What You Need to Know About Cambridge, MA, Real Estate Trends
Cambridge houses and condos are always in high demand thanks to the area’s excellent schools, low unemployment rate, and easy-to-use transit system. Cambridge is located just north of Boston, across the Charles River, and plays host to two of the world’s most prestigious and celebrated universities, Harvard University and the Massachusetts Institute of Technology (MIT). The city has a full, rich history and offers plenty of activities to keep you involved and entertained. Here are a few real estate trends to think about as you consider Cambridge homes.
Overall Market Growth
After taking a hit when the economy fell a few years ago, the Cambridge real estate market is now extremely healthy and continues to grow. The median sales price of Cambridge, MA homes for sale is about $580,000, which represents an increase of 8.1% over the past year. When it comes to the average cost per square foot, this figure has increased 5.9% since last year and is now $575. Compared to the national market, Cambridge properties are less likely to undergo foreclosure or have negative equity.
As you prepare to rent or purchase a home, it is important to consider the demographics of your potential new city. Cambridge has around 107,000 residents, which includes a mix of single adults, young married couples, and families. Nearly 75% of the residents over the age of 25 have a four-year bachelor’s degree and/or graduate degree. In addition, about 30% of the population is registered part-time or full-time in a degree program at one of the universities.
Most of the residents work in computer, science, and engineering industries or in education. There are also training, management, service, and office administration jobs available, as well as a healthy local business market. Cambridge boasts a large shopping district that attracts countless visitors each year. In addition, the local unemployment rate is only 3.4%, compared to the 6.4% national average. Thanks to the well-run public transit system, you can easily commute to work and other activities. Cambridge homes are around 60% renter-occupied due to the institutes of higher education in the area. You can easily find Cambridge apartments for rent, and if you buy one, you are sure to have a tenant.
Where to Live
Many know Cambridge as the “city of squares” because several of its business districts and neighborhood centers are designated according to their crossroads. Last quarter, the most popular residential neighborhoods included North Cambridge, East Cambridge, and Neighborhood Nine. As of August, average property sales prices ran between $921,000 in the Agassiz-Harvard neighborhood to $634,000 in North Cambridge and $456,000 in Wellington-Harrington. Many Cambridge apartments are available for rent, but once you have lived here for a while, you may decide to extend roots and purchase a Cambridge condo or house.