Somerville, 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 Q4 2020. 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

Somerville, MA Housing Market Trends

With 81,360 people, 32,802 houses or apartments, and a median cost of homes of $841,935, 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 55.91% of the city's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 29.66%), single-family detached homes ( 10.32%), and a few row houses and other attached homes ( 4.05%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Somerville is dominated by renter-occupied one, two, or no bedrooms apartments. 67.63% of Somerville's dwellings are rentals.

The housing in Somerville was primarily built before 1939 ( 63.83%), 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 ( 16.38%), followed by between 1970-1999 ( 14.34%). There's also some housing in Somerville built between 2000 and later ( 5.46%).

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 125.72% over the last ten years, which is an average annual home appreciation rate of 8.48%, 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.

NeighborhoodScout's data show that during the latest twelve months, Somerville's appreciation rate, at 5.26%, has been at or slightly above the national average. In the latest quarter, Somerville's appreciation rate has been 2.24%, which annualizes to a rate of 9.27%.

Relative to Massachusetts, our data show that Somerville's latest annual appreciation rate is higher than 50% 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:
$841,935

Somerville, MA HOME PRICES

> $1,251,000
12.0%
12.0%
$938,001 - $1,251,000
25.6%
25.6%
$625,001 - $938,000
36.7%
36.7%
$500,001 - $625,000
11.7%
11.7%
$375,001 - $500,000
8.0%
8.0%
$250,001 - $375,000
3.4%
3.4%
$125,001 - $250,000
1.1%
1.1%
$63,001 - $125,000
0.5%
0.5%
$0 - $63,000
1.0%
1.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for MA

Value Relative To Nation

Number Of Homes And Apartments:
32,802

Somerville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
234.47% 5.92%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,549 / per month

Homeownership Rate

Owners
32.4%
32.4%
Renters
67.6%
67.6%
Vacant
5.3%
5.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.5%
5.5%
1970 - 1999
14.3%
14.3%
1940 - 1969
16.4%
16.4%
1939 or Older
63.8%
63.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
10.3%
10.3%
Townhomes
4.1%
4.1%
Small Apt. Buildings
55.9%
55.9%
Apt. Complexes
29.7%
29.7%
Mobile Homes
0.0%
0.0%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.3%
4.3%
1 Bedroom
22.0%
22.0%
2 Bedrooms
38.4%
38.4%
3 Bedrooms
23.4%
23.4%
4 Bedrooms
7.9%
7.9%
5 or more bedrooms
4.0%
4.0%
0.0% 100.0%
% OF HOMES