The Somerville MA real estate market has been hot. It has steadily increased over the last few years with high competition and rising prices. The figures for the 2016 calendar year are in, and they’re quite impressive!
Somerville MA Single Family Home Sales
A mere 86 single family homes sold in 2016. This isn’t from lack of interest from home buyers but rather from a shortage of available listings in the Somerville MA real estate market. Although slightly up from the 84 homes that sold in 2015, it’s still wasn’t sufficient to meet demand. Nort surprisingly, average home sale prices increased dramatically from 2015 figures.
In 2015, the average price of single family homes in Somerville MA was $753,005. In 2016, that average jumped to $828,137. That’s almost a 10% increase in just one year!
Condo Prices in Somerville MA
The Somerville MA condo market did similarly well for 2016. It experienced a 7.4% increase from the previous. Average condo prices were $635,346, compared to $591,740 in the year 2015. Condominiums are more abundant in Somerville, therefore a significantly larger number of units sold (compared to single family homes). 487 condo sales closed during the year.
What to Expect from The Somerville MA Real Estate Market
So, what can we expect from 2017? No one can tell the future, but if the past is any indication, prices may continue to rise. With the excess demand still pushing prices upward, things aren’t likely to settle down until supply catches up to demand. Additionally, although interest rates are expected to rise, they are still historically low right now. Most buyers who haven’t already found a home are anxious to do so before mortgage rates increase during this year. It will be interesting to see how things progress as we get further into the 2017 year.