Assembly Square, a neighborhood that didn’t really exist 10 years ago, is the most expensive in Somerville, according to a new analysis of market-rate listings from real estate research site NeighborhoodX.
The modern version of Assembly Square dates from 2012, when the 45-acre Assembly Row project broke ground. That project has quickly grown to an enormous number of condos and apartments as well as retail and other amenities.
Some of the condos at Assembly Row have traded for north of $1,000 a square foot, a reality that helps illuminate why Assembly Square’s numbers are so high after so little time. Asking prices in the neighborhood range from $772 to $916—the northernmost point for the Somerville market right now (see chart below).
That is ahead of Davis Square, which has seen its own titanic sales of late—but which doesn’t have the new development that Assembly Square does.
“Assembly Square has a higher average asking price than Davis Square because the housing stock is homogeneous—all recent condo development," Constantine Valhouli, research director for NeighborhoodX, said in an email.
Assembly Square actually has the highest average asking price in Somerville in the same way that the Seaport has a higher average asking price than even Beacon Hill or Back Bay in Boston, he added: It is because there isn't as much of a lower end to those new-development markets.