According to statistics, the population in Somerset, KY amounts to 11,334, which shows decline -1% compared to the previous year. The median age of the city’s residents is 42. The average household income is $23,518, shifting decline -6% from the past year, and the average property value in Somerset, KY decline -2% to $103,500 throughout the year.
|Number Of Employees||3,779|
|Median Property Value||$103,500|
The average household income in Somerset, KY declined from $25,070 to $23,518 in the past year. This data is an estimate based upon 4,941 households in Somerset, KY . The chart below presents how household income is distributed in Somerset, KY in comparison to the revenue allocation amid households nationally.
According to data from last year, the average property value in Somerset, KY shifted from $105,100 to $103,500 throughout the year. The subsequent graph indicates the share of properties in the given price range in Somerset, KY in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Somerset, KY properties falls in the '$100,000 to $124,999' range, which is lower than the most significant median property across the country.
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Somerset, KY compared to median property taxes around the country. The prevalent amount of property taxes in Somerset, KY equals $800, which is less than the national average.
|Apartment Size||Aug||vs Last Month|
|Studio for sale||$101,500||N/A|
|1 bed for sale||$169,900||-5.1%|
|2 bed for sale||$151,658||+50.5%|
|3 bed for sale||$243,357||-18.6%|
|4+ bed for sale||$318,616||+1.7%|
During Aug 2022, the average price for an apartment in/near Somerset, KY decreased by 3.2% to $270,908.
After collecting all data points, we now see that the average price for 1-bed apartment decreased by 5.1% to $169,900. Asking price for 2-bed apartment also increased by 50.5% and a place of this size will now cost you $151,658. A 3-bed apartment goes for $243,357, it decreased by 18.6% lately. We discerned the rise of 4- and more bed apartment price. It increased by 1.7% and made it up to $318,616.
|Listing Type||Aug||vs Last Month|
|Houses for sale||$296,742||-3.5%|
|Land for sale||$164,383||+86.3%|
|Duplexes for sale||$349,900||+17.3%|
|Other for sale||$765,000||N/A|
|Apartments for sale||$101,500||N/A|
|Lofts for sale||$514,000||+170.7%|
|Townhouses for sale||$125,000||+25.1%|
|Condos for sale||$144,900||N/A|
While assessing the property pricing Somerset, KY, you can note that it remains flat with a price tag of $101,500. Price reports demonstrate that house price decreased by 3.5% this month making it up to $296,742. Condo prices remain stable. Condo for sale is now available for the same pricing as previously — $144,900. You can now purchase a duplex for just $349,900, duplex price increased by 17.3% this month. The price dynamics of lofts changed, it increased by 170.7%, the price tag now starts at $514,000. The property value of townhouses increased by 25.1%, you’ll have to spend around $125,000 to get one.