Somerset, MA Real Estate Market

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 Q3 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Somerset, MA Housing Market Trends

With a population of 18,303, 6,956 total housing units (homes and apartments), and a median house value of $387,741, 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 82.23% 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 ( 12.53%), large apartment complexes or high rise apartments ( 3.83%), and a few row houses and other attached homes ( 1.40%).

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 78.83% of Somerset's homes, and 69.34% 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 51.55% of the town's housing hails from this era. Other housing ages represented in Somerset include homes built between 1970-1999 ( 23.16%) and housing constructed before 1939 ( 19.87%). There's also some housing in Somerset built between 2000 and later ( 5.41%).

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 57.55%, which ranks in the top 40% nationwide. This equates to an annual average Somerset house appreciation rate of 4.65%.

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 16.54%, which is higher than appreciation rates in 83.03% 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 5.85%, which equates to an annual appreciation rate of 25.54%.

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:
$387,741

Somerset, MA HOME PRICES

> $1,345,000
2.3%
2.3%
$1,009,001 - $1,345,000
1.3%
1.3%
$673,001 - $1,009,000
3.1%
3.1%
$538,001 - $673,000
8.1%
8.1%
$404,001 - $538,000
21.8%
21.8%
$269,001 - $404,000
54.6%
54.6%
$135,001 - $269,000
7.3%
7.3%
$67,001 - $135,000
0.4%
0.4%
$0 - $67,000
1.4%
1.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Low for MA

Value Relative To Nation

Number Of Homes And Apartments:
6,956

Somerset Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
122.85% 3.75%
8
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,986 / per month

Homeownership Rate

Owners
78.8%
78.8%
Renters
21.2%
21.2%
Vacant
5.1%
5.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.4%
5.4%
1970 - 1999
23.2%
23.2%
1940 - 1969
51.6%
51.6%
1939 or Older
19.9%
19.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
82.2%
82.2%
Townhomes
1.4%
1.4%
Small Apt. Buildings
12.5%
12.5%
Apt. Complexes
3.8%
3.8%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.2%
0.2%
1 Bedroom
5.6%
5.6%
2 Bedrooms
21.7%
21.7%
3 Bedrooms
50.4%
50.4%
4 Bedrooms
18.9%
18.9%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Somerset

Zip Codes in Somerset, MA