Is Somerset, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Somerset has remained a Seller's Market.
Key Takeaway
Somerset is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Somerset, MA
How much do homes in Somerset, MA cost?
Median Sold Price
$450,000
$296/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Somerset have sold for 9.8% more than they did a year ago.
Summary: The median home sold price in Somerset was $450,000 in May 2024, up 9.8% from last year, and the median price per square foot was $296.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $270K | $210K | -22.2% |
| 2 Bedrooms | $365K | $365K | 0.0% |
| 3 Bedrooms | $400K | $440K | +10.0% |
| 4 Bedrooms | $480K | $529.5K | +10.3% |
| 5+ Bedrooms | $470K | $585K | +24.5% |
Summary: Somerset housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.2%, 2 bedroom homes did not change, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes increased by 24.5%.
Median Sold Price Compared To Nearby Cities
| Somerset | $410K | $450K | +9.8% |
| Swansea | $421.5K | $450K | +6.8% |
| Fall River | $425K | $445K | +4.7% |
| Dighton | $485K | $501K | +3.3% |
Housing Supply in Somerset, MA
How many homes are available in Somerset, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 44 | 51 | +15.9% |
Summary: The Somerset real estate market had 51 homes for sale in May 2024, a 15.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 4 | 9 | +125.0% |
| 3 Bedrooms | 25 | 28 | +12.0% |
| 4 Bedrooms | 10 | 9 | -10.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Somerset housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 125%, 3 bedroom homes increased by 12%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 12 | -7.7% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerset, you could pay more than the asking price. 58.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Somerset in May 2024, down by 7.7% month-over-month. Of the 12 sold homes, 42% were sold under asking, 0% were sold at asking, and 58% were sold over asking.
Days on Market for Somerset, MA
How long does it take to sell a home in Somerset, MA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 39 Days | +31.8% |
Summary: Homes in Somerset had an average of 39 days on market in May 2024, up by 31.8% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somerset are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Somerset; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
