Somerville is one of the regions in Massachusetts with the best performing real estate market. Thanks to a thriving economy, the price of apartments in the city is on the rise, with over 80 houses being sold every month. The sale of single-family apartments and homes have risen by over 10 percent since January 2017, and experts expect the trend to continue to unprecedented levels.
Average Rent Prices by Neighborhood
The average rent price in Somerville by neighborhood is as follows:
- Winter Hill - $2,343
- Powder House - $2,459
- Magoun Square - $2,500
- East Somerville - $2,500
- Davis Square - $2,892
Essential Real Estate Market Information for Somerville
Somerville has over 80,000 residents and 32,181 houses and apartments. The median cost of a house is currently at $613,404, representing an 8.2 increase over the past one year. This price is one of the most lucrative for investors as well as buyers who are looking for extra quality and comfort. Most of the apartments in the city consist of renter-occupied one, two or three bedroom units. Rentals dominate the market, amounting to 67.2 percent of the dwellings.
Home Prices and Values in Somerville
The average price of a house per square foot in Somerville is $579. The median price of rent is $2,490, representing a 3 percent increase from last year. A studio apartment costs an average of $1,965 while one bedroom costs $2,282 per month. A two bedroom goes for $2,604 while a three bedroom costs $2,558. About 6 percent of the apartments cost between $1,000 and $1,500. 18 percent cost between $1,501 and $2,000 while 76 percent cost above $2,000.
Factors Affecting Rent Prices in Somerville
The main factors that affect rents prices in Somerville include the number of bedrooms, pets allowed, location, parking space, washers, square footage and number of bathrooms. Apartments with more bedrooms, bathrooms and parking space attract higher rental rates. The same applies to apartments with more square footage and pets and are located in highly secure neighborhoods. Presence of social amenities such as school, gym, hospitals, parks, playgrounds and restaurants in the neighborhood will also attract higher prices.
Types of Homes in Somerville
The most common types of homes in Somerville include single-family, townhouses, small apartment buildings and apartment complexes. Small apartment buildings form the majority of real estate in Somerville followed by apartment complexes then single-family homes. 65.2 percent of the houses in Somerville are more than 78 years old while 17.9 percent are aged between 40 and 70 years. Only 4.4 percent of the houses were built between 2000 and 2016.
Real Estate Market Trends in Somerville
If you are looking for an apartment in Somerville, then there are some unique trends you should be aware of before you begin your hunting. First, you must know that the overall prices of houses in the city are rising, thanks to a stable and reliable economy. The price of a single-family house has increased by 10 percent since last year, and the local real estate experts project the increase to continue throughout 2017 and beyond. You may find yourself paying more for an apartment than you had expected.
Another trending thing is that all real estate stakeholders in Somerville have reduced down payment requirements. Institutions have gone soft on their mortgage policies, enabling buyers to obtain financing with smaller down payments. Not to mention, mortgage loans nowadays do not require private mortgage insurance, making them more affordable for people with limited savings.
Finally, condo purchases are becoming easier in Somerville, regardless which neighborhood you live in. This is due to the recent market improvements, with the banks now becoming more lenient on their condo purchase rules. This has made it far much easier for buyers to purchase these highly sought after city homes.
Finding a House in Somerville
The best way to find a house in Somerville is to talk to a real estate agent. Not everyone who claim to be a real estate agent will help you get a good house. So make sure your agent has a valid practice license and a good track record. Also, make sure he has a lot of experience in closing sales and a commanding knowledge of Somerville real estate market.
For a fast and quality response, get in touch with us. We provide comprehensive information about properties that are listed for rent and sale in all Somerville neighborhoods. You can search all apartments and condos for free on our website. Once you do so, you will receive constant updates of properties that meet your search criteria through email.