Somerville, AL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Somerville, AL Real Estate Data


Somerville Housing Market Information

With a population of 716, 259 total housing units (homes and apartments), and a median house value of $110,337, house prices in Somerville are solidly below the national average.

Single-family detached homes are the single most common housing type in Somerville, accounting for 54.78% of the town's housing units. Other types of housing that are prevalent in Somerville include mobile homes or trailers ( 34.56%), duplexes, homes converted to apartments or other small apartment buildings ( 8.46%), and a few row houses and other attached homes ( 1.47%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Somerville. Owner-occupied housing accounts for 68.73% of Somerville's homes, and 64.71% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Somerville built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Somerville built between 1940-1969 ( 18.75%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.60%). There's also some housing in Somerville built before 1939 ( 2.94%).

Somerville Home Appreciation Rates

Appreciation rates for homes in Somerville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 9.11%, which ranks in the top 40% nationwide. This equates to an annual average Somerville house appreciation rate of 0.88%.

Over the last year, Somerville appreciation rates have trailed the rest of the nation. In the last twelve months, Somerville's appreciation rate has been 3.26%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Somerville were at -0.22%, which equates to an annual appreciation rate of -0.87%.

Notably, Somerville's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Alabama, our data show that Somerville's latest annual appreciation rate is lower than 70% of the other cities and towns in Alabama.

Average Home Values

 

Median Home Value:
$110,337

Somerville, AL HOME PRICES

Value Range
> $1,112,000 0.2
$833,001 - $1,112,000 0.0
$556,001 - $833,000 0.2
$444,001 - $556,000 0.8
$334,001 - $444,000 0.3
$222,001 - $334,000 12.4
$111,001 - $222,000 40.3
$55,001 - $111,000 22.9
$0 - $55,000 23.0

Average for AL
Low for Nation

Value Relative to Nation Value Relative to State
72.2316566141594 47.75

Number Of Homes And Apartments:
259

Rent & Ownership

 

Average Market Rent:
$677 / per month

Homeownership Rate

Homeownership
Owners 68.73
Renters 31.27
Vacant 4.78

Housing Market Details

 

Age of Homes

AGE OF Somerville HOMES
2000 or Newer 13.6
1970 - 1999 64.7
1940 - 1969 18.8
1939 or Older 2.9

Types of Homes

TYPE OF Somerville HOMES
Single-Family 54.8
Townhomes 1.5
Small Apt. Buildings 8.5
Apt. Complexes 0.7
Mobile Homes 34.6
Other 0.0

Home Size

SIZE OF Somerville HOMES
No Bedroom 0.00
1 Bedroom 6.62
2 Bedrooms 27.21
3 Bedrooms 59.19
4 Bedrooms 5.51
5 or more bedrooms 1.47

Somerville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
AL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
24.26% 1.29% 4 2
* 10 is highest

Popular Neighborhoods in Somerville

Zip Codes in Somerville, AL