The 2023 market trends show home sale prices, home inventory, and market timing for Condo, Single, and Multi-Family homes sold in Somerville MA.
The market statistics below reflect changes that have occurred from 2022 to 2023 with notable historical data to provide a broader perspective. The predominant residential property types in Somerville, Massachusetts are Condominium, Single Family, and Multi-Family homes.
Somerville MA Market 2023
Average Sale Prices
Comparison of the average home sale prices for residential Condominium, Single, and Multi-Family homes sold in the Somerville MA market in 2022 and 2023:
| Somerville MA | Average Sale Price 2022 | Average Sale Price 2023 | 1 Year Change |
| Condo | $872,366 | $939,257 | 8 % Increase |
| Single | $1,218,409 | $1,230,793 | 1 % Increase |
| Multi-Family | $1,431,988 | $1,318,349 | 8 % Decrease |
Home Sale Price Trends
- With an increase of 8% in the average sale price for Condominiums sold in Somerville MA market in 2023, the increase since 2019 is now 19%.
- For Single Family homes sold in 2023, the average sale price increased 1% in 2023 and over 5 years the increase is 26%.
- The average home sale price decreased 8% for Multi-Family homes in 2023 while increasing 1% over the past 5 years.
Somerville MA Market 2023: Home Inventory
Comparison of home inventory for residential Condominium, Single, and Multi-Family homes listed for sale in the Somerville MA market in 2022 and 2023:
| Somerville MA | # Homes Listed 2022 | # Homes Listed 2023 | 1 Year Change |
| Condo | 663 | 554 | 16 % Decrease |
| Single | 122 | 100 | 18 % Decrease |
| Multi-Family | 239 | 224 | 6 % Decrease |
Home Inventory Trends
- The number of Condominiums listed decreased 16% in 2023 resulting in the lowest Condo inventory in the Somerville MA market over the past 5 years.
- 18% fewer Single Family homes were listed in the Somerville MA market in 2023. The highest number of Single Family listings occurred in 2005 with 218 listings.
- The number of Multi-Family listings decreased 6% in 2023. By comparison the lowest number was 185 listings in 2013 and the highest was 511 which occurred in 2005.
Somerville MA Market 2023: Days to Offer
Comparison of Days to Offer for residential Condominium, Single Family, and Multi-Family homes sold in the Somerville MA market in 2022 and 2023:
| Somerville MA | # Days to Offer 2022 | # Days to Offer 2023 | 1 Year Change |
| Condo | 30 Days | 37 Days | 7 Days Longer |
| Single | 17 Days | 41 Days | 24 Days Longer |
| Multi-Family | 22 Days | 25 Days | 3 Days Longer |
Market Timing Trends
- For Condominium listings the average number of days to offer increased from 30 to 37 days. The shortest average by comparison is 19 days (2014 and 2016); the longest occurred in 2008 with 80 days.
- The average days to offer for Single Family homes increased from 17 to 41 days; however, the 17 day average in 2022 was the shortest time frame. The longest average days to offer for Single Family homes is 76 days which occurred in 2008.
- For Multi-Family homes sold in the Somerville MA market in 2023 the average days to offer is 25 days. The shortest average is 19 days (2017) and the longest time frame occurred in 2008 with 74 days to offer.
Market Timing Terminology
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.
Market Perspective: Somerville MA
There is no doubt the spike to mortgage interest rates in 2023 impacted our local real estate markets. Most notably, a decrease of listing inventory also resulted in the rise of home sale prices in some cases. When you are ready to sell your home or buy a new home in the Somerville MA market; keep in mind these market statistics are purely a basic overview and starting point to show recent home sales activity.
I have been tracking these and other pertinent market statistics showing the trends since 1999. By doing so, I can provide the long term perspective to help Clients make educated decisions with confidence and peace of mind. Before selling or buying a home, learn about external forces which can and will impact home sale prices.
Every market is unique; not all markets experience the same impact on home sale prices at the same degree or rate of speed. My Clients receive in-depth market statistics which correlate directly to your specific property type, size, location, and characteristics.
To learn more about my Listing Agent and Buyer Agent services; contact me to schedule a Home Seller Consultation or Home Buyer Consultation.
Data Source: MLS Pinergy® as of 2-26-2024
©2024 Intellectual property of Tamela Roche, all rights reserved
Real estate market statistics I watch closely include average home prices in Cambridge, Arlington, Belmont, Medford, and Somerville, MA. To learn more about my services contact me today!
About Tamela Roche, Realtor® – RE/MAX Destiny
