The 2022 market trends for Somerville MA show Condo, Single Family, and Multi-Family home sale prices increased due to very strong home buyer demand.
Market Trends Somerville MA 2022
Average & Median Sale Prices
Comparison of 2022 home sale prices for residential Condominium, Single Family, and Multi-Family homes sold in Somerville, Massachusetts:
|Somerville MA||Average Sale $ 2022||1 Year Change||Median Sale $ 2022||1 Year Change|
|Condo||$872,366||3% Increase||$810,000||3% Increase|
|Single||$1,219,691||13% Increase||$1,100,000||14% Increase|
|Multi-Family||$1,431,988||5% Increase||$1,250,000||4% Increase|
Home Sale Price Trends: Somerville MA
- In 2022 the average sale price for Condominiums increased 3% and the median sale price increased 3%.
- For Single Family homes in 2022 the average sale price increased 13% while the median sale price increased 14%.
- Average sale price increased 5% and median sale price increased 4% for Multi-Family homes from 2021 to 2022.
2022 Home Inventory
Comparison of 2021 and 2022 residential Condominium, Single Family, and Multi-Family homes listed for sale in Somerville, Massachusetts:
|Somerville MA||# Listings 2021||# Listings 2022||1 Year Change|
Home Inventory Trends: Somerville MA
- In 2022 the number of Condominium listings decreased 10% from 2021.
- Single Family homes listed for sale remained the same in 2021 to 2022 at 122 listings.
- The number of Multi-Family homes listed for sale decreased 22% in 2022.
2022 Market Timing
Comparison of 2021 and 2022 Days to Offer for residential Condominium, Single Family, and Multi-Family homes sold in Somerville, Massachusetts:
|Somerville MA||# Days to Offer 2021||# Days to Offer 2022||1 Year Change|
|Condo||27 Days||30 Days||3 Days Longer|
|Single||22 Days||17 Days||5 Days Shorter|
|Multi-Family||30 Days||22 Days||8 Days Shorter|
Market Timing Trends: Somerville MA
- In 2022 the number of days to offer for Condominium listings increased from 27 to 30 days.
- For Single Family homes the number of days to offer decreased from 22 to 17 days in 2022.
- The number of days to offer for Multi-Family homes decreased from 30 to 22 days in 2022.
Market Timing Terms
The term “days to offer” refers to the number of days from the original listing date until the date upon which a seller accepts a buyer’s offer to purchase. This represents the most accurate measurement of market speed because it shows the buyer’s true sense of urgency.
“Days on market” is a term used to measure the number of days from original listing date to the date a property status is changed in MLS to “under agreement”. This status code is highly subjective and used inconsistently; therefore, “days to offer” is the most reliable measurement for market speed.
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About Tamela Roche, Realtor® – RE/MAX Destiny