Bryan Realty

Somerville, TN 38068

Single-Family Homes

Market Report / michael@bryanrealty.com



Somerville, TN 38068

Sun Aug 18 2019
This week the median list price for Somerville, TN 38068 is $342,000 with the market action index hovering around 35. This is an increase over last month's market action index of 32. Inventory has held steady at or around 26. Click here to stay informed with the Somerville market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

Today
Last Month

Slight Seller's Advantage

While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend persist.

Somerville, TN 38068

Sun Aug 18 2019
This week the median list price for Somerville, TN 38068 is $342,000 with the market action index hovering around 35. This is an increase over last month's market action index of 32. Inventory has held steady at or around 26. Click here to stay informed with the Somerville market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

Today
Last Month

Slight Seller's Advantage

While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend persist.

Real-Time Market Profile

Never miss important changes in the Somerville market.
Median List Price $342,000
Per Square Foot $111
Days on Market 97
Price Decreased 31%
Price Increased 4%
Relisted 12%
Inventory 26
Median House Rent
Most Expensive $1,700,000
Least Expensive $68,250
Market Action Index
Slight Seller's Advantage
35

While the median price in this zip code hasn’t moved much in the last few weeks, we are relatively close to the market’s high-water mark. Watch for persistent downward shift in the Market Action Index into the Buyer’s zone as a leading indicator of the price strength subsiding.

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
$734,000 4,999 10 - 20 acres 4 3 10 0 1 72
$399,450 2,999 N/A 3 2 14 1 0 169
$299,900 2,699 1 - 2.5 acres 4 3 5 1 1 88
$184,900 1,699 1 - 2.5 acres 3 2 58 2 2 68