Somerville, MA

Somerville, MA


Somerville, Massachusetts is located 2 miles northwest of downtown Boston, MA on 4.1 square miles of land. Settled in 1630 and incorporated as a city in 1872, Mayor-City Council is the style of governance. With a population of 75,754 residents, the average household size is 2.29 persons and median household income is $66,866. Of 33,720 total housing units, 31% are owner-occupied, 64% rented and 5% vacant. Of 739 residential properties sold in 2016; 12% were Single Family, 66% Condominium and 22% Multi-Family. Fiscal year 2017 residential tax rate is 11.67 and the Residential Tax Exemption (for qualified residents) offers annual tax savings of $2,747.11.

Sources: U.S. Census Bureau 2010-2014; City of Somerville, MA; MLS Pinergy®

Residential Sales: Somerville, MA

Year End 2015 – 2016 Comparison of Homes Sold (January 1 – December 31)

# SoldAvg. Sale $Median Sale $SP:OP
Condo
YE 2015407$591,740$561,000103%
YE 2016488$635,140$595,250103%
Single Family
YE 201584$753,005$725,000103%
YE 201686$828,137$718,500102%
Multi-Family
YE 2015152$932,115$857,00099%
YE 2016165$958,707$900,00097%

SP:OP = Sales Price to Original Price Ratio.  Data Source: MLS Pinergy®
©2017 Intellectual property of Tamela Roche, all rights reserved.

Residential Inventory: Somerville, MA

Year End 2015 – 2016 Comparison of Homes Listed for Sale (January 1 – December 31)

YE 2015YE 2016% Change
Condo:523590+ 13 %
Single-Family:123114- 7 %
Multi-Family220203- 8 %

Data Source: MLS Pinergy®
©2017 Intellectual property of Tamela Roche, all rights reserved.


Contact Tamela to schedule a Professional Marketing Consultation for the sale of your home or a Home Buyer Consultation to begin your new home search.  All Clients receive the Residential Market Analysis® by Tamela with comprehensive market data and home sale trends from year end 2004 through 2016.