Bryan Realty

Somerville, TN 38068

Single-Family Homes

Market Report / michael@bryanrealty.com



Somerville, TN 38068

Thu Sep 16 2021
This week the median list price for Somerville, TN 38068 is $319,750 with the market action index hovering around 59. This is less than last month's market action index of 63. Inventory has increased to 10. Click here to stay informed with the Somerville market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Somerville, TN 38068

Thu Sep 16 2021
This week the median list price for Somerville, TN 38068 is $319,750 with the market action index hovering around 59. This is less than last month's market action index of 63. Inventory has increased to 10. Click here to stay informed with the Somerville market!

Market Action Index

This answers “How’s the Market?” by comparing rate of sales versus inventory.

Strong Seller's Market

The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices.

Real-Time Market Profile

Never miss important changes in the Somerville market.
Median List Price $319,750
Median Price of New Listings $399,500
Per Square Foot $129
Average Days on Market 40
Median Days on Market 21
Price Decreased 10%
Price Increased 0%
Relisted 0%
Inventory 10
Median Rent $1,695
Market Action 59
Strong Seller's Market

We continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week. Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.

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
$717,500 4,124 10 - 20 acres 4 3 35 0 1 14
$599,500 3,674 10 - 20 acres 4 3 40 0 1 24
$240,000 1,899 5 - 10 acres 3 2 14 1 1 21
$239,900 1,899 0.25 - 0.5 acre 4 2 0 0 1 21