SOMERVILLE - 2018
Somerville Market Insight: Somerville is one of the most dense markets in Greater Boston, boasting over 2,280 three-family properties and over 8,000 multi-family properties, according to public records. The city contains the most multi-family properties in suburban Boston, and is second only to Dorchester when compared to neighborhoods within Greater Boston.
What Is Noteworthy About The Somerville Market: Several properties that sold on-the-MLS enjoyed massive bidding wars. That included the property at 82 Conwell selling $205,000 over asking, 22 Calvin selling for $255,000 over asking, and 81 Newton, selling for $280,000 over asking. According to the 48 properties that were sold on the MLS in 2018, Somerville had an average list price of $397 per-square-foot and the average price psf sold was $410. It appears that 2018 was a great year for seller-landlords and (and their brokers) as well.
While Somerville Led With Sales in the Greater Boston Three-Family Report…..Let’s not expect that to change in 2019. Even with Assembly Row, and the massive Union Square redevelopment, Somerville will continue to be the behemoth of Boston in terms of market activity. With Winter Hill, Ball Square, Tufts, Teele Square, Union Square…..there is arguably no other submarket that has the inventory, diversity and depth as Somerville. Somerville is here to stay!
