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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Somerset, OH Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Somerset, OH Housing Market Trends

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.

Somerset Home Appreciation Rates

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.

Average Home Values

Median Home Value

$296,603

Somerset, OH Home Prices
> $1,359,000
$1,019,001 - $1,359,000
$680,001 - $1,019,000
$544,001 - $680,000
$408,001 - $544,000
$272,001 - $408,000
$136,001 - $272,000
$68,001 - $136,000
$0 - $68,000
0.4%
0.4%
0.0%
0.0%
3.2%
3.2%
7.6%
7.6%
9.3%
9.3%
29.6%
29.6%
34.5%
34.5%
6.8%
6.8%
8.5%
8.5%
0% 100.0%
% of Homes
High

for Ohio

Average

for nation

Number of Homes And Apartments:

613

Somerset Appreciation Rates

Rent & Ownership

Average Market Rent:

$700 / per month

Homeownership Rate

Owners
Renters
55.8%
55.8%
44.2%
44.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
17.2%
17.2%
82.8%
82.8%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
6.9%
6.9%
31.2%
31.2%
28.1%
28.1%
33.8%
33.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
77.6%
77.6%
0.4%
0.4%
2.2%
2.2%
14.3%
14.3%
5.5%
5.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.4%
0.4%
15.4%
15.4%
22.7%
22.7%
38.0%
38.0%
22.4%
22.4%
1.1%
1.1%
0% 100.0%
% of Homes