Is Somerville, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Somerville was a Seller's Market.
Key Takeaway
Somerville is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Somerville, TN
How much do homes in Somerville, TN cost?
Median Sold Price
$280,000
-
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in Somerville have sold for 17.2% less than they did a month ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | - | N/A |
| 3 Bedrooms | $235K | $227K | -3.4% |
| 4 Bedrooms | $340.9K | $420.5K | +23.3% |
| 5+ Bedrooms | - | $875K | N/A |
Summary: Somerville housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes decreased by 3.4%, 4 bedroom homes increased by 23.3%, and 5+ bedroom homes did not change.
Housing Supply in Somerville, TN
How many homes are available in Somerville, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 51 | 56 | +9.8% |
Summary: The Somerville real estate market had 56 homes for sale in May 2024, a 9.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 22 | 24 | +9.1% |
| 4 Bedrooms | 22 | 23 | +4.5% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Somerville 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 50%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 9 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, expect to pay close to the asking price. 55.6% of homes here sold near the asking price last month.
Summary: A total of 9 homes were sold or pending in Somerville in May 2024, the same as the previous month. Of the 9 sold homes, 33% were sold under asking, 56% were sold at asking, and 11% were sold over asking.
Days on Market for Somerville, TN
We’re sorry, we don't have information for this market at the moment
