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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.
|Number Of Employees||53,231|
|Median Property Value||$558,300|
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.
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.
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.
|Apartment Size||Aug||vs Last Month|
|1 bed apartments||$340,000||N/A|
|3 bed apartments||$999,900||-20%|
During Aug 2021, the average price for an apartment in/near Somerville, MA increased by 55.4% to $999,900.
After collecting all data points, we now see that the average price for 1-bed apartment stands at $340,000 with no changes this month. Reports state that an average 3-bed apartment price did not change, so you can still get yourself one for $999,900.
|Listing Type||Aug||vs Last Month|
|Condos for sale||$999,900||+55.4%|
Condo prices remain stable. Condo for sale is now available for the same pricing as previously — $999,900.
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