Somerville MA Home Price

Somerville MA home price and real estate market statistics for condo, single family, and multi-family homes sold.

Property Type# SoldAvg. Sale $Median Sale $SP:OP
YE 2019537$787,359$742,000100%
YE 2020440$819,595$780,000100%
YE 2021633$850,127$785,000101%
YE 2022467$872,366$810,000101%
YTD 8-31-2023286$944,688$904,50099%
Single Family
YE 201976$973,717$875,000102%
YE 202074$1,000,046$920,000104%
YE 202189$1,080,142$965,000102%
YE 202278$1,219,691$1,100,000103%
YTD 8-31-202347$1,244,198$970,000100%
YE 2019150$1,305,309$1,150,00096%
YE 2020180$1,406,494$1,215,00097%
YE 2021225$1,366,628$1,200,00097%
YE 2022168$1,431,988$1,250,000100%
YTD 8-31-202375$1,312,612$1,275,000101%

KEY:  YE = Year End    YTD = Year To Date    SP:OP = Sales Price to Original Price Ratio
Data Source: MLS Pinergy® as of 9-13-2023
©2023 Intellectual property of Tamela Roche, all rights reserved

Somerville MA Housing Inventory 2019-2023

Total number of residential condo, single family, and multi-family homes listed for sale in Somerville MA 2019-2023

Property TypeYE 2019YE 2020YE 2021YE 2022YTD 8-31-2023

KEY:  YE = Year End    YTD = Year To Date
Data Source: MLS Pinergy® as of 9-13-2023
©2023 Intellectual property of Tamela Roche, all rights reserved

Average Home Price Somerville MA

How Is Average and Median Price Calculated?

We calculate the average home price by adding the sum of all home sale prices and then divide them by the total number of homes sold.  Therefore, the median home price is calculated by finding the middle value so as to remove extreme values.  In other words, when we calculate the median home price, half of the values are larger and half are smaller.

Why Is Median Home Price Important?

In many cases national media will state an average home price when they report on real estate.  However, a mortgage lender will focus on median home price as a more accurate depiction of home value changes in a given market.

Furthermore, a mortgage lender will determine if a real estate market is appreciating or depreciating.  Lenders measure median home price activity by zip code.  Many factors determine the cost of a mortgage loan; however, the increase or decrease of the median home price by zip code is a significant factor.

About Somerville MA

Location & Governance

Somerville is located 2 miles northwest of downtown Boston and comprised of 4.1 square miles of land.  The zip codes for Somerville, Massachusetts are 02143, 02144, and 02145.

While settled in 1630 and incorporated as a city in 1872; Somerville MA follows the “Mayor-City Council” style of governance.

Residential Taxes in Somerville MA

The Fiscal Year 2023 residential tax rate for Somerville, MA is 10.34%.  For more information about taxes see Residential Taxes in MA

Housing Overview

With a population of 75,754 residents, the average household size in Somerville, MA is 2.29 persons and the median household income is $66,866.  Of 33,720 total housing units, 31% are owner-occupied, 64% are rented and 5% are vacant.

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

Photo titled Somerville MA Market Statistics with a park, trees, grass, and a stone monumentTo learn more about the average home price and other real estate market statistics, contact me to schedule a Home Seller Consultation or a Home Buyer Consultation.  Primary service areas include Cambridge, Arlington, Belmont, Medford, and Somerville Massachusetts.

About Tamela Roche, Realtor® – RE/MAX Destiny