Somerville MA Average Property NOI

The real estate market in Somerville has thrived in recent years. As housing costs have soared in many neighborhoods around Boston, Somerville’s single family median sales price has ascended from under $700K 3 years ago to almost $1M today. Between increasing enrollment at nearby Universities and the wealth of VC funding pouring into Boston and Cambridge, demand for property in Somerville is at an all-time high.

As a result, the median sale price for single family homes in Somerville is $993K over the past 365 days, more than $225K over Boston’s single family median sales price. The median condo sold for $823K during that same time span, which is the 4th highest median condo price out of all Boston suburbs.

Somerville’s seemingly endless rental demand and rising rent prices make it an attractive market for real estate investors. However, with prices so high for Somerville real estate, a newer investor may look elsewhere for a better cap rate. We can get a rough estimate of what the projected net operating income (NOI) would be for a Somerville investment property based on these median sales prices.