Is Somerville, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Somerville has remained a Seller's Market.
Key Takeaway
Somerville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Somerville, MA
How much do homes in Somerville, MA cost?
Median Sold Price
$1,029,983
$630/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Somerville have sold for 10.1% more than they did a year ago.
Summary: The median home sold price in Somerville was $1,029,983 in April 2024, up 10.1% from last year, and the median price per square foot was $630.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $590K | $594K | +0.7% |
| 2 Bedrooms | $760K | $788K | +3.7% |
| 3 Bedrooms | $1.0M | $1.1M | +9.5% |
| 4 Bedrooms | $1.1M | $1.2M | +13.2% |
| 5+ Bedrooms | $1.2M | $1.4M | +9.5% |
Summary: Somerville housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.7%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes increased by 9.5%.
Housing Supply in Somerville, MA
How many homes are available in Somerville, MA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 173 | 223 | +28.9% |
Summary: The Somerville real estate market had 223 homes for sale in April 2024, a 28.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 15 | +25.0% |
| 2 Bedrooms | 40 | 53 | +32.5% |
| 3 Bedrooms | 56 | 61 | +8.9% |
| 4 Bedrooms | 26 | 37 | +42.3% |
| 5+ Bedrooms | 39 | 57 | +46.2% |
Summary: The Somerville housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 32.5%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 42.3%, and 5+ bedroom homes increased by 46.2%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 38 | 42 | +10.5% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 42 homes were sold or pending in Somerville in April 2024, up by 10.5% month-over-month. Of the 42 sold homes, 36% were sold under asking, 14% were sold at asking, and 50% were sold over asking.
Days on Market for Somerville, MA
How long does it take to sell a home in Somerville, MA?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 32 Days | 37 Days | +13.6% |
Summary: Homes in Somerville had an average of 37 days on market in Apr 2024, up by 13.6% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somerville are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 42 homes were sold in Somerville; 71% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
