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 12,218 people, 4,554 houses or apartments, and a median cost of homes of $243,888, house prices in Somerset are solidly below the national average.
Single-family detached homes are the single most common housing type in Somerset, accounting for 61.88% of the city's housing units. Other types of housing that are prevalent in Somerset include large apartment complexes or high rise apartments ( 16.51%), duplexes, homes converted to apartments or other small apartment buildings ( 15.14%), and a few row houses and other attached homes ( 4.38%).
People in Somerset primarily live in small (one, two or no bedroom) single-family detached homes. Somerset has a mixture of owner-occupied and renter-occupied housing.
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 ( 29.24%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.24%). There's also some housing in Somerset built before 1939 ( 14.06%).
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 6.01% during the period.
NeighborhoodScout's data show that during the latest twelve months, Somerset's appreciation rate, at 7.63%, has been at or slightly above the national average. In the latest quarter, Somerset's appreciation rate has been 1.84%, which annualizes to a rate of 7.57%.
Relative to Kentucky, our data show that Somerset's latest annual appreciation rate is higher than 60% of the other cities and towns in Kentucky.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Somerset differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Somerset - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Somerset real estate investment or home purchase decisions.
$243,888
for Kentucky
for nation
4,554
$1,397 / per month