Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 1,474 people, 613 houses or apartments, and a median cost of homes of $296,603, Somerset real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Somerset, accounting for 77.57% of the village's housing units. Other types of housing that are prevalent in Somerset include large apartment complexes or high rise apartments ( 14.32%), mobile homes or trailers ( 5.54%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.16%).
The most prevalent building size and type in Somerset are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 55.76% owning and 44.24% renting.
The housing in Somerset was primarily built before 1939 ( 33.78%), making the housing stock in Somerset some of the oldest overall in America, although there is a range of ages of homes in Somerset. The next most important housing age is between 1970-1999 ( 31.22%), followed by between 1940-1969 ( 28.11%). There's also some housing in Somerset built between 2000 and later ( 6.89%).
Vacant housing appears to be an issue in Somerset. Fully 17.16% of the housing stock is classified as vacant. Left unchecked, vacant Somerset homes and apartments can be a drag on the real estate market, holding Somerset real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Somerset have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.08%, which ranks in the top 40% nationwide. This equates to an annual average Somerset house appreciation rate of 7.07%.
Over the last year, Somerset appreciation rates have trailed the rest of the nation. In the last twelve months, Somerset's appreciation rate has been 4.11%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Somerset were at 1.53%, which equates to an annual appreciation rate of 6.27%.
Relative to Ohio, our data show that Somerset's latest annual appreciation rate is lower than 80% of the other cities and towns in Ohio.
$296,603
for Ohio
for nation
613
$700 / per month