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 Neutral Market.
Key Takeaway
Somerville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Somerville, TN
How much do homes in Somerville, TN cost?
Median Sold Price
$337,990
-
Based on all homes sold in April 2024.
Difference Since Last Month
Key Takeaway
Homes in Somerville have sold for 49.9% more than they did a month ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $134.9K | - | N/A |
| 3 Bedrooms | $165K | $235K | +42.4% |
| 4 Bedrooms | $395K | $340.9K | -13.7% |
| 5+ Bedrooms | $406K | - | N/A |
Summary: Somerville housing prices by bedroom type for April 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 increased by 42.4%, 4 bedroom homes decreased by 13.7%, 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
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 48 | 53 | +10.4% |
Summary: The Somerville real estate market had 53 homes for sale in April 2024, a 10.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 4 | 2 | -50.0% |
| 3 Bedrooms | 20 | 23 | +15.0% |
| 4 Bedrooms | 20 | 23 | +15.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Somerville housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 15%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 8 | 9 | +12.5% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Somerville in April 2024, up by 12.5% month-over-month. Of the 9 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% were sold over asking.
Days on Market for Somerville, TN
We’re sorry, we don't have information for this market at the moment
