Published October 18, 2026 in Market Update

Some parts of Somerville / Cambridge are still moving fast

By Patrick & Alana Scanlon

Real estate, Somerville / Cambridge

These numbers cover the three months ending August 31, 2026. That is the period to keep in mind as you read.

Rates are not helping. Realtor.com reported that mortgage rates topped 7% in September 2026 for the first time since January 2025. Fannie Mae, as reported by CNBC, forecast an average 30-year fixed rate of 7.4% for the fourth quarter of 2026 and 7.5% for all of 2027. That is real pressure on what buyers can afford. But in some parts of Somerville and Cambridge, demand held up anyway.

One ZIP code is still very tight

ZIP 02140, the North Cambridge area, had 1.3 months of supply in the three months ending August 31, 2026, per the Real Estate Data Aggregator. That is down 0.7 months from the same period a year before. Less than two months of supply is tight by any measure.

Half of homes in 02140 sold above list price, per the Real Estate Data Aggregator. The average sale came in at 103.9% of list. For buyers, that means a strong first offer still matters here. For sellers, sharp pricing and solid prep can still pay off, even with rates where they are.

ZIP 02139, the Cambridgeport and Mid-Cambridge area, was equally tight on supply. The Real Estate Data Aggregator counted 1.3 months of supply there too, down 0.5 months from a year before. Its sale-to-list ratio came in at 103.2%, and 45.4% of homes sold above list price.

Speed varied a lot by ZIP code

Not every part of Somerville and Cambridge moved at the same pace. ZIP 02144, the Teele Square and Davis Square area, had 60% of homes go under contract within two weeks of listing, up 20 points from a year before, per the Real Estate Data Aggregator. That is the highest two-week contract rate in this market.

ZIP 02143, the Somerville Union Square and Magoun Square area, had 53.3% of homes go under contract within two weeks. Median days on market there was 22 days, per the Real Estate Data Aggregator.

ZIP 02141, East Cambridge, told a different story. Median days on market was 37 days, 14 days longer than a year before, per the Real Estate Data Aggregator. Supply there rose to 3.2 months. Homes still sold, but buyers had more time to decide.

Prices moved in different directions

The Boston-Cambridge-Newton median home price was $784,778 in September 2026, according to Realtor.com. Inside this market, the ZIP-level picture was mixed.

ZIP 02138, the Harvard Square and Avon Hill area, had the highest median at $1,447,000, up 5% from a year before. ZIP 02145, East Somerville, had a median of $800,000, down 26.3%. That is a big swing, but it can reflect what types of homes sold, not just price direction. Condos, two-families and single-families do not always move together.

The wider picture on prices and rates

Nationally, the Federal Housing Finance Agency reported that U.S. house prices rose 2.6% from July 2025 to July 2026, and 0.3% from June to July 2026 on a seasonally adjusted basis. Realtor.com reported that price cuts nationally hit 20.8% in September 2026, the highest share since October 2022. That is a sign that some sellers overpriced and had to adjust. Sharp pricing still matters.

CNBC reported that pending home sales were down 8.5% year over year in September 2026, citing Zillow data. That is a national figure, not a Somerville or Cambridge count. But it shows the rate environment is slowing decisions in many places. Parts of this market are holding up better than that.

What the overall market looked like

The Real Estate Data Aggregator counted 488 homes sold and 358 pending across all eight ZIP codes in the three months ending August 31, 2026. That is a real level of activity. The market did not stop. It split.