We’re more than half way through 2019! If you’re looking to buy or sell a home in Somerville, then you’re probably keeping a close eye on the market. We thought it would be helpful to take a look at how the market is performing this year compared to last year. Here’s the Somerville MA real estate market update based on MLS reports generated on 7/26/2019.
Single Family Home Sales
The average price of homes sold this year-to-date is a whopping $965,446. This is almost a 5% increase from the same time frame during the previous year, when the average was $920,146. The following breakdown shows the number of homes that sold in the different price ranges thus far:
|Price Range||# Sold||Average Price|
|$500k – $600k||3||$539,000|
|$600k – $700k||7||$639,643|
|$700k – $800k||9||$749,667|
|$800k – $900k||6||$830,833|
|$900k – $1 mill||1||$975,000|
|$1 mill – $2 mill||18||$1,251,056|
|> $2 mill||1||$2,650,000|
The average list price is $932,959, so Somerville homes are selling for roughly 4% above list price. They are also continuing to sell very quickly. On average, they go under agreement within 25 days of being listed. It’s not uncommon to see homes under contract within the very first week! This is slightly up from the average of 17 days during this time frame last year.
Condo prices in Somerville, MA are also slightly up. At this time last year, the average price was $781,377. Year-to-date, they are $791,460, a 1.29% increase. They are also selling for about 1% above list price. With single family home prices being so high, a large volume of condos have been sold so far this year (321 to be exact).
Summary of Somerville MA Real Estate Market Update
Given the vicinity to Boston, Somerville has always been a popular location for those looking to live near the city but not in the city. 450 properties (single family, condo, and multi-family) have sold so far this year. We wouldn’t be surprised to see average prices exceed a million dollars for single family homes. Follow us on Facebook for future Somerville MA real estate market updates!