Bryan Realty
Somerville, TN 38068
Single-Family Homes
Market Report / michael@bryanrealty.com
Somerville, TN 38068
Mon Dec 11 2023
This week the median list price for Somerville, TN 38068 is $339,899 with the market action index hovering around 33. This is less than last month's market action index of 36. Inventory has increased to 28.
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 off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again.
Real-Time Market Profile
| Median List Price | $339,899 | |
| Median Price of New Listings | $429,900 | |
| Per Square Foot | $165 | |
| Average Days on Market | 71 | |
| Median Days on Market | 56 | |
| Price Decreased | 50% | |
| Price Increased | 4% | |
| Relisted | 7% | |
| Inventory | 28 | |
| Median Rent | ||
| Market Action | 33 | |
| Slight Seller's Advantage | ||
Prices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle.
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 |
|---|---|---|---|---|---|---|---|---|
| $629,900 | 2,600 | 5 - 10 acres | 4 | 3 | 15 | 2 | 0 | 77 |
| $364,900 | 2,200 | 0.25 - 0.5 acre | 4 | 2.5 | 0 | 0 | 1 | 42 |
| $320,990 | 2,000 | 0.25 - 0.5 acre | 3 | 2 | 16 | 0 | 1 | 49 |
| $225,000 | 1,200 | 0.25 - 0.5 acre | 3 | 2 | 28 | 1 | 0 | 49 |