The real estate market in Massachusetts has improved dramatically over the last year. Home sales continue to be strong and on a positive path. This is particularly true for Somerville given its ideal location just outside of Boston. Here are some statistics on the Somerville MA single family real estate market in 2014.
Somerville MA Single Family Market Statistics
Average Price of Homes Sold
The Somerville MA average sales price of single family homes in 2014 increased 13.8 % from the previous year. Prior to that, it increased 9.63%. In fact, it has consistently increased since 2009. For buyers waiting for the bottom of the market, it has already come and gone. Here are the annual figures for the last 6 years.
Number of Homes Sold in Somerville
The number of listings sold in Somerville display a slightly different trend. Listing volume decreased -4.6% from 87 to 83 compared to the previous year. The fewer listings is likely tied to the increased selling price (low inventory and high demand).
Average Time to Sell a Home in Somerville MA
The average days on market in Somerville MA for 2014 increased from 36 days to 54 days. Although it is taking a little longer to sell a home, that has not negatively affected the pricing trend.
Somerville MA Single Family Market 2014 Recap
The fact remains that it is a great time to buy a home in Somerville, MA. If the pricing trend continues, home buyers have the potential to quickly build equity in their homes. While interest rates remain low, buyers will be motivated to purchase. High demand means it’s a great time to sell in Somerville as well. Sellers may be able to sell more quickly and to get a better price for their homes.
If you are trying to decide whether to buy or sell a home in Somerville, it is important to work with a local real estate agent and loan officer. Need a referral? We would be happy to provide one. Don’t forget to also take advantage of our free home insurance quotes once you find that dream home!