Is Somerville, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
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
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $585.7K | $594.5K | +1.5% |
| 2 Bedrooms | $765K | $784K | +2.5% |
| 3 Bedrooms | $1.0M | $1.1M | +12.4% |
| 4 Bedrooms | $1.1M | $1.3M | +14.0% |
| 5+ Bedrooms | $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%.
Housing Supply in Somerville, MA
How many homes are available in Somerville, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 225 | 253 | +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
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 14 | +7.7% |
| 2 Bedrooms | 51 | 67 | +31.4% |
| 3 Bedrooms | 65 | 77 | +18.5% |
| 4 Bedrooms | 37 | 38 | +2.7% |
| 5+ Bedrooms | 59 | 57 | -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 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 46 | +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
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 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 21 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
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.
