Is Somerville, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$1,050,000
$634/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Somerville have sold for 11.4% more than they did a year ago.
Summary: The median home sold price in Somerville was $1,050,000 in June 2024, up 11.4% from last year, and the median price per square foot was $634.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $588.2K | $596K | +1.3% |
| 2 Bedrooms | $785K | $790K | +0.6% |
| 3 Bedrooms | $1.0M | $1.1M | +9.8% |
| 4 Bedrooms | $1.1M | $1.3M | +14.0% |
| 5+ Bedrooms | $1.3M | $1.3M | +3.4% |
Summary: Somerville housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes increased by 0.6%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 14%, and 5+ bedroom homes increased by 3.4%.
Housing Supply in Somerville, MA
How many homes are available in Somerville, MA?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 256 | 250 | -2.3% |
Summary: The Somerville real estate market had 250 homes for sale in June 2024, a 2.3% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 21 | +5.0% |
| 2 Bedrooms | 63 | 59 | -6.3% |
| 3 Bedrooms | 74 | 75 | +1.4% |
| 4 Bedrooms | 37 | 32 | -13.5% |
| 5+ Bedrooms | 62 | 63 | +1.6% |
Summary: The Somerville housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5%, 2 bedroom homes decreased by 6.3%, 3 bedroom homes increased by 1.4%, 4 bedroom homes decreased by 13.5%, and 5+ bedroom homes increased by 1.6%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 51 | 71 | +39.2% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
40 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you could pay more than the asking price. 56.3% of homes here sold above asking price last month.
Summary: A total of 71 homes were sold or pending in Somerville in June 2024, up by 39.2% month-over-month. Of the 71 sold homes, 27% were sold under asking, 17% were sold at asking, and 56% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 25 Days | 23 Days | -8.2% |
Summary: Homes in Somerville had an average of 23 days on market in Jun 2024, down by 8.2% compared to last year.
Breakdown of Home Sale Times
54 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Somerville are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 71 homes were sold in Somerville; 76% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
