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 3,406 people, 1,124 houses or apartments, and a median cost of homes of $389,601, Somerville real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Somerville, accounting for 64.88% of the town's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 19.55%), duplexes, homes converted to apartments or other small apartment buildings ( 11.41%), and a few row houses and other attached homes ( 4.15%).
The most prevalent building size and type in Somerville are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 50.01% owning and 49.99% renting.
Somerville homes and real estate are some of the newest in America. 37.83% of Somerville's housing was built since 2000, making the town have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Somerville real estate market has to offer. Quite a bit of the housing here was also built between 1940-1969 ( 32.08%), and between 1970-1999 ( 25.46%). There's also some housing in Somerville built before 1939 ( 4.63%).
Vacant housing appears to be an issue in Somerville. Fully 10.30% of the housing stock is classified as vacant. Left unchecked, vacant Somerville homes and apartments can be a drag on the real estate market, holding Somerville 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 Somerville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 93.68%, which ranks in the top 50% nationwide. This equates to an annual average Somerville house appreciation rate of 6.83%.
NeighborhoodScout's data show that during the latest twelve months, Somerville's appreciation rate, at 5.64%, has been at or slightly above the national average. In the latest quarter, Somerville's appreciation rate has been 0.51%, which annualizes to a rate of 2.06%.
Notably, Somerville's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Tennessee, our data show that Somerville's latest annual appreciation rate is lower than 60% of the other cities and towns in Tennessee.
$389,601
for Tennessee
for nation
1,124
$1,280 / per month