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 a population of 3,432, 1,615 total housing units (homes and apartments), and a median house value of $657,010, real estate costs in Somerset are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.
Single-family detached homes are the single most common housing type in Somerset, accounting for 84.40% of the town's housing units. Other types of housing that are prevalent in Somerset include mobile homes or trailers ( 9.86%), large apartment complexes or high rise apartments ( 3.03%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Somerset. Owner-occupied housing accounts for 86.10% of Somerset's homes, and 63.40% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Somerset built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Somerset built between 1940-1969 ( 20.38%). A lesser amount of the housing stock also hails from between 2000 and later ( 8.38%). There's also some housing in Somerset built before 1939 ( 4.26%).
Real estate appreciation rates in Somerset's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.06% during the period.
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 2.24%, 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 0.13%, which equates to an annual appreciation rate of 0.52%.
Notably, Somerset's appreciation rate in the latest quarter is one of the lowest in America.
Relative to California, our data show that Somerset's latest annual appreciation rate is lower than 70% of the other cities and towns in California.
$657,010
for California
for nation
1,615
$3,222 / per month