Is Somerville, MA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Somerville is a buyer's market

Buyer's
Market

Difference Since February 2022

At the same time last year, Somerville was a Seller's Market.

Key Takeaway

Somerville is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

How much do homes in Somerville, MA cost?

Median Sold Price

$943,750

$625/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2022

+$24,464(+2.7%)

Key Takeaway

Homes in Somerville have sold for 2.7% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSFeb 2022Feb 2023%
1 $519K$594K
+14.5%
2 $749.3K$760K
+1.4%
3 $1.0M$1.0M
+4.6%
4 $1.1M$1.1M
-0.9%
5+ $1.2M$1.2M
+3.8%

Median Sold Price Compared To Nearby Cities

Cambridge
+16.2%
Arlington
+11.3%
Everett
+8.5%
Medford
+5.8%
Somerville
+2.7%

How many homes are available in Somerville, MA?

Number of Homes For Sale

Jan 2023Feb 2023%
124140+12.9%

Homes For Sale By Bedroom Count

# BEDSJan 2023Feb 2023%
1 1011
+10.0%
2 3648
+33.3%
3 4345
+4.7%
4 1712
-29.4%
5+ 1824
+33.3%

Number of Homes Sold

Jan 2023Feb 2023%
2616-38.5%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Somerville, you may be able to get a good deal. 43.8% of homes here sold below asking price last month.

Average Sale Time

Feb 2022Feb 2023%
44 Days53 Days+20.1%

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Somerville are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

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23 Wesley, Somerville, MA 02145

$989,000

4

2

1,511 SqFt

23 Wesley, Somerville MA, 02145

Trisha Morrissey

Listing Office:

ERA Key Realty Services

#73091288

MLS logo
43 Park St Unit 12, Somerville, MA 02143

$799,000

2

1

945 SqFt

43 Park St Unit 12, Somerville MA, 02143

The Ivy Team

Listing Office:

Keller Williams Realty Boston-Metro | Back Bay

#73091234

MLS logo
58 Simpson Ave Unit 1, Somerville, MA 02144

$1,399,900

3

3 Full, 1 Partial

1,901 SqFt

58 Simpson Ave Unit 1, Somerville MA, 02144

Mike Cohen

Listing Office:

Compass

#73091126

MLS logo
192 Washington St, Somerville, MA 02143

$1,175,000

6

2

2,080 SqFt

192 Washington St, Somerville MA, 02143

Jim Riccardi

Listing Office:

StartPoint Realty

#73091050

MLS logo
195 Morrison Ave Unit 2, Somerville, MA 02144

$995,000

2

2

1,200 SqFt

195 Morrison Ave Unit 2, Somerville MA, 02144

Marjie and Phil

Listing Office:

Advisors Living - Arlington

#73090925

MLS logo
176-182 Broadway, Somerville, MA 02145

$4,999,900

Land

0.27 Acres

176-182 Broadway, Somerville MA, 02145

The Steve Bremis Team

Listing Office:

Steve Bremis Realty Group

#73090866

MLS logo
371 Highland Ave, Somerville, MA 02144

$1

Land

0.19 Acres

371 Highland Ave, Somerville MA, 02144

Chris Kostopoulos Group

Listing Office:

Keller Williams Realty

#73090821

MLS logo
105 Washington Unit 2C, Somerville, MA 02143

$979,000

2

2

1,350 SqFt

105 Washington Unit 2C, Somerville MA, 02143

Marissa Tavares

Listing Office:

Camdan Realty LLC

#73090776

MLS logo
103 Washington Unit 1, Somerville, MA 02143

$878,800

2

1

1,004 SqFt

103 Washington Unit 1, Somerville MA, 02143

David Dalton

Listing Office:

Leading Edge Real Estate

#73090523

MLS logo
32 Cedar # 2, Somerville, MA 02143

$1,269,000

3

3

1,769 SqFt

32 Cedar # 2, Somerville MA, 02143

Currier, Lane & Young

Listing Office:

Compass

#73090506

MLS logo
9 Virginia St, Somerville, MA 02145

$759,000

4

1

1,650 SqFt

9 Virginia St, Somerville MA, 02145

The Kim Perrotti Team

Listing Office:

Leading Edge Real Estate

#73090264

MLS logo
33 Jaques St Unit 1, Somerville, MA 02145

$799,000

3

1

1,360 SqFt

33 Jaques St Unit 1, Somerville MA, 02145

Santana Team

Listing Office:

Keller Williams Realty Boston Northwest

#73090239

MLS logo

About Somerville, MA

Number of homes for sale in Somerville, MA real estate market have reached 140. In February 2023 in Somerville, MA there were 12.9% more homes for sale than in January 2023. While the average time on the market in February 2023 was 53 days, the median list price was $943,750. This housing market listing prices have changed between January 2023 and February 2023: 1 bedroom properties prices increased by 14.5%, prices of 2 bedrooms properties increased by 1.4%, prices of 3 bedrooms properties went up by 4.6%, 4 bedrooms properties prices decreased by 0.9%, prices of 5 bedrooms properties increased by 3.8%. This housing market inventory have changed: 1 bedroom homes inventory increased by 10%, number of 2 bedrooms homes increased by 33.3%, volume of 3 bedrooms homes went up by 4.7%, the quantity of 4 bedrooms homes went down by 29.4%, 5 bedrooms homes became 33.3% more available. While more than 7 listings in Somerville, MA in February 2023 were sold above asking price, there were more than 2 listings sold at asking price, and more than 7 were sold below.

MLS Disclaimers and Copyright

Based on information from MLS Property Information Network Inc. for the period 03/01/2021 - 03/01/2023

IDX Disclaimer: The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. We may make use of information provided by users of this website - see our Terms of Use for more details on our privacy policy.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.

Note: Any Compensation information displayed on listing details is only applicable to other member participants of the source MLS.

Last updated on: 3/25/2023, 4:20:51 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

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