Housing in Somerville, MA is currently significantly more expensive than the US median home value. The median housing value in Somerville is $762,800 compared to the US median value of $338,100. While the US saw an 8.27% appreciation rate in home values over a one year period, Somerville experienced only a 5.64% increase in housing appreciation. This indicates that the housing market could be stabilizing or slowing in growth in Somerville, even though prices are still relatively high compared to other parts of the country.
The median home cost in Somerville is $762,800. Home appreciation the last 10 years has been 104.4%. Home Appreciation in Somerville is up 10.6%.
Average Age of Homes
- The median age of Somerville real estate is 78 years old
The Rental Market in Somerville
- Renters make up 63.2% of the Somerville population
- 0.6% of houses and apartments in Somerville, 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.