Somerville MA Median Home Sales Prices
homes for sale in Somerville MA is $992,652 over the past year. Even more astonishing is that is has increased by 50% since 2016 when the median sales price was around $600K. Now Somerville, once a modest blue collar suburb of Boston, is rapidly ascending to be one of Boston’s premier suburban real estate markets.
Somerville’s median single family price of $992K ranks 14th highest out of the 33 neighborhoods in Metro Boston. That rank may not sound impressive, but it is when you consider that only 3 other suburbs rank higher than Somerville on that list: Brookline ($2.2M), Cambridge ($1.8M), and Newton ($1.59M).
You might think that COVID-19 would have hit these expensive real estate markets the hardest, but it did little to slow down the housing market in Somerville, MA. Rental data shows that the apartment vacancy rate in Somerville stayed well below that of Metro Boston throughout most of the pandemic. When Universities shuddered doors in Fall 2020, demand slowed to a crawl in most of Boston’s student markets as a result. That was not the case in Somerville, as an increase in demand for suburban housing was able to offset much of the inflated rental supply caused by remote learning. This trend was prevalent in other suburban markets like Medford, Quincy and Arlington.
This demand shift was not unique to just renters. Median sales prices are up all over Boston’s suburban housing markets since the pandemic began. Between low interest rates, heightened COVID-related restrictions in the city and the shortage of single family homes for sale in Boston, many more buyers were lured to purchasing homes outside of Boston proper in recent years.
This trend shows little signs of slowing down. At this point, it appears the question is not ‘Will Somerville’s median home price surpass $1M?’ It may be ‘Will Somerville’s median home price surpass $1M before 2022?’ We’ll continue to track Somerville’s median sales price and cover it here.