A Guide to Somerville's Real Estate Market
Somerville is a vibrant and rapidly-changing city!
Where is Somerville, Massachusetts and who lives there?
Somerville, MA is a city of 81,360 located directly northwest of Boston. It has a diverse, relatively young population (73.3% of residents are 44 years old or younger), and due to its proximity to a number of colleges and universities like Tufts, MIT, and Harvard, Somerville also has a large student population. Its median household income of $91,168 is nearly 18% higher than the state median of $77,378, and is one of the densest cities in the country.
The average price of a home in Somerville, Massachusetts
The median list price for a home in Somerville is currently $927,670
Studio/1BR units range from $400k to $1.6M
2BR units range from $500k to $1.3M
3BR units range from $560k to $1.8M
4+BR units range from $780k to 4.3M
How does Somerville compare to nearby cities?
Somerville’s median list price of $927,670 is higher than most surrounding cities:
Boston = $793,921
Cambridge = $1,008,00
Arlington = $799,000
Medford = $699,000
Malden = $549,000
Everett = $575,000
The different neighborhoods in Somerville, Massachusetts
Somerville has 14 different neighborhoods:
Assembly Square
Ball Square
Brickbottom
Davis Square
East Somerville
Gilman Square
Inner Belt District
Magoun Square
Powder House Square
Spring Hill
Teele Square
Ten Hills
Winter Hill
The commute from Somerville to Cambridge or Boston
Commuting to and from Somerville will change drastically when the Green Line Extension is completed in December 2021. Until then, public transit is primarily provided by the city’s many bus routes. Otherwise, Davis Square has a Red Line station that takes the subway through Cambridge and into Boston, and Assembly Square has an Orange Line station that takes passengers into Boston via Charlestown. Bicycle commuting is popular in Somerville, especially since the city has done major improvements in bike infrastructure in recent years. Lastly, cars are always an option, although Boston traffic is literally the worst.
Is it a buyer or seller’s market in Somerville?
It is absolutely a seller’s market in Somerville, as property values have nearly doubled in the last decade and home prices have risen 6.4% in the last year.
Your checklist if you’re thinking of moving to Somerville
Thinking of moving to Somerville? Here’s what to do next:
Browse Zillow for homes and apartments for rent or sale
Make a plan for a down payment
Come for a visit, especially during the Fluff Festival or PorchFest
Study the city’s New Residents Guide
Check out a Somerville first-time homebuyer class
See if you qualify for an Inclusionary Housing Program
Contact a local real estate agent who knows the Somerville real estate market well