Buying a Single-Family Home in Cambridge, MA
If you’re thinking of buying a single family in Cambridge, the first two things you must know about the single family market is that very few sell each year and most of them sell for a lot of money. So if you don’t have a large budget, it may just not be the right place to focus on.
For example, in 2024 there were 104 single family homes that sold in Cambridge. Of those, only 10 sold for $1M, and most were either complete gut renovations or were extremely tiny single families - for example 2 Livermore Pl which sold for $820,000 and was a 1 bed 1 bath home.
As of this writing, if you are hoping for a home with at least 4 bedrooms and you expect your home to be in relatively good condition, I would budget at a minimum $1.85M and up. You might get lucky and find something or you might wait a year plus before anything even comes up that could work.
If you have the budget, understand still that the Cambridge single family market is extremely competitive. So you need an agent that can do a few things:
Source off-market deals. You need someone who can find off-market single families where there is less competition. These are hard to find but they do exist. Last year, I helped my clients purchase a new gut renovated single family in East Cambridge located at 141 5th Street - we got a great price and with zero competition.
Relationships with other local agents. You need an agent who knows the other top producing local agents - this sometimes allows us access to properties before the general public. But in competitive situations where two offers are close, a seller’s agent may advise their seller to go with the agent they trust to help their buyer client successfully purchase the home over an agent who isn’t familiar with the Cambridge market.
Understands how to win. If you work with an agent who doesn’t know the Cambridge market well you risk spending years of life looking for a home that doesn’t exist. Or looking for a home that you think will land in one price range but that will actually land in a price range many hundreds of thousands of dollars higher. Save yourself the headaches and time lost and work with a competent local agent who knows how to navigate the Cambridge market.
Continue reading about things to keep in mind when if you’re a first-time home buyer, how to think through your purchase from an investment lens, and how I can help you no matter what stage you’re at.
If you are thinking of buying and you’re not sure where to start, give me a call at 617-833-7457 and I’m happy to provide advice.
Past reviews from Cambridge Clients:
He went above and beyond of what was needed, was highly proactive and extremely well-organized. It was a true pleasure to work with him, I can fully recommend him to anybody looking for a real estate broker in Cambridge. - Peter Gloor
He is not the typical real estate agent to make a quick buck. This guy is definitely looking to only make long-term business relationships. - Nicola Tawfik
Sage is a warm and friendly person who is very knowledgeable on all things about Cambridge real estate. If I needed his services again, I would not hesitate to seek out his abilities! Everything went so smoothly, from the first walk through to the last on the day of closing! - Flora Genet