Bryan Realty
Somerville, TN 38068
Single-Family Homes
Market Report / michael@bryanrealty.com
Somerville, TN 38068
Tue Mar 02 2021
This week the median list price for Somerville, TN 38068 is $625,000 with the market action index hovering around 57. This is less than last month's market action index of 58. Inventory has held steady at or around 5.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
The market has not shown strong directional trends in terms of supply and demand. However, inventory is sufficiently low to keep us in the Seller’s Market zone and prices have been moving upward as evidence.
Real-Time Market Profile
| Median List Price | $625,000 | |
| Per Square Foot | $240 | |
| Days on Market | 91 | |
| Price Decreased | 40% | |
| Price Increased | 20% | |
| Relisted | 0% | |
| Inventory | 5 | |
| Median Rent | $1,695 | |
| Most Expensive | $975,000 | |
| Least Expensive | $364,000 | |
| Market Action | 57 | |
| Strong Seller's Market | ||
The market for this zip code continues its bounce again this week. We're a long way from the market's high point so watch the Market Action Index to predict how long this trend will last.
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 |
|---|---|---|---|---|---|---|---|---|
| $975,000 | 3,899 | N/A | 4 | 4 | 40 | 0 | 0 | 35 |
| $650,000 | 2,699 | N/A | 4 | 3 | 12 | 0 | 0 | 168 |
| $625,000 | 2,499 | N/A | 4 | 3 | 31 | 0 | 0 | 91 |
| $382,000 | 2,699 | 2.5 - 5 acres | 4 | 4 | 15 | 0 | 1 | 91 |