Somerville, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Somerville, TN Real Estate Data


Somerville Housing Market Information

With a population of 3,094, 1,378 total housing units (homes and apartments), and a median house value of $169,316, Somerville real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Somerville, accounting for 58.45% of the town's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 24.34%), duplexes, homes converted to apartments or other small apartment buildings ( 13.55%), and a few mobile homes or trailers ( 2.46%).

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 ( 33.51%). A lesser amount of the housing stock also hails from before 1939 ( 11.87%). There's also some housing in Somerville built between 2000 and later ( 9.59%).

Vacant housing appears to be an issue in Somerville. Fully 17.39% 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 -0.50% during the period.

NeighborhoodScout's data show that during the latest twelve months, Somerville's appreciation rate, at 4.52%, has been at or slightly above the national average. In the latest quarter, Somerville's appreciation rate has been 1.31%, which annualizes to a rate of 5.35%.

Relative to Tennessee, our data show that Somerville's latest annual appreciation rate is lower than 60% of the other cities and towns in Tennessee.

Average Home Values

 

Median Home Value:
$169,316

Somerville, TN HOME PRICES

Value Range
> $1,062,000 0.2
$796,001 - $1,062,000 0.0
$531,001 - $796,000 2.3
$425,001 - $531,000 2.4
$318,001 - $425,000 4.9
$212,001 - $318,000 28.1
$106,001 - $212,000 27.7
$53,001 - $106,000 26.6
$0 - $53,000 7.8

High for TN
Average for Nation

Value Relative to Nation Value Relative to State
43.0052116882356 21.4285714285714

Number Of Homes And Apartments:
1,378

Rent & Ownership

 

Average Market Rent:
$650 / per month

Homeownership Rate

Homeownership
Owners 37.79
Renters 62.21
Vacant 17.39

Housing Market Details

 

Age of Homes

AGE OF Somerville HOMES
2000 or Newer 9.6
1970 - 1999 45.0
1940 - 1969 33.5
1939 or Older 11.9

Types of Homes

TYPE OF Somerville HOMES
Single-Family 58.5
Townhomes 1.2
Small Apt. Buildings 13.5
Apt. Complexes 24.3
Mobile Homes 2.5
Other 0.0

Home Size

SIZE OF Somerville HOMES
No Bedroom 1.68
1 Bedroom 25.54
2 Bedrooms 23.32
3 Bedrooms 39.27
4 Bedrooms 8.57
5 or more bedrooms 1.62

Somerville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
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
9.08% 0.51% 1 1
* 10 is highest

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Zip Codes in Somerville, TN