Is Somerville, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$1,023,750
$636/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Somerville have sold for 9.5% more than they did a year ago.
Summary: The median home sold price in Somerville was $1,023,750 in March 2024, up 9.5% from last year, and the median price per square foot was $636.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $590K | $597.5K | +1.3% |
| 2 Bedrooms | $757.5K | $785K | +3.6% |
| 3 Bedrooms | $1.0M | $1.1M | +10.6% |
| 4 Bedrooms | $1.1M | $1.3M | +13.6% |
| 5+ Bedrooms | $1.2M | $1.4M | +7.9% |
Summary: Somerville housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 7.9%.
Housing Supply in Somerville, MA
How many homes are available in Somerville, MA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 151 | 174 | +15.2% |
Summary: The Somerville real estate market had 174 homes for sale in March 2024, a 15.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 12 | +300.0% |
| 2 Bedrooms | 40 | 40 | 0.0% |
| 3 Bedrooms | 47 | 56 | +19.1% |
| 4 Bedrooms | 26 | 27 | +3.8% |
| 5+ Bedrooms | 35 | 39 | +11.4% |
Summary: The Somerville housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 300%, 2 bedroom homes remained the same, 3 bedroom homes increased by 19.1%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 11.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 36 | 35 | -2.8% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you could pay more than the asking price. 48.6% of homes here sold above asking price last month.
Summary: A total of 35 homes were sold or pending in Somerville in March 2024, down by 2.8% month-over-month. Of the 35 sold homes, 46% were sold under asking, 6% were sold at asking, and 49% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 79 Days | 35 Days | -55.3% |
Summary: Homes in Somerville had an average of 35 days on market in Mar 2024, down by 55.3% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Somerville are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 35 homes were sold in Somerville; 69% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
