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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Somerville is a seller's market

Buyer's
Market

Difference Since May 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

$1,044,875

$636/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$105,416(+11.2%)

Key Takeaway

Homes in Somerville have sold for 11.2% more than they did a year ago.

Summary: The median home sold price in Somerville was $1,044,875 in May 2024, up 11.2% from last year, and the median price per square foot was $636.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $585.7K$594.5K
+1.5%
2 $765K$784K
+2.5%
3 $1.0M$1.1M
+12.4%
4 $1.1M$1.3M
+14.0%
5+ $1.2M$1.4M
+9.8%

Summary: Somerville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.5%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 12.4%, 4 bedroom homes increased by 14%, and 5+ bedroom homes increased by 9.8%.

Median Sold Price Compared To Nearby Cities

Somerville
+11.2%
Medford
+11.0%
Everett
+7.7%
Arlington
+4.9%
Cambridge
-2.6%

Housing Supply in Somerville, MA

How many homes are available in Somerville, MA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
225253+12.4%

Summary: The Somerville real estate market had 253 homes for sale in May 2024, a 12.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1314
+7.7%
2 5167
+31.4%
3 6577
+18.5%
4 3738
+2.7%
5+ 5957
-3.4%

Summary: The Somerville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.7%, 2 bedroom homes increased by 31.4%, 3 bedroom homes increased by 18.5%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes decreased by 3.4%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4146+12.2%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

23 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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 46 homes were sold or pending in Somerville in May 2024, up by 12.2% month-over-month. Of the 46 sold homes, 41% were sold under asking, 9% 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

May 2023May 2024CHANGE
30 Days21 Days-28.8%

Summary: Homes in Somerville had an average of 21 days on market in May 2024, down by 28.8% compared to last year.

Breakdown of Home Sale Times

36 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was 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.

Summary: During May 2024, 46 homes were sold in Somerville; 78% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

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

Report Updated 23 Days Ago

Newest Listings in Somerville, MA

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