$10,000 Closing Credit*
$925,000
1,950 SqFt
4 Beds
•2 Full Baths
#73314559, David Lenoir, Listing Office: Coldwell Banker Realty - Cambridge
Is Somerville, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$1,098,130
$630/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$142,330(+14.9%)
Key Takeaway
Homes in Somerville have sold for 14.9% more than they did a year ago.
Summary: The median home sold price in Somerville was $1,098,130 in October 2024, up 14.9% from last year, and the median price per square foot was $630.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $594K | $555K | -6.6% |
| 2 Bedrooms | $800K | $794K | -0.8% |
| 3 Bedrooms | $1.0M | $1.1M | +9.6% |
| 4 Bedrooms | $1.1M | $1.3M | +13.6% |
| 5+ Bedrooms | $1.3M | $1.4M | +11.5% |
Summary: Somerville housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.6%, 2 bedroom homes decreased by 0.8%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 11.5%.
Housing Supply in Somerville, MA
How many homes are available in Somerville, MA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 201 | 218 | +8.5% |
Summary: The Somerville real estate market had 218 homes for sale in October 2024, a 8.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 15 | 12 | -20.0% |
| 2 Bedrooms | 56 | 57 | +1.8% |
| 3 Bedrooms | 52 | 59 | +13.5% |
| 4 Bedrooms | 30 | 30 | 0.0% |
| 5+ Bedrooms | 48 | 60 | +25.0% |
Summary: The Somerville housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 13.5%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 45 | 40 | -11.1% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Somerville, you may be able to get a good deal. 57.5% of homes here sold below asking price last month.
Summary: A total of 40 homes were sold or pending in Somerville in October 2024, down by 11.1% month-over-month. Of the 40 sold homes, 57% were sold under asking, 13% were sold at asking, and 30% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 33 Days | 39 Days | +16.2% |
Summary: Homes in Somerville had an average of 39 days on market in Oct 2024, up by 16.2% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
9 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 October 2024, 40 homes were sold in Somerville; 65% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
