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 2018 residential tax rate is 11.31% and the Residential Tax Exemption (for qualified residents) offers annual tax savings of up to $2,883.

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

Residential Sales: Somerville, MA

Comparison of Homes Sold

Year End 2016 & 2017 (January 1 – December 31) and 2018 Year To Date as of September 30, 2018

# SoldAvg. Sale $Median Sale $SP:OP
YE 2016488$635,140$595,250103%
YE 2017468$698,678$650,000103%
YTD 2018371$778,525$735,000102%
Single Family
YE 201686$828,137$718,500102%
YE 201782$798,764$733,750102%
YTD 201864$898,349$757,625103%
YE 2016165$958,707$900,00097%
YE 2017174$1,129,344$1,050,000103%
YTD 2018153$1,200,233$1,125,000108%

SP:OP = Sales Price to Original Price Ratio.  Data Source: MLS Pinergy®
©2018 Intellectual property of Tamela Roche, all rights reserved.

Residential Inventory: Somerville, MA

Year End 2016 – 2017 Comparison of Homes Listed for Sale (January 1 – December 31)

YE 2016YE 2017% Change
Condo:590578- 2 %
Single-Family:114116+ 2 %
Multi-Family203237+ 17 %

Data Source: MLS Pinergy®
©2018 Intellectual property of Tamela Roche, all rights reserved.

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