According to Realtor.com, the softening trend in the residential real estate nationally continued in April, 2022, The Freddie Mac fixed rate for a 30-year loan continued to rise, reaching 5.30%, the highest 30-year rate reported by Freddie Mac since 2009. A year ago, the rate was 3.06%. As Realtor.com continues: “The challenges continue to mount for prospective homebuyers. Listing prices are at record highs and homes for
sale are at historic lows. The rising cost of living and falling value of investments make saving for a down
payment more difficult, and higher mortgage rates make borrowing for a home more expensive.”
Nonetheless, there are some signs that the Cambridge market is still holding its own.
According to Zillow, there are now 19 new construction homes for sale in the Cambridge area, with eight available in the Heron Point area, a good sign. The median listing home price in Cambridge, MD was $249K in April 2022, trending down -4.2% year-over-year. However, the median home sold price was $287.5K, 8.3% higher than in April 2021. Realtor.com characterized Cambridge as a balanced market in April, which means that the supply and demand of homes are about the equal. The sale-to-list price ratio was 99.5%,
which means that homes in Cambridge sold for slightly less than their asking price on average in April.
Homes in Cambridge sell after 53 days on the market, down from 64 in April, another good sign.
Sales: Currently, according to Realtor.com, there are now 102 homes for sale (86 single family homes and 16 condos and townhomes) in the Cambridge area. There are also 6 multifamily units for sale, as well as 66 plots of land, and 1 farm for sale. According to Realtor.com, only 28 single family, townhouses, and condo sales were completed In April, compared with 48 in March, ranging in value from $50,000 to $1,305,000.
611 Wells St, $85 15 Algonquin Rd, $325K 2419 Canterbury Dr, $1,305
171 Maple Dam Rd, $330K 709 Meadow Ave, $154K 208 Aurora St, $90K
407 Edlon Park Dr, $27 312 Old Squaw Ct, $235 800 Slacum St, $164.3K
1209 Race St, $78K 211 Hibiscus Ln, $315 900 Marshy Cv Unit 311, $260K
119 Regulator Dr N, $385K 15 Jenkins Creek Rd, $310K 2257 Hudson Rd, $90K
1512 Glasgow St, $180K 418 Osprey Cir, $379K 107 Belvedere Ave, $356.6K
437 Willis St, $85K 112 Talbot Ave, $262.5K 810 Washington St, $250K
1005 Locust St, $50K 5704 Wingate Way, $315K 401 Glenburn Ave, $329.9K
109 West End Ave, $305K 205 Canvasback Way, $185K 112 Glenburn Ave, $425K
2700 Willow Oak Dr Unit 406D, $419K
According to Zillow, the typical home value of homes in Cambridge is $179,439. This value is seasonally adjusted and only includes the middle price tier of homes. Cambridge home values have gone up 12.0% over the past year, but only very slightly from last month. The fact that approximately only 38% of Cambridge homes are owned, compared with 44% rented, while 18% are vacant, has an impact on this value estimate.
As Realtor.com stated, Cambridge now appears to be a balanced market. Home values have increased 12% over the last twelve months, but have slowed more recently. Houses are now remaining on the market for 53 days versus 64 in April, a good sign, but are selling on average for just about asking price. And only 28 sales were completed in April. New home construction is a welcome sign. We wait for more news on the development of the 201 Mill Street Property as well as the exciting redevelopment of “Cambridge Harbor.”
By Fred and Martha Phillips-Patrick are members of the Cambridge Association of Neighborhoods.