Somerville, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Somerville, MA Real Estate Data


Somerville Housing Market Information

With 80,318 people, 31,784 houses or apartments, and a median cost of homes of $684,061, Somerville house prices are not only among the most expensive in Massachusetts, Somerville real estate also is some of the most expensive in all of America.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Somerville, accounting for 59.46% of the city's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 25.34%), single-family detached homes ( 11.28%), and a few row houses and other attached homes ( 3.92%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Somerville is dominated by renter-occupied one, two, or no bedrooms apartments. 67.05% of Somerville's dwellings are rentals.

The housing in Somerville was primarily built before 1939 ( 65.11%), making the housing stock in Somerville some of the oldest overall in America, although there is a range of ages of homes in Somerville. The next most important housing age is between 1940-1969 ( 18.01%), followed by between 1970-1999 ( 12.44%). There's also some housing in Somerville built between 2000 and later ( 4.44%).

Somerville Home Appreciation Rates

In the last 10 years, Somerville has experienced some of the highest home appreciation rates of any community in the nation. Somerville real estate appreciated 50.95% over the last ten years, which is an average annual home appreciation rate of 4.20%, putting Somerville in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Somerville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Somerville that despite a nationwide downturn in the housing market, Somerville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Somerville appreciation rates continue to be some of the highest in America, at 9.09%, which is higher than appreciation rates in 95.87% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Somerville. Somerville appreciation rates in the latest quarter were at 1.57%, which equates to an annual appreciation rate of 6.42%.

Relative to Massachusetts, our data show that Somerville's latest annual appreciation rate is higher than 90% of the other cities and towns in Massachusetts.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Somerville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Somerville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Somerville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$684,061

Somerville, MA HOME PRICES

Value Range
> $1,462,000 2.1
$1,096,001 - $1,462,000 6.0
$731,001 - $1,096,000 33.2
$585,001 - $731,000 18.0
$439,001 - $585,000 23.0
$292,001 - $439,000 10.6
$146,001 - $292,000 4.5
$73,001 - $146,000 0.8
$0 - $73,000 1.6

Very High for MA
Very High for Nation

Value Relative to Nation Value Relative to State
2.98647303390525 9.2948717948718

Number Of Homes And Apartments:
31,784

Rent & Ownership

 

Average Market Rent:
$1,890 / per month

Homeownership Rate

Homeownership
Owners 32.95
Renters 67.05
Vacant 3.81

Housing Market Details

 

Age of Homes

AGE OF Somerville HOMES
2000 or Newer 4.4
1970 - 1999 12.4
1940 - 1969 18.0
1939 or Older 65.1

Types of Homes

TYPE OF Somerville HOMES
Single-Family 11.3
Townhomes 3.9
Small Apt. Buildings 59.5
Apt. Complexes 25.3
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Somerville HOMES
No Bedroom 3.20
1 Bedroom 23.63
2 Bedrooms 38.86
3 Bedrooms 22.06
4 Bedrooms 8.31
5 or more bedrooms 3.94

Somerville 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
139.52% 5.27% 10 10
* 10 is highest