Bryan Realty
Somerville, TN 38068
Single-Family Homes
Market Report / michael@bryanrealty.com
Somerville, TN 38068
Thu Mar 23 2023
This week the median list price for Somerville, TN 38068 is $345,990 with the market action index hovering around 28. This is about the same as last month's market action index of 28. Inventory has decreased to 30.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Buyer's Advantage
Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.
Real-Time Market Profile
| Median List Price | $345,990 | |
| Median Price of New Listings | $675,000 | |
| Per Square Foot | $162 | |
| Average Days on Market | 119 | |
| Median Days on Market | 119 | |
| Price Decreased | 60% | |
| Price Increased | 0% | |
| Relisted | 0% | |
| Inventory | 30 | |
| Median Rent | ||
| Market Action | 28 | |
| Slight Buyer's Advantage | ||
We continue to see prices in this zip code bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices 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 |
|---|---|---|---|---|---|---|---|---|
| $1,100,000 | 3,299 | 10 - 20 acres | 4 | 3.5 | 26 | 1 | 0 | 154 |
| $365,000 | 2,299 | 5 - 10 acres | 4 | 2.5 | 16 | 0 | 0 | 105 |
| $321,990 | 1,899 | - | 4 | 2 | 1 | 0 | 1 | 122 |
| $299,945 | 1,899 | 1 - 2.5 acres | 4 | 2 | 12 | 0 | 0 | 105 |