New Neighborhood Becomes the Most Expensive in Somerville
The new neighborhood in Somerville that did not even exist ten years ago is now considered the most expensive in the city. Called the Assembly Square, its history started in 2012 when the Assembly Row project was a complete success.
According to a new analysis from a research website, NeighborhoodX, what was once a 45-acre project has now grown with numerous condominiums and apartments and is currently the most expensive when it comes to the asking prices for properties. Earlier this year, Assembly Row expanded its housing units and parking spaces.
The developer of the Assembly Row filed plans for the city to have a residential complex with 500 units. Meanwhile, restaurant and retail space would make up over 26,500 square feet of the site. With the explosion of properties all over the area, it comes as no surprise that Assembly Square is a huge hit.
In fact, some of the units in the neighborhood are over $1,000 per square foot. Quite recently, the average prices would range from $772 to $916 per square foot. These rates are considered the highest for Somerville’s real estate market right now.
Price Ranges in Somerville
As part of the Greater Boston area, Somerville is consistently expensive. However, there are some areas that are costlier than others. Here are the numbers:
- For the entire Somerville, the range of purchase prices is from $294 to $916 per square foot.
- Assembly Square has an average listing price of $827 per square foot with a purchase price range of $772 to $916 per square foot.
- Davis Square’s average listing price is $635 per square foot while the purchase price is from $528 to $882 per square foot.
- Spring Hill has an average price of $534 while the purchase price per square foot is from $385 to $708.
- Winter Hill, on the other hand, has an average listing price of $481 per square foot and a purchase price of $294 to $567 per square foot.
- Powder House Square averages $441 per square foot in listing prices, while the neighborhood’s purchase price range is between $405 and $569 per square foot.
- East Somerville has an average listing price per square feet of $432. The purchase price in this location is $312 to $631 per square foot.
- Finally, Ten Hills is the least expensive with an average listing price per square foot of $368. The purchase price in this neighborhood ranges from $336 to $434 per square foot.
It seems that there is so much potential in Somerville as of late. Assembly Square is ahead of another neighborhood called Davis Square, which has just experienced some huge sales over the past few months. Davis Square does not even have a new, robust development that is comparable to Assembly Square.
Somerville’s new neighborhood has a high average asking price and will most likely remain that way for other communities, including Davis Square. One reason is that the housing stock is all the same with the recent condo development in the area.
Rental Market Trends in Somerville
While the prices of properties in Somerville get a little expensive, some people prefer to rent over buying. In Somerville, this may not be a good idea because there is a five percent increase compared to last year. In May of 2017, the rent prices average at $2,619 while last year at the same period, the rents were around $2,487.
As for studio apartments, the city’s overall rent for such type of rental property was $2,109 per month. One bedroom apartments had an asking price of $2,541 on average. Two bedroom apartments charged $2,920 in May 2017. The average size of apartments is 816 square feet. Of course, this number varies significantly based on the type of apartment.
Studio apartments average 492 square feet, while one-bedroom apartments are around 704 square feet. Two bedroom apartments are quite generous in size with over 1,000 square feet. As for the rents in October 2017, the prices average at $2,619, while studio apartments are around $2,109. One bedroom apartments have an average list price of $2,541, and two bedroom apartments have an average cost of $2,920. All these numbers remained since the first quarter of the year.