The 2022 market trends for Cambridge MA show Condo, Single Family, and Multi-Family home sale prices increased due to very strong home buyer demand.
Market Trends Cambridge MA 2022
Average & Median Sale Prices
Comparison of 2022 home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Cambridge, Massachusetts:
|Cambridge MA||Average Sale $ 2022||1 Year Change||Median Sale $ 2022||1 Year Change|
|Condo||$1,114,260||13% Increase||$910,000||10% Increase|
|Single||$2,441,989||15% Increase||$1,872,500||4% Increase|
|Multi-Family||$2,166,418||2% Increase||$1,887,500||10% Increase|
Home Sale Price Trends: Cambridge MA
- In 2022 the average sale price for Condominiums increased 13% and the median sale price increased 10%.
- For Single Family homes in 2022 the average sale price increased 15% while the median sale price increased 4%.
- Average sale price increased 2% and median sale price increased 10% for Multi-Family homes from 2021 to 2022.
2022 Home Inventory
Comparison of 2021 and 2022 residential Condominium, Single Family, and Multi-Family homes listed for sale in Cambridge, Massachusetts:
|Cambridge MA||# Listings 2021||# Listings 2022||1 Year Change|
Home Inventory Trends: Cambridge MA
- In 2022 the number of Condominium listings decreased 7% from 2021.
- Single Family homes listed for sale decreased less than 1% from 2021 to 2022.
- The number of Multi-Family homes listed for sale decreased 11% in 2022.
2022 Market Timing
Comparison of 2021 and 2022 Days to Offer for residential Condominium, Single Family, and Multi-Family homes sold in Cambridge, Massachusetts:
|Cambridge MA||# Days to Offer 2021||# Days to Offer 2022||1 Year Change|
|Condo||28 Days||21 Days||7 Days Shorter|
|Single||19 Days||19 Days||No Change|
|Multi-Family||27 Days||44 Days||17 Days Longer|
Market Timing Trends: Cambridge MA
- For Condominium listing the number of days to offer decreased from 28 to 21 days in 2022.
- In 2021 and 2022 the number of days to offer for Single Family homes remains the same at 19 days.
- The number of days to offer for Multi-Family homes in 2022 increased from 27 to 44 days.
Market Timing Terms
The term “days to offer” refers to the number of days from the original listing date until the date upon which a seller accepts a buyer’s offer to purchase. This represents the most accurate measurement of market speed because it shows the buyer’s true sense of urgency.
“Days on market” is a term used to measure the number of days from original listing date to the date a property status is changed in MLS to “under agreement”. This status code is highly subjective and used inconsistently; therefore, “days to offer” is the most reliable measurement for market speed.
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About Tamela Roche, Realtor® – RE/MAX Destiny