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 12,202 people, 4,548 houses or apartments, and a median cost of homes of $307,778, Somerville real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Somerville, accounting for 45.94% of the borough's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 26.29%), duplexes, homes converted to apartments or other small apartment buildings ( 23.41%), and a few row houses and other attached homes ( 4.25%).
People in Somerville primarily live in small (one, two or no bedroom) single-family detached homes. Somerville has a mixture of owner-occupied and renter-occupied housing.
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. Somerville's housing was primarily built during this period, from the '40s through the '60s. A full 49.00% of the borough's housing hails from this era. Other housing ages represented in Somerville include homes built before 1939 ( 28.17%) and housing constructed between 1970-1999 ( 22.02%).
Vacant housing appears to be an issue in Somerville. Fully 18.04% of the housing stock is classified as vacant. Left unchecked, vacant Somerville homes and apartments can be a drag on the real estate market, holding Somerville real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Somerville's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Somerville during the period has been just -1.21%, which is lower than 70% of US communities.
Over the last year, Somerville appreciation rates have trailed the rest of the nation. In the last twelve months, Somerville's appreciation rate has been 2.93%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Somerville were at 0.66%, which equates to an annual appreciation rate of 2.68%.
Relative to New Jersey, our data show that Somerville's latest annual appreciation rate is higher than 50% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the borough. 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.
|$813,001 - $1,084,000||0.4|
|$542,001 - $813,000||3.5|
|$433,001 - $542,000||7.2|
|$325,001 - $433,000||31.4|
|$217,001 - $325,000||47.7|
|$108,001 - $217,000||8.4|
|$54,001 - $108,000||0.6|
|$0 - $54,000||0.7|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Somerville HOMES|
|2000 or Newer||0.8|
|1970 - 1999||22.0|
|1940 - 1969||49.0|
|1939 or Older||28.2|
|TYPE OF Somerville HOMES|
|Small Apt. Buildings||23.4|
|SIZE OF Somerville HOMES|
|5 or more bedrooms||2.02|