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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.



Somerville, MA 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 Q4 2023. 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

Somerville, MA Housing Market Trends

With a population of 79,762, 35,035 total housing units (homes and apartments), and a median house value of $1,036,894, 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 54.54% of the city's housing units. Other types of housing that are prevalent in Somerville include large apartment complexes or high rise apartments ( 29.64%), single-family detached homes ( 10.98%), and a few row houses and other attached homes ( 4.67%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Somerville is dominated by renter-occupied one, two, or no bedrooms apartments. 67.55% of Somerville's dwellings are rentals.

The housing in Somerville was primarily built before 1939 ( 60.78%), 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 ( 15.48%), followed by between 1970-1999 ( 14.34%). There's also some housing in Somerville built between 2000 and later ( 9.40%).

Somerville Home Appreciation Rates

In the last 10 years, Somerville has experienced some of the highest home appreciation rates of any community in the nation. Somerville real estate appreciated 113.90% over the last ten years, which is an average annual home appreciation rate of 7.90%, putting Somerville in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Somerville definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Somerville's appreciation rate, at 6.13%, has been at or slightly above the national average. In the latest quarter, Somerville's appreciation rate has been 1.11%, which annualizes to a rate of 4.52%.

Relative to Massachusetts, our data show that Somerville's latest annual appreciation rate is lower than 70% 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.

Average Home Values

Median Home Value

$1,036,894

Somerville, MA Home Prices
> $1,197,000
$898,001 - $1,197,000
$599,001 - $898,000
$479,001 - $599,000
$359,001 - $479,000
$239,001 - $359,000
$120,001 - $239,000
$60,001 - $120,000
$0 - $60,000
32.7%
32.7%
31.2%
31.2%
25.7%
25.7%
3.8%
3.8%
2.5%
2.5%
2.0%
2.0%
0.9%
0.9%
0.2%
0.2%
1.0%
1.0%
0% 100.0%
% of Homes
Very High

for Massachusetts

Very High

for nation

Number of Homes And Apartments:

35,035

Somerville Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,851 / per month

Homeownership Rate

Owners
Renters
32.5%
32.5%
67.5%
67.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
5.4%
5.4%
94.6%
94.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.4%
9.4%
14.3%
14.3%
15.5%
15.5%
60.8%
60.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
11.0%
11.0%
4.7%
4.7%
54.5%
54.5%
29.6%
29.6%
0.1%
0.1%
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
4.0%
4.0%
22.2%
22.2%
37.8%
37.8%
24.0%
24.0%
8.4%
8.4%
3.6%
3.6%
0% 100.0%
% of Homes