Median price for residential apartments in Somerville, MA as of Dec, 2022.
Take into account that the price depends on the location and condition of the apartment. The size and amenities might have a large influence on the asking price as well.
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155 Somerville, MA, USA apartments for sale
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Somerville
According to statistics, the population in Somerville, MA amounts to 79,983, which shows decline 1% compared to the previous year. The median age of the city’s residents is 32. The average household income is $84,722, shifting growth 8% from the past year, and the average property value in Somerville, MA growth 9% to $558,300 throughout the year.
| Population | 79,983 |
| Median Age | 31.5 |
| Poverty Rate | 12% |
| Household Income | $84,722 |
| Number Of Employees | 53,231 |
| Median Property Value | $558,300 |
Household Income
The average household income in Somerville, MA grew from $78,673 to $84,722 in the past year. This data is an estimate based upon 32,453 households in Somerville, MA . The chart below presents how household income is distributed in Somerville, MA in comparison to the revenue allocation amid households nationally.
Property Value
According to data from last year, the average property value in Somerville, MA shifted from $512,500 to $558,300 throughout the year. The subsequent graph indicates the share of properties in the given price range in Somerville, MA in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Somerville, MA properties falls in the '$500,000 to $749,999' range, which is higher than the most significant median property across the country.
Rent vs. Own
Property Taxes
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Somerville, MA compared to median property taxes around the country. The prevalent amount of property taxes in Somerville, MA equals $3000, which is less than the national average.
Housing Trends
How much does an apartment cost in Somerville, MA, USA
Average apartment sale in Somerville: $1,033,810 (-2.4%)
| Apartment Size | Dec | vs Last Month |
|---|---|---|
| Studio apartments | $423,300 | -57.7% |
| 1-bed apartments | $589,287 | -8.5% |
| 2-bed apartments | $799,920 | +3.3% |
| 3-bed apartments | $1,097,259 | -1% |
| 4+ bed apartments | $1,373,627 | -3.5% |
During Dec 2022, the average price for an apartment in/near Somerville, MA decreased by 2.4% to $1,033,810.
Knowing the current property prices is key if you plan to buy a studio in Somerville, MA. The average price for a studio has decreased since the last month, currently being $423,300. After collecting all data points, we now see that the average price for 1-bed apartment decreased by 8.5% to $589,287. Asking price for 2-bed apartment also increased by 3.3% and a place of this size will now cost you $799,920. A 3-bed apartment goes for $1,097,259, it decreased by 1% lately. We discerned the rise of 4- and more bed apartment pricing. It decreased by 3.5% and made it down to $1,373,627.
| Listing Type | Dec | vs Last Month |
|---|---|---|
| Condos for sale | $984,760 | +2.8% |
| Duplexes for sale | $1,565,000 | +0% |
| Houses for sale | $1,479,225 | -2.3% |
| Lofts for sale | $769,950 | +0% |
Price reports demonstrate that house price decreased by 2.3% this month making it up to $1,479,225. Condos are really in demand in this season. The median price for a condo increased by 2.8%, it’s now available for $984,760. An average value of duplex is $1,565,000, thus a median price for a duplex remains the same this month. The price statistics of lofts have not significantly changed, it now still goes for $769,950. The average price of the land for sale in formattedAddress% has not changed significantly since last month, being $1,000,000.
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