August 2026 vs. August 2025

Condos

The August condo median rose 6.5%, but August 2025 was the weakest month of that year for condo prices: its $800,000 median compares with $872,500 to $1,031,500 in January through June 2025. The year-to-date comparison below is the better read on the condo trend.

Multifamily

*August 2026’s average includes one 21-unit, $8,750,000 sale. Without it, the average was $1,522,000, about 1.2% below last August’s.

Single-family homes

With five sales in each month, single-family results reflect which specific homes sold. The price fell 38% while price per square foot rose 38% because this August’s homes were smaller than last August’s. Treat it as a mix change, not a market move.

Year-to-date: January–August 2026 vs. 2025

Year-to-date figures smooth out the month-to-month noise. Each cell shows 2025 → 2026.

All types combined: 418 sales and $494.3 million in 2025 versus 445 sales and $498.7 million in 2026.

• Buyers are paying a little less relative to asking price. Sale-to-original price slipped by 1.1 points for condos, 2.0 for multifamily, and 2.2 for single-family.
• Bidding cooled. 49% of condos sold above list price in the first eight months of 2025, versus 37% in 2026.
• Condo prices are down, but not per square foot. The median condo price fell 5.2%, while median price per square foot was nearly unchanged ($752 vs. $748), which suggests smaller units accounted for part of the drop.
• Multifamily is the softest segment. Sales fell 18%, the median price fell 6.3%, average time to an offer rose from 23.4 to 29.7 days, and 28% of sales followed a price cut (16% in 2025).
• Single-family is mixed. The median fell 13.1% while median price per square foot rose 9.2% ($650 to $710), again pointing to smaller homes trading, on a sample of 46 and 48 sales.

Month by month

Condo medians swing by $100,000 or more from month to month in both years, so no single month settles the trend. Multifamily sold at or above list price from May through July 2026 (100.7% to 102.2%) before dropping to 97.5% in August. Months with only 3 to 5 multifamily sales (January and February 2026) are especially noisy.

Somerville condos: 34 sales

Condos made up two-thirds of August’s sales, ranging from a $445,000 one-bedroom in Magoun Square to a $1.61 million new-construction unit on Lowell Street.

• Price bands: 3 condos sold under $600,000, 11 between $600,000 and $800,000, 6 between $800,000 and $1 million, and 14 (41%) at $1 million or more, up from 10 of 35 (29%) last August.
• Offers vs. asking: 11 sold over the last list price, 7 at list, and 16 under, versus 13, 6, and 16 in August 2025.
• Speed: About one in five (7 of 34) went under agreement within five days of listing. 25 Banks Street in Spring Hill sold for $1,470,000 on a $1,380,000 list in two days, and 5 Windom Street in Davis Square sold for $705,000 on a $665,000 list.
• New construction and gut renovations held their price. 156 Albion Street, 192 Washington Street, and 60 Franklin Street all closed at list. 326 Lowell Street closed about 2.4% under.
• Overpriced listings sat. Four condos took more than 100 days on market (48 Ash Avenue, 182 Tremont Street #5A, 134 Heath Street, and 84-86 Mt Vernon Street), and each had cut its asking price at least once. Overall, 5 of 34 condos (15%) had a price cut, versus 10 of 35 (29%) a year earlier.
• Compared to Cambridge, Somerville’s median condo price ($852,000) was about 9% below Cambridge’s August median of $935,000.

Somerville single-family homes: 5 sales

Five single-family homes closed, from $835,000 to $2,225,000. That is close to the 2026 monthly norm of about six, but still too few for a reliable average.

• 29 Wigglesworth Street (Winter Hill, 5-bedroom Victorian) sold for $835,000 on a $774,900 list in six days.
• 22 Wellington Avenue (Winter Hill) sold for $840,000 and 10 Mountain Avenue (Spring Hill) for $1,050,000.
• 83 Wallace Street, marketed as a development opportunity and sold as-is, closed at $1,325,000.
• 15 Park Avenue (Davis Square) was the top sale at $2,225,000, or $821 per square foot, after eight days to offer.

Two of the five sold over list and three under, for 98.9% of list overall. No single-family seller had cut the asking price.

Somerville multifamily: 13 sales

• Two- and three-family homes sold between $1,075,000 and $1,535,000. Nine of the 13 multifamily sales closed under list, two at list, and two over, versus 7 of 14 over list in August 2025.
• The strongest offers were 185 Powder House Boulevard near Tufts ($1,500,000, about 7.5% over list, in six days) and 5 Dimick Street in Inman Square ($1,535,000, about 5% over list).
• 13-19 Houghton Street (6 units) sold for $2,610,000, or about $435,000 per unit. It was marketed at roughly a 6% cap rate on $175,740 of stated net income, which works out to about 6.7% at the sale price. Income figures were not independently verified.
• 15 Walnut Street (8 units, Union Square) sold for $2,760,000, about $345,000 per unit.
• 8 Craigie Street, a fully leased 21-unit, 42-bedroom building near Porter Square, sold for $8,750,000, or about $416,700 per unit. That single sale accounts for most of the gap between the multifamily median and average.

Neighborhood notes

• Davis Square: 15 Park Avenue ($2,225,000), the 16 Elston Street penthouse condo ($1,550,000), and 35 Irving Street #B ($1,250,000).
• Spring Hill: 25 Banks Street ($1,470,000), 9 Olive Avenue ($1,500,000), 229 Summer Street ($1,400,000), and the 21-unit sale on Craigie Street.
• Winter Hill: Two single-family homes at $835,000 and $840,000, plus condos from $622,000 to $800,000.
• Magoun Square, East Somerville, Inman Square, and Union Square accounted for most of the entry-level condos, including 474 Broadway at $445,000 and 84-86 Mt Vernon Street at $579,000.

What this means for buyers, sellers, and investors

Buyers: Multifamily buyers had the most leverage: 9 of 13 sales closed under list and more sellers had cut prices than a year ago. In condos, listings that lingered or had already been reduced gave the most room to negotiate.

Sellers: Pricing accurately at the start mattered more than anything else. Over-list sales are less common than in 2025 (37% of condos versus 49% year-to-date), so pricing above the market now costs time. Multifamily sellers should plan for a longer path to an accepted offer than last year’s 8-day median.

Investors: Somerville multifamily traded at a median of $490 per square foot, down from $531 last August, with per-unit prices from roughly $345,000 to $435,000 in the larger buildings that sold. Verify rents and expenses for any building you consider.

Frequently asked questions

The bottom line

Compared with a year ago, Somerville is a somewhat softer and more negotiable market: fewer bidding wars, buyers paying one to two points less relative to the original asking price, and a clear cooling in multifamily. Condos held up better, especially in August, and closings are running ahead of last year. With only five single-family sales in each August, that segment needs a longer window than one month.