Somerset appreciation rates and housing market information

Somerset housing market information

With 18,234 people, 7,143 houses or apartments, and a median cost of homes of $315,550, Somerset real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Somerset, accounting for 81.93% of the town's housing units. Other types of housing that are prevalent in Somerset include duplexes, homes converted to apartments, or other small apartment buildings (13.76%), large apartment complexes or high rise apartments (3.78%), and a few row houses and other attached homes (0.53%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Somerset. Owner-occupied housing accounts for 80.16% of Somerset's homes, and 66.18% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Somerset's housing was primarily built during this period, from the '40s through the '60s. A full 52.74% of the town's housing hails from this era. Other housing ages represented in Somerset include homes built between 1970-1994 (22.64%), and housing constructed from 1939 and earlier (20.29%). There's also some housing in Somerset built between 1995 and later (4.33%).

Somerset home appreciation rates

Appreciation rates for homes in Somerset have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.88%, which ranks in the top 20% nationwide. This equates to an annual average Somerset house appreciation rate of 9.88%.

Over the last year, Somerset appreciation rates have trailed the rest of the nation. In the last twelve months, Somerset's appreciation rate has been -7.38%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Somerset were at 0.10%, which equates to an annual appreciation rate of 0.40%.

Relative to Massachusetts, our data show that Somerset's latest annual appreciation rate is higher than 5% of the other cities and towns in Massachusetts.