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
| # Sold | Avg. Sale $ | Median Sale $ | SP:OP | |
| Condo | ||||
| YE 2016 | 488 | $635,140 | $595,250 | 103% |
| YE 2017 | 468 | $698,678 | $650,000 | 103% |
| YTD 2018 | 371 | $778,525 | $735,000 | 102% |
| Single Family | ||||
| YE 2016 | 86 | $828,137 | $718,500 | 102% |
| YE 2017 | 82 | $798,764 | $733,750 | 102% |
| YTD 2018 | 64 | $898,349 | $757,625 | 103% |
| Multi-Family | ||||
| YE 2016 | 165 | $958,707 | $900,000 | 97% |
| YE 2017 | 174 | $1,129,344 | $1,050,000 | 103% |
| YTD 2018 | 153 | $1,200,233 | $1,125,000 | 108% |
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 2016 | YE 2017 | % Change | |
| Condo: | 590 | 578 | - 2 % |
| Single-Family: | 114 | 116 | + 2 % |
| Multi-Family | 203 | 237 | + 17 % |
Data Source: MLS Pinergy®
©2018 Intellectual property of Tamela Roche, all rights reserved.
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