase a new home in Arlington, Belmont, Cambridge, Medford, or Somerville MA.

As a Client you will also receive my Residential Market Analysis with comprehensive market data and historical home sale trends to help you make decisions with confidence and peace of mind.    About Tamela