Bryan Realty
Somerville, TN 38068
Single-Family Homes
Market Report / michael@bryanrealty.com
Somerville, TN 38068
Sat Apr 20 2024
This week the median list price for Somerville, TN 38068 is $334,495 with the market action index hovering around 34. This is less than last month's market action index of 39. Inventory has increased to 36.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in MAI, we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.
Real-Time Market Profile
| Median List Price | $334,495 | |
| Median Price of New Listings | $329,990 | |
| Per Square Foot | $184 | |
| Average Days on Market | 76 | |
| Median Days on Market | 46 | |
| Price Decreased | 42% | |
| Price Increased | 3% | |
| Relisted | 3% | |
| Inventory | 36 | |
| Median Rent | ||
| Market Action | 34 | |
| Slight Seller's Advantage | ||
Prices in this zip are remaining at a plateau, albeit significantly below the market’s peak. This week prices bumped down a bit, but not enough to indicate a resumed downward trend. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $599,900 | 2,800 | 5 - 10 acres | 4 | 3 | 18 | 1 | 1 | 119 |
| $355,000 | 2,200 | 0.25 - 0.5 acre | 4 | 2.5 | 1 | 1 | 0 | 56 |
| $332,990 | 1,600 | 8,000 - 10,000 sqft | 3 | 2 | 0 | 3 | 0 | 21 |
| $198,500 | 1,400 | 1 - 2.5 acres | 3 | 2 | 42 | 2 | 1 | 42 |