From 2018 to 2019 in Somerville, MA the average sale prices for Condominiums increased 1% to $787,359; increased 5% to $973,717 for Single Family homes; and increased 8% to $1,305,309 for Multi-Family homes.  Market trends only come into focus when we consider changes over the short term and long term.

Somerville Condo Sale Price History

  • From 2017 to 2018 the average sale price for Somerville Condominiums increased 11.5%
  • During the prior 5-year trend (2014 through 2018) the average sale price increased 50%

The Somerville Condominium average sale price in 2015 was $591,740 and increased significantly in 2019 to $787,359 resulting in the average sale price increase of 33% (current 5-year trend).

Read more: Somerville MA Condominium Market Statistics

Somerville Single Family Sale Price History

  • From 2017 to 2018 the average sale price for Somerville Single Family homes increased 16%
  • During the prior 5-year trend (2014 through 2018) the average sale price increased 47.5%

The Somerville Single Family average sale price in 2015 was $753,005 and increased significantly in 2019 to $973,717 resulting in the average sale price increase of 29% (current 5-year trend).

Read more:  Somerville MA Single Family Market Statistics

Somerville Multi-Family Sale Price History

  • From 2017 to 2018 the average sale price for Somerville Multi-Family homes increased 4%
  • During the prior 5-year trend (2014 through 2018) the average sale price increased 48.5%

The Somerville Multi-Family average sale price in 2015 was $932,115 and increased significantly in 2019 to $1,305,309 resulting in the average sale price increase of 40% (current 5-year trend).

Read more:  Somerville MA Multi-Family Market Statistics

Average Sale Price Trends

The average sale price trends are just one of several market factors to consider carefully when determining fair market value for the sale of your current home or to purchase a new home.  Every home is unique; sale price trends provide a high-level view of market activity but further analysis about the specific characteristics of a home is needed in order to determine the fair market value.

Tamela Roche, RealtorContact Tamela today to better understand the current and historical market trends for Condominium, Single Family, and Multi-Family homes in Arlington, Belmont, Cambridge, Medford, Somerville, and nearby cities and towns in greater Boston, Massachusetts.

About Tamela Roche, Realtor

 

 

 

©2020 Tamela Roche, all rights reserved.  Data Source:  MLS Property Information Network, Inc.