Somerville, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Somerville, TN Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Somerville Housing Market Information

With a population of 3,094, 1,318 total housing units (homes and apartments), and a median house value of $190,319, Somerville real estate is some of the most expensive in Tennessee, although Somerville home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Somerville, accounting for 55.82% of the town's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 24.35%), duplexes, homes converted to apartments or other small apartment buildings ( 14.66%), and a few row houses and other attached homes ( 2.75%).

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.

There is a lot of housing in Somerville built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Somerville built between 1940-1969 ( 23.95%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.63%). There's also some housing in Somerville built before 1939 ( 12.43%).

Vacant housing appears to be an issue in Somerville. Fully 13.74% 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 Home Appreciation Rates

Real estate appreciation rates in Somerville's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.36% during the period.

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 7.12%, which is higher than appreciation rates in 81.97% 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 0.35%, which equates to an annual appreciation rate of 1.41%.

Relative to Tennessee, our data show that Somerville's latest annual appreciation rate is higher than 80% of the other cities and towns in Tennessee.

Average Home Values

 

Median Home Value:
$190,319

Somerville, TN HOME PRICES

Value Range
> $1,106,000 0.3
$829,001 - $1,106,000 0.4
$553,001 - $829,000 1.2
$442,001 - $553,000 1.5
$332,001 - $442,000 7.3
$221,001 - $332,000 27.4
$111,001 - $221,000 29.8
$55,001 - $111,000 22.4
$0 - $55,000 9.6

Very High for TN
High for Nation

Value Relative to Nation Value Relative to State
34.8529239423415 13.265306122449

Number Of Homes And Apartments:
1,318

Somerville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
14.33% 0.78% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$625 / per month

Homeownership Rate

Homeownership
Owners 38.97
Renters 61.03
Vacant 13.74

Housing Market Details

 

Age of Homes

AGE OF Somerville HOMES
2000 or Newer 12.6
1970 - 1999 51.0
1940 - 1969 24.0
1939 or Older 12.4

Types of Homes

TYPE OF Somerville HOMES
Single-Family 55.8
Townhomes 2.7
Small Apt. Buildings 14.7
Apt. Complexes 24.3
Mobile Homes 2.4
Other 0.0

Home Size

SIZE OF Somerville HOMES
No Bedroom 1.44
1 Bedroom 26.90
2 Bedrooms 21.14
3 Bedrooms 34.82
4 Bedrooms 11.13
5 or more bedrooms 4.58

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Zip Codes in Somerville, TN