The Cambridge condo market in 2024 experienced notable fluctuations in pricing, sales activity, and buyer demand. While some months saw substantial sales volume and rising prices, others reflected a slowdown, giving buyers more negotiating power.
Understanding these patterns will be crucial for buyers and sellers in 2025. Additionally, the new presidential administration could introduce economic and policy changes that impact Cambridge condo sales.
Let’s analyze 2024 trends, compare them to 2023, and forecast what’s ahead in 2025.
Cambridge Condo Market Performance in 2024
Sales Volume & Market Activity
The Cambridge condo market saw shifting sales trends throughout 2024:
Highest Number of Condos Sold: August (57 condos closed)
Lowest Number of Condos Sold: February (22 condos closed)
Fastest Selling Period: July (32 days on the market)
Slowest Selling Period: September (57 days on the market)
Comparison to 2023:
The 2024 market saw higher sale prices overall than 2023 but longer average days on the market, suggesting buyers had more time to negotiate.
Median Sales Prices & Market Trends
The Cambridge condo market experienced significant pricing fluctuations:
Highest Median Sales Price: May ($1,210,029)
Lowest Median Sales Price: October ($940,817)
First Quarter Trends: Prices ranged from $1,043,731 in February to $1,119,217 in January.
Second Quarter Trends: May reached a high of $1,210,029, while April settled at $1,024,109.
Third Quarter Trends: August had the lowest median price ($1,022,660), while July and September were slightly higher.
Fourth Quarter Trends: November rebounded to $1,129,138, while October had the lowest median price of the year at $940,817.
Comparison to 2023:
Prices increased overall, but market fluctuations were more pronounced.
Condos sold slower in 2024, meaning buyers had more room to negotiate.
2025 Cambridge Condo Market Forecast
Looking ahead to 2025, we anticipate changes driven by economic conditions, mortgage rates, and government policies.
Best Time for Buyers: Early 2025 (January – April)
With leftover inventory from late 2024, buyers may find better deals and more negotiation power in the first few months.
Best Time for Sellers: Mid-to-late 2025 (May – September)
As the market trends upward during spring and summer, sellers will see increased buyer demand.
How the New Presidential Administration May Impact Cambridge’s Real Estate Market
A new administration in 2025 could influence Cambridge’s condo market in several ways:
1. Interest Rate Changes
Lower interest rates could increase buyer demand, boosting condo sales.
Higher rates would reduce affordability, keeping some buyers on the sidelines.
2. Housing Affordability & Tax Incentives
Potential tax incentives for first-time homebuyers could drive increased demand.
Federal initiatives for affordable housing may affect Cambridge’s real estate dynamics.
New rent control measures could impact investor confidence, shifting market demand.
3. Economic Growth & Inflation
A strong job market could lead to higher disposable incomes and home purchases.
Economic instability may slow demand, resulting in more extended selling periods.
Key Takeaways for Buyers & Sellers in 2025
For Buyers:
The best opportunities will be in early 2025 when demand is lower.
If interest rates drop, mortgage affordability will improve.
For Sellers:
Peak selling season (May – September) will bring higher offers and faster sales.
Strategic pricing will be key as buyers remain sensitive to mortgage rates.
Looking to Buy or Sell a Condo in Cambridge in 2025?
The Cambridge condo market is set for another dynamic year. Whether buying or selling, staying informed on market trends is essential.
Contact me today for a customized market analysis and expert guidance! Click here to check out Single Family Market Analysis and Cambridge Rental Market Analysis. Stay updated with weekly reports on Instagram, Facebook, and YouTube to make the best real estate decisions.
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