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.
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
| 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 |