Cambridge defies the national cooling trend: single-family inventory sits at 1.1 months (a balanced market is 6), and condos move in 12 days on average. Bidding wars are softer than 2021’s frenzy—today expect 5–7 offers versus 20—but winners still pay 4–6 % over ask. The sweet spot is $700 K–$900 K, where biotech employees with $150 K stock-option income crowd open houses. New construction is scarce; only 94 units are slated for delivery in 2024, mostly luxury rentals in Kendall Square. That supply crunch supports price resilience even if mortgage rates tick up.

Key numbers every buyer should know:

• Median list price: $925 K (Redfin, March 2024)
• Price per square foot: $740 citywide, $980 in Mid-Cambridge
• Share of all-cash deals: 28 %, down from 35 % last year
• Average seller concession: $3,200—mostly toward transfer taxes

Harvard Square / Brattle Street: Think cobblestones, bookshops, and $2.4 M colonials. If you teach at the Yard, NMHL’s 5 % down jumbo with no PMI can get you into the neighborhood for $120 K out-of-pocket.

Kendall Square / East Cambridge: Glass towers, labs, and a shortage of condos under $1 M. We finance non-warrantable units here using portfolio 30-year ARMs starting at 6 %.

Porter & Davis Squares: More affordable, with 2-bed condos at $650 K–$750 K. MBTA Red Line access keeps commutes under 20 minutes to downtown Boston. Perfect for MassHousing’s $25 K down-payment assistance.

North Cambridge / Strawberry Hill: Family-oriented, larger lots, and the city’s best price-per-foot value. Single-family starter homes linger at $680 K—rare for Cambridge. We see multiple-offer scenarios but no escalation clauses above appraisal.

Cambridgeport: A mix of triple-deckers and new eco-builds. Condos here qualify for the Cambridge Affordable Housing Trust resale restrictions; NMHL has a dedicated compliance desk to keep closings on schedule.

Cambridge first-timers have a stacked menu of assistance:

• MassHousing: 3 % down, 660 FICO, MI Plus covers job-loss mortgage payments for 6 months.
• MassDREAMS: Up to $50 K forgivable second mortgage for income <80 % AMI; works on condos to $762 K.
• Cambridge First-Time Homebuyer Program: $10 K zero-interest loan, forgiven after 5 years of owner-occupancy.
• Federal Home Loan Bank of Boston: $7,500 matched savings grant—NMHL walks you through the 3-page application.

We routinely combine three layers: borrower puts 1 %, MassHousing covers 3 %, and MassDREAMS chips in another 10 %, leaving you with an 86 % first mortgage at conforming rates. Total cash out-of-pocket on a $700 K condo: roughly $9 K. Closing costs can be gift funds from family or the Cambridge Local First program.

One-third of Cambridge buyers earn income through LLCs, C-Corps, or 1099 consulting gigs tied to Harvard or MIT grants. Traditional underwriting punishes their tax write-offs. NMHL’s Bank-Statement Advantage qualifies you on 12- or 24-month personal or business statements, with no tax returns required. We add back depreciation and one-time expenses, boosting qualifying income by 25–40 % on average.

Guidelines at a glance:

• Loan amounts to $3 M
• Credit scores from 660
• LTVs to 90 % on purchase
• 4-month cash reserves for loan amounts <$1 M; 6 months above

Recent example: A gene-therapy postdoc turned biotech founder showed $180 K on her W-2 but $350 K in bank deposits after stock liquidation. We qualified her at the higher figure, securing a $1.1 M condo in Technology Square with 15 % down and a 5/6 ARM at 6.125 %.

Active-duty members at Hanscom Air Force Base and veterans flock to Cambridge for its VA hospital and biotech jobs. NMHL is a direct VA lender with on-base office hours every Thursday. Zero-down power to $766,550 in Middlesex County means you can buy a $900 K duplex in North Cambridge and finance 100 % of the first $766 K, putting only 25 % down on the remainder—about $33 K. We also waive the 1 % VA Funding Fee for veterans rated 10 % disabled or higher, saving $9,000 on a $900 K purchase.

Cambridge sweetens the deal with a $3,000 exemption on the deed-recording tax for owner-occupant veterans. Combine that with our NMHL VA FastClose—underwritten in 10 days—and you can waive appraisal contingency in today’s competitive market.

Cambridge’s tax rate is $5.75 per $1,000 of assessed value, but assessments run about 80 % of market price. Expect your assessed $735 K to yield a $4,225 annual tax bill—due quarterly on Feb 1, May 1, Aug 1, Nov 1. Senior homeowners 65+ can claim a $1,000 exemption. The city offers residential exemption of 30 % off assessed value, up to $470,610, saving roughly $810/year on a median home.

Transfer taxes:

• Massachusetts state tax: $2.28 per $500 (seller pays)
• Cambridge transfer tax: 1 % split 50/50 buyer-seller on amount >$100 K
• Community Preservation Act surcharge: 1 % of state tax

On a $920 K purchase, budget $4,600 for your half of the city transfer tax. First-time buyers earning <120 % AMI can apply for Cambridge’s rebate of up to $4,000 within 60 days post-closing; NMHL supplies the paperwork at the closing table.