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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 81,322 people, 32,229 houses or apartments, and a median cost of homes of $727,091, 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 59.59% of the city's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 25.52%), single-family detached homes ( 10.13%), and a few row houses and other attached homes ( 4.74%). 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. 66.59% of Somerville's dwellings are rentals.
The housing in Somerville was primarily built before 1939 ( 65.03%), 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 ( 17.11%), followed by between 1970-1999 ( 13.50%). There's also some housing in Somerville built between 2000 and later ( 4.36%).
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 72.13% over the last ten years, which is an average annual home appreciation rate of 5.58%, 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 9.02%, which is higher than appreciation rates in 86.37% 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 1.44%, which equates to an annual appreciation rate of 5.87%.
Relative to Massachusetts, our data show that Somerville's latest annual appreciation rate is higher than 80% 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.
|$1,000,001 - $1,333,000||13.5|
|$666,001 - $1,000,000||35.8|
|$533,001 - $666,000||16.0|
|$400,001 - $533,000||17.3|
|$267,001 - $400,000||7.5|
|$133,001 - $267,000||3.8|
|$67,001 - $133,000||1.0|
|$0 - $67,000||1.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q3 - 2017 Q4
Last 12 Months:
2016 Q4 - 2017 Q4
Last 2 Years:
2015 Q4 - 2017 Q4
Last 5 Years:
2012 Q4 - 2017 Q4
Last 10 Years:
2007 Q4 - 2017 Q4
2000 Q1 - 2017 Q4
|* 10 is highest|
|AGE OF Somerville HOMES|
|2000 or Newer||4.4|
|1970 - 1999||13.5|
|1940 - 1969||17.1|
|1939 or Older||65.0|
|TYPE OF Somerville HOMES|
|Small Apt. Buildings||59.6|
|SIZE OF Somerville HOMES|
|5 or more bedrooms||3.38|