While rents skyrocket in the Boston housing market, now is the time to take the leap and buy a condo in Somerville/Cambridge.
If you’ve ever had the great housing debate — to buy, or not to buy — consider this: Early 2020 appears to be an ideal time for those in the market to stop throwing away money on rent and buy a condo in Somerville, Cambridge, or the Greater Boston area. We’re particularly partial to Somerville/East Cambridge for many reasons. This neighborhood is becoming increasingly investible, as well as increasingly rich with art, culture, and professional opportunities.
Here’s a quick summary of what’s going on in today’s real estate market in Greater Boston.
A buyer’s market?
If you’ve held off buying for the last few years, we get it. Years of high demand and a supply that couldn’t keep up had housing prices climbing steadily, often out of reach for many prospective buyers.
But new data suggests things may be turning in your favor if you’re ready to invest in a home. Boston-area prices have held steady — and in some cases slightly declined — in the last year. A balanced condo market, in particular, favors those who are looking to purchase close to where they work and play, cutting down on those increasingly dreadful commute times from the outer suburbs.
Rents are soaring
Not only is it a great time to buy a condo in Somerville/Cambridge, but the rental market shows no sign of letting up. In fact, the area’s rental market looks as pricey as ever in early 2020.
In greater Boston, the median two-bedroom rent increased 1.5% over 2018. In Somerville, the median two-bedroom rent is currently $2,200 – that’s 4.5% up from where it was a year ago. Cambridge isn’t far off, with the two-bedroom median rent increasing by 3.2% from a year ago. These figures underscore that the regional rental market is likely to sail through 2020 in landlords’ favor.
Why buy a condo in Somerville/Cambridge?
Market conditions aside, we believe there’s never been a better time to buy a condo in Somerville/Cambridge — for many reasons.
First and foremost: location. Somerville has always been a popular choice for those wanting direct access to downtown Boston, as well as neighboring suburbs, Rte 1, and 93. But, with the addition of new stations to the Green Line, the neighborhood will soon be a top choice for commuters. Aside from convenience, the Green Line extension will also drive up property values, bolstering your investment.
That being said, commuting into Boston proper may soon be a thing of the past, given all the commercial development happening in the Metro9 neighborhood. Bustling Kendall Square continues to thrive, while Union Square’s redevelopment and new projects like Boynton Yards and Cambridge Crossing make the area ever more attractive to professionals, particularly those in tech and life sciences. (All are within a 10-minute walk of Metro9, by the way.)
Arts, entertainment, food and drink — these are all things that have defined Somerville and Cambridge in the last decade. And it just keeps getting better. Just check out our latest post on the best of Somerville/Cambridge 2020 to get an idea of the rich culture that attracts the hundreds of thousands of residents to the area.
Our conclusion? If it’s your dream to buy a condo in Somerville/Cambridge, now is the time to stop renting and make it come true.