What does $450,000 buy you in Somerville?
What was once a working class city characterized by high crime rates and low incomes has grown rapidly in recent years, transforming into an artistic and politically active community.
- The average price per square foot of sold condominiums in 2018 reached $568, an 11% increase since last year.
- The average price of condos in Somerville is $786,000 – In 2008, it was $379,000.
- The rise of luxury developments at Assembly Square and renovations of previously antiquated 3-families has made Somerville a desirable location for young adults looking to rent.
- Somerville currently has 87 listings priced between $1m–$1.5m on the market, which is ideal for both established property owners and new professionals seeking reasonably-priced places to stay, invest or rent.
While Somerville is full of expensive listings that are great for long-term investing, it still has relatively affordable new-construction properties that allow new members of the workforce to purchase their own homes (so long as they are willing to live in 500 square feet). Unlike South Boston, Somerville has listings under $450,000, like Unit 713 at Alloy that sold for $424,900.
Somerville is an excellent choice for young adults looking for their first place, but its high demand indicates that this characterization might be coming to an end. As can be seen in Allston, Brighton and even Fenway, property value for Boston suburbs is on a constant incline, with some growing nearly 100% in the past 10 years. Bidding wars continue to increase, constantly growing Somerville’s prices. Since 2008, average sold price has increased 73%.
Combined with the recent construction of the green line extension and new rezoning regulations, Somerville will continue to be a high-demand sub-market for individuals looking for lodging outside of Downtown Boston.