$10,000 Closing Credit*
$1,449,000
2,433 SqFt
3 Beds
•3 Full Baths
#73321044, Corey Mastrocola, Listing Office: Welcome Home Properties, Inc.
Is Somerville, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$1,112,333
$637/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$142,333(+14.7%)
Key Takeaway
Homes in Somerville have sold for 14.7% more than they did a year ago.
Summary: The median home sold price in Somerville was $1,112,333 in November 2024, up 14.7% from last year, and the median price per square foot was $637.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $594K | $548.7K | -7.6% |
| 2 Bedrooms | $789K | $811K | +2.8% |
| 3 Bedrooms | $1.0M | $1.1M | +7.6% |
| 4 Bedrooms | $1.1M | $1.3M | +13.1% |
| 5+ Bedrooms | $1.3M | $1.5M | +14.7% |
Summary: Somerville housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.6%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes increased by 14.7%.
Housing Supply in Somerville, MA
How many homes are available in Somerville, MA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 212 | 170 | -19.8% |
Summary: The Somerville real estate market had 170 homes for sale in November 2024, a 19.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 9 | -25.0% |
| 2 Bedrooms | 55 | 39 | -29.1% |
| 3 Bedrooms | 59 | 47 | -20.3% |
| 4 Bedrooms | 27 | 24 | -11.1% |
| 5+ Bedrooms | 59 | 51 | -13.6% |
Summary: The Somerville housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 29.1%, 3 bedroom homes decreased by 20.3%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes decreased by 13.6%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 45 | 41 | -8.9% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you may be able to get a good deal. 43.9% of homes here sold below asking price last month.
Summary: A total of 41 homes were sold or pending in Somerville in November 2024, down by 8.9% month-over-month. Of the 41 sold homes, 44% were sold under asking, 17% were sold at asking, and 39% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 36 Days | 40 Days | +9.7% |
Summary: Homes in Somerville had an average of 40 days on market in Nov 2024, up by 9.7% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
5 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 November 2024, 41 homes were sold in Somerville; 63% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
