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 80,407, 35,427 total housing units (homes and apartments), and a median house value of $1,258,299, Somerville house prices are not only among the most expensive in Massachusetts, Somerville real estate also is some of the most expensive in all of America.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Somerville, accounting for 53.40% of the city's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 29.92%), single-family detached homes ( 11.61%), and a few row houses and other attached homes ( 4.93%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
Somerville is dominated by renter-occupied one, two, or no bedrooms apartments. 66.88% of Somerville's dwellings are rentals.
The housing in Somerville was primarily built before 1939 ( 59.55%), making the housing stock in Somerville some of the oldest overall in America, although there is a range of ages of homes in Somerville. The next most important housing age is between 1940-1969 ( 14.68%), followed by between 1970-1999 ( 14.28%). There's also some housing in Somerville built between 2000 and later ( 11.48%).
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 115.32%, which ranks in the top 30% nationwide. This equates to an annual average Somerville house appreciation rate of 7.97%.
NeighborhoodScout's data show that during the latest twelve months, Somerville's appreciation rate, at 8.61%, has been at or slightly above the national average. In the latest quarter, Somerville's appreciation rate has been 1.15%, which annualizes to a rate of 4.67%.
Relative to Massachusetts, our data show that Somerville's latest annual appreciation rate is lower than 50% of the other cities and towns in Massachusetts.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Somerville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Somerville - 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 Somerville real estate investment or home purchase decisions.
$1,258,299
for Massachusetts
for nation
35,427
$4,506 / per month