It is one of the meta-trends of Boston-area real estate during the past decade or so: the slow, creeping gentrification of Somerville from Cambridge’s much cheaper neighbor into a pricier destination all its own (so much so that “X is the new/next Somerville” is a faux trend we’d like to see just die already).
Below are the price ranges for market-rate house and condo listings in each city as of January, according to real estate research site NeighborhoodX. Cambridge has Somerville thoroughly beat.
Overall, the average asking price for Somerville houses is $421 per square foot compared with $647 in Cambridge. The average for Somerville condos is $564 a foot (led by sales in Assembly Row) compared with $704 in Cambridge (led by listings at the Charles-fronting Esplanade).
One caveat re: the data: NeighborhoodX excluded what looked like the most and least expensive buildings in Somerville: 82-86 Prospect Street in Union Square 31 Horace Street as both appear to be development sites.
- 10 Boston-area real estate trends that need to die in 2017 [Curbed Boston]
- Somerville's 10 most expensive home sales in 2016, mapped [Curbed Boston]