Somerset, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Somerset Neighborhoods Since 2000




Somerset, MA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Somerset Housing Market Information

With a population of 18,288, 6,875 total housing units (homes and apartments), and a median house value of $289,678, 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 81.39% 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 ( 13.84%), large apartment complexes or high rise apartments ( 3.52%), and a few row houses and other attached homes ( 1.13%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Somerset. Owner-occupied housing accounts for 78.88% of Somerset's homes, and 68.16% 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 50.08% of the town's housing hails from this era. Other housing ages represented in Somerset include homes built between 1970-1999 ( 23.46%) and housing constructed before 1939 ( 20.40%). There's also some housing in Somerset built between 2000 and later ( 6.06%).

Somerset Home Appreciation Rates

Somerset's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Somerset during the period has been just -1.63%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Somerset's appreciation rate, at 5.55%, has been at or slightly above the national average. In the latest quarter, Somerset's appreciation rate has been 0.64%, which annualizes to a rate of 2.59%.

Relative to Massachusetts, our data show that Somerset's latest annual appreciation rate is higher than 60% of the other cities and towns in Massachusetts.

Average Home Values

 

Median Home Value:
$289,678

Somerset, MA HOME PRICES

Value Range
> $1,101,000 1.1
$825,001 - $1,101,000 0.3
$550,001 - $825,000 2.9
$440,001 - $550,000 6.4
$330,001 - $440,000 24.6
$220,001 - $330,000 47.8
$110,001 - $220,000 12.2
$55,001 - $110,000 0.8
$0 - $55,000 3.9

Low for MA
Very High for Nation

Value Relative to Nation Value Relative to State
17.3268487050275 71.474358974359

Number Of Homes And Apartments:
6,875

Somerset Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
54.41% 2.55% 7 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,272 / per month

Homeownership Rate

Homeownership
Owners 78.88
Renters 21.12
Vacant 6.56

Housing Market Details

 

Age of Homes

AGE OF Somerset HOMES
2000 or Newer 6.1
1970 - 1999 23.5
1940 - 1969 50.1
1939 or Older 20.4

Types of Homes

TYPE OF Somerset HOMES
Single-Family 81.4
Townhomes 1.1
Small Apt. Buildings 13.8
Apt. Complexes 3.5
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Somerset HOMES
No Bedroom 0.22
1 Bedroom 7.38
2 Bedrooms 21.34
3 Bedrooms 54.62
4 Bedrooms 13.54
5 or more bedrooms 2.91

Popular Neighborhoods in Somerset

Zip Codes in Somerset, MA