Somerset, MD is known for its high housing prices; the median value of a home in Somerset is approximately $1.8 million, more than five times the national median house value of $338,100. Despite having such high prices, the appreciation rate of homes in Somerset has been lower than the national average over the past year, with an appreciation rate of 5.58% compared to 8.27%. This could be due to a combination of factors such as a saturated market and limited availability of new housing construction in recent years.
The median home cost in Somerset is $1,772,600. Home appreciation the last 10 years has been 46.2%. Home Appreciation in Somerset is up 11.3%.
Average Age of Homes
- The median age of Somerset real estate is 63 years old
The Rental Market in Somerset
- Renters make up 4.1% of the Somerset population
- 0.0% of houses and apartments in Somerset, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.