Somerset, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Somerset Neighborhoods Since 2000




Somerset, MA Real Estate Data


Somerset Housing Market Information

With 18,288 people, 6,854 houses or apartments, and a median cost of homes of $306,124, 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 79.34% 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 ( 15.55%), large apartment complexes or high rise apartments ( 3.41%), and a few row houses and other attached homes ( 1.55%).

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 80.82% of Somerset's homes, and 66.74% 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 47.83% of the town's housing hails from this era. Other housing ages represented in Somerset include homes built between 1970-1999 ( 24.37%) and housing constructed before 1939 ( 20.93%). There's also some housing in Somerset built between 2000 and later ( 6.87%).

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 -1.73%, which is lower than 80% of US communities.

Appreciation rates are so strong in Somerset that despite a nationwide downturn in the housing market, Somerset real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Somerset appreciation rates continue to be some of the highest in America, at 6.04%, which is higher than appreciation rates in 74.70% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Somerset. Somerset appreciation rates in the latest quarter were at 2.07%, which equates to an annual appreciation rate of 8.54%.

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

Average Home Values

 

Median Home Value:
$306,124

Somerset, MA HOME PRICES

Value Range
> $1,101,000 0.5
$825,001 - $1,101,000 0.0
$550,001 - $825,000 3.2
$440,001 - $550,000 6.8
$331,001 - $440,000 28.6
$220,001 - $331,000 44.7
$110,001 - $220,000 12.4
$55,001 - $110,000 0.5
$0 - $55,000 3.3

Low for MA
Very High for Nation

Value Relative to Nation Value Relative to State
16.3026292674357 68.9102564102564

Number Of Homes And Apartments:
6,854

Rent & Ownership

 

Average Market Rent:
$1,271 / per month

Homeownership Rate

Homeownership
Owners 80.82
Renters 19.18
Vacant 5.85

Housing Market Details

 

Age of Homes

AGE OF Somerset HOMES
2000 or Newer 6.9
1970 - 1999 24.4
1940 - 1969 47.8
1939 or Older 20.9

Types of Homes

TYPE OF Somerset HOMES
Single-Family 79.3
Townhomes 1.6
Small Apt. Buildings 15.5
Apt. Complexes 3.4
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Somerset HOMES
No Bedroom 0.00
1 Bedroom 7.98
2 Bedrooms 21.88
3 Bedrooms 52.40
4 Bedrooms 14.34
5 or more bedrooms 3.39

Somerset Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
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
54.66% 2.60% 7 7
* 10 is highest

Popular Neighborhoods in Somerset

Zip Codes in Somerset, MA