Back in August I posted about the price trends for Cambridge. My purpose was to test my assumption that housing prices in Cambridge are either flat or rising and the data I presented supported my assumption. I thought it would be useful to see if Somerville follows a similar pattern and I found that prices for homes in Somerville do follow a similar pattern to Cambridge. Here is the good news – Somerville remains on average less expensive than Cambridge.
The take away here is that real estate in Somerville is less expensive than in Cambridge but is increasing at a similar rate. My guess is that for the remainder of 2016 prices in both towns will continue to increase but beyond that is anyone’s guess. If you are thinking of buying you should not wait hoping for a price drop that will probably not happen.