3rd Quarter 2015 Somerville MA Single Family Real Estate Statistics

Every quarter, we like to provide updated market statistics for the local Somerville real estate market. With home prices continually changing in the area, this information may be helpful if you are looking to buy or sell a home in Somerville. The following are 3rd quarter 2015 Somerville MA single family real estate statistics according to the local MLS system.

Single Family Property Prices in Somerville MA

Single family properties in Somerville MA sold for $762,146 on average during 3rd quarter 2015. During the previous year, it was $519,586. This represents a significant increase of 46.68 %. In the year before that, the average was $605,297. Indications are that 2015 will end very strong for the single family market in Somerville.

2015	$762,146
2014	$519,586
2013	$605,297

Somerville MA Market Activity

Low inventory has been a problem in the area for the last year. Inventory shortages also tend to drive up selling prices. Surprisingly, there were actually more homes sold during this third quarter of 2015 than during the same time period in previous years. Although listing volume is higher, demand right now is much higher than in previous years. This is keeping home prices on the rise.

2015	39
2014	29
2013	37

Somerville MA Average Marketing Time for the 3rd Quarter 2015

The Average marketing time in Somerville MA for the 3rd quarter decreased 23.4% from 47 to 36, so homes are going under agreement much quicker than they were last year. Buyers are still under pressure to make decisions quickly and, in many cases, are competing with other buyers. Although the average is 36 days, it is not uncommon for homes to go under agreement right after the first open house.

2015	36
2014	47
2013	25